Renovation vs. Relocation

home renovation toronto

Remodeling and moving are two projects that most homeowners would love to avoid.  However, if your current house is not exactly what you want or need, you are probably considering both options.  A recent study indicates that most homeowners are choosing renovation.  Here are some things that guided their decision. 

Convenience

In many cases, the current home hits most of the marks like the ease of commute to and from work, location of amenities, school district, neighborhood, etc.  The problem is that the structure does not fit your current or expected needs. 

Financial

The financial outlay for a renovation is far less than a new home, which involves closing costs, cost of moving, fees involved in a new mortgage.  There is also the chance that you will not find the right house anyway and yet you have moved and spent more than you would have with home improvements. 

If you are planning to stay in this house for quite a few years, you will probably realize a better return on your investment for remodeling that can get you a better sale price later on. 

Personalization

Sometimes there is a desire or need for specific features that you can’t get any other way except through remodeling.  If you look for those specific items, you may not find them or they will still need modification.  Sometimes there is no other choice but to embark on a renovation.

Emotional

There can certainly be emotional attachments to homes.  For instance, the first home you were able to purchase on your own, or the memories of children growing up, or specific events.  There can also be negative emotions about shopping, negotiating, and moving from one house to another. 

Goals

Ultimately it comes down to what kind of home you want to live in, how long your plan to stay there, and your budget.  

After you have assessed all the changes you want to make, you will be able to make a better decision.  If you are planning to remodel the kitchen and all the bathrooms and convert the basement into living space, it may be better financially to look for a home that is closer to your needs.  After researching the real estate market, you will have some idea of what is available at a price you can afford. 

While a renovation comes with challenges like disruption, inspections, and expense, if you generally like the house and neighborhood, the surrounding homes are increasing in value, and you have the funds, a renovation will add value to your property, especially at resale, and you get the upgrades necessary to be comfortable for quite some time. 

When you decide that renovation is the way for you to achieve your goals, check out https://AstanehConstruction.com/.  You will see examples of their workmanship and the vast range of their capabilities.  They will be happy to arrange for a representative to come to your home and assess the changes you want and provide suggestions. Get a Quote Today.