Should you move or should you renovate? It’s a question that most homeowners face at some point. Changes in life often require changes to one’s living situation. When deciding between moving and renovating, you should begin by answering the following questions.
What are your motivations for wanting a change?
Figure out why you feel the need to move or renovate – this can tell you a lot about your best course of action. For instance, if you’re simply not happy with your neighbourhood, a renovation cannot address this concern. Conversely, if you love your neighbourhood but desire a more modern aesthetic, a renovation can likely achieve this goal.
Does renovating make financial sense?
If you can attain your desired changes through a renovation, you should carefully outline your renovation plans to determine what the project would cost. The main cost concerns for any home renovation are the cost of labour, cost of materials, renovation design and who will manage the project.
Next, you should establish what moving to a new home would cost. Start by browsing some real estate listings in your area to get a sense of the housing prices. You may be surprised at how much they’ve increased since you moved in. You’ll also need to factor in associated costs, such as real estate commissions, legal fees, land transfer taxes, and moving costs.
Does your house have the ‘bones’ to suit your renovation needs?
You may have determined that staying and renovating is your preferred course of action, but you should also ensure that your house is a candidate for the proposed renovations. If your home has some major structural failure, such as a crumbling foundation, you’ll need to factor that into your renovation plans. A Pre-Renovation Inspection will determine what areas of the house need updating and allow you to budget for any additional repairs.
Are you ready to undertake a renovation?
Successful renovations require both careful planning and lots of patience. Your lifestyle will need to adjust during renovations and in some cases, you will need to leave your home altogether. Some families decide to avoid the confusion and chaos by moving to temporary housing for the length of the renovation.
Should you move or should you renovate? Whatever your decision, with careful planning and the right outlook, you can come out on top.
Produced by Baker Street Home Inspection Services Inc. and RenoLogic.
Baker Street Home Inspection Services Inc. has been in business since 1985, conducting over 50,000 home inspections. RenoLogic offers homeowners impartial, expert advice on their home renovations and repairs.
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