Should You Renovate or Relocate?

home renovation toronto

Throughout your life, housing needs to change. Whether you have an empty nest or a growing family, there comes the point in your life you need to decide if you should move or have a home renovation in Toronto. Before deciding, ask yourself these questions.

Do You Enjoy Living In Your Neighborhood?

If you live in a neighbourhood with friendly neighbours, everything from parks, shops, and entertainment is within reach. Then a renovation is more beneficial to you than relocating to a new home.

Is Your Home a Good Long-Term Investment?

Do you live in a location sought-after by many new homeowners? Is your place small? Then having it renovated can pay off in the end as it helps increase the home’s value. Having a renovation done is a good investment if you plan to live in the neighbourhood for the long haul when living in hot markets like Montreal, Vancouver, or Toronto.

What Do You Want From Your New Home?

A great way to determine this is by compiling a list. For example, maybe you need more bathrooms. Or perhaps you want more space throughout the home. On the other hand, you have growing kids, and turning the basement into an apartment is an option. Or, your kitchen is too small. Using a kitchen renovation Toronto contractor can help create more space in your kitchen instead of moving.

How Much Will It Cost to Move Compared to a Renovation?

Sit and work out the costs to relocate or renovate to compare it with each other. When you move, you need to consider new renovations for a new place, land transfer taxes, moving costs and the real estate fees. Hence, renovations are the best way to go if your budget does not add up.

What is The Condition of Your Home?

There are times when renovations can cost more than relocating, and it all depends on the condition of your home. For example, suppose you deal with a low basement ceiling, small bedrooms, or foundation cracks. In that case, you do not get finances from the bank for demolition work. Then renovations will cost more than moving.

Can You Deal with Renovation Stress?

For some people living in a construction zone for months becomes stressful. Hence, if you do not have the patience or a limited budget, a home refresh is better than a complete renovation. For example, you can give your kitchen a facelift by changing it with more cabinets and a coat of paint.

What Are Cost-Effective Renovations?

You can do cost-effective renovations on your bathrooms, kitchen, basements, and add new flooring for a great return on your investment. You have a functional place to bather and cook for long-term use with a well-designed bathroom and kitchen. You can increase your home’s resale value by replacing a roof, furnace and windows. Or, you can enlarge your living areas by tearing down walls or converting that attic into an extra bedroom or gym.

When deciding to move or renovate, you have to think about living in your current home. Consider these questions to help you determine the best move for you forward.