Should I Renovate or Move?
Friday Feb 28th, 2020
Should I Renovate or Move? Great Question!
The answer is that it depends on many factors.
In today’s market, it can be very difficult to upgrade to another home. Why is that? There are a number of reasons for this but the most common ones are;
- There is a tremendous shortage of inventory.
- The price difference in order to jump to the next “level” can be quite significant. Often times out of reach.
Whether you need more (or less) space or don’t love your layout – you are very likely considering a renovation or a move.
It is critical that you do a full analysis, with the help of your chosen real estate professional, to determine the financial benefits and risks involved in both scenarios so that you can make the right decision for you and your family.
Having worked with a number of clients in this exact scenario and now that I have gone through this decision making process myself, I can tell you what you need to consider before you can make an educated decision.
Questions that you will need answered include;
- How much is my home currently worth?
- How much money do I have available to either upgrade to a new home or renovate?
- What is the market currently like in my specific neighbourhood?
- Which renovations would I like to have done? Will they pay off in terms of resale value or are they simply for my enjoyment?
- Which renovations are in high demand in my area?
- What will my living arrangement be during my renovation?
If your current home is the right size for your family but it doesn’t have all the features you want, renovating could be a good idea. You can also increase your home’s value by choosing the right renovations. For example, updating your kitchen, adding an extra bathroom, and finishing the basement. It is very important to consider not only the value to you as the owner but also the value to a potential purchaser down the road. It is never a good idea to over-improve a home in the hopes that you will make your money back. Having said that – if you want it, will enjoy it for many years to come and can afford it then I say go for it! Our homes are meant for us to enjoy!
On the other hand, if you need more or less space, different amenities, or desire a different location, moving is the way to go. Luckily, there are ways to find a new home in Toronto without succumbing to the challenges listed above. It all starts with working with an experienced and highly knowledgeable agent in the city. They need to know where to find every single inventory listing and be able to move quickly. Your dream home is out there, but it will take strategy, connections and determination to get it.
Interested in Selling Your Home in Toronto?
I have the experience and expertise to help you sell your home and find a new one in the city. My sharp negotiation skills secure you the best deal for your current home, and my access to exclusive listings in the city gives you more options. If you’re ready to buy or sell, let’s get started. Contact me today.