HOW TO KNOW IF YOU SHOULD RENO OR UPSIZE
A question most families will have to contend with at some point is whether to renovate or upsize. Births, deaths, marriages, divorces, kids heading off to university (and then returning home!) - with each life change comes an evolution of the space we require to not just live, but also thrive.
If you love your current location and just need more functional space or updated features, then it’s probably worthwhile exploring the renovation path - but a large-scale home renovation project isn’t for everyone!
Though current market conditions and budget are important factors to consider, both options come with costs. When exploring your options it’s important to be honest about the stage of life you’re in, and your motivations for making a change.
Avoiding Moving Hassles: Renovating can save you the hassle and stress of moving to a new location. If you're attached to your neighborhood, schools, or community, renovating allows you to stay rooted while still improving your living space.
Tailored Solutions: Renovating allows you to customize your current home to better suit your lifestyle. Whether it's adding an extra bathroom or creating a home office space, renovations can be tailored to your family’s specific needs.
Adding Value: Strategic renovations can increase the value of your home, potentially providing a good return on investment when it comes time to sell. Focusing on high-impact areas such as kitchens, bathrooms, or energy-efficient upgrades can be particularly beneficial.
Space Constraints: If your current home feels cramped, and renovations won't sufficiently address your space needs, upsizing to a larger property may be the better option. This is especially true if your family is growing or if you require additional space for hobbies or work.
Future Needs: Consider your long-term needs when deciding whether to upsize. If you anticipate needing more space in the future due to growing children, aging parents moving in, or lifestyle changes, upsizing now could save you from having to undergo multiple renovations over time.
Desired Amenities: Upsizing may afford you the opportunity to access desired amenities that your current home lacks, such as a larger yard, a better school district, or a more desirable neighborhood.
QUESTIONS TO CONSIDER
If you find yourself stuck between deciding to renovate or upsize, a trusted Realtor can help! One worthwhile exercise is to find out how much your home is currently worth, get an estimate on how much renovations would cost, then determine what the sale price of your home would be post-renovation. Is this a figure that recent comparable sales in your neighbourhood would support?
Your Realtor can also walk you through the costs of moving - from land transfer tax to lawyer’s fees and beyond - as well as show you the types of homes that are available within your budget.
It’s important to invest some time into getting expert advice that could save you both money and potential stress down the line! Not to mention minimizing the impact on your family and relationships. As a Realtor I regularly consult with families to help them make decisions that will serve them in both the short and long term. If you’re contemplating whether to renovate or upsize, let’s chat!
Claire has a keen interest in investment properties and looks forward to continuing to help her clients build their real estate investment portfolios.
