09/11/2022 0 Comments
Factors To Consider When Deciding Whether To Renovate or Move
According to surveys, more than 4 million Canadians move each year. They do so for various reasons, but it usually comes down to their current home not meeting their needs. Of course, homeowners have an alternative: renovation. Home makeover shows and other media tout renovating as a solution to issues that prompt people to move. However, it isn't feasible for everyone. If you're not sure whether to sell or renovate, these tips can help you decide, presented by Tytans Roofing Ltd.
Consider the Costs
One of the most significant factors in both renovation and home buying is cost. Purchasing a house can be expensive, not just because the property itself has a high price tag but because there are many fees associated with the financing and buying process, including:
- Home insurance premiums
- Property taxes
- Home inspection fees
- Appraisal costs
- Application fees
Even if you move, you might need to make some changes to your home anyway. For example, if the house has damage, sellers expect you to take care of repairs before the property changes hands.
While renovations are cheaper than buying, they're still a significant financial investment. Upgrading just one room can cost thousands of dollars in labor and materials. For any updates, make sure that you keep material receipts and document all changes. You want to see the changes reflected in the home’s value. Even if you do the work yourself, you'll still need to obtain the safety equipment necessary to complete your projects. Getting this equipment is especially important if your home is older, as it may have toxic elements such as lead paint.
Think About Timing
Depending on the market, you could spend months or even years searching for the perfect property. Renovations typically take less time and can be relatively quick if you hire professionals, but you still have to live in a construction zone for a while.
Examine Your Feelings
While it's important to think about practical factors when discussing a move, you shouldn't forget the emotional elements. Is this house where you raised your family? Did you envision growing old here? Are you close to family and friends? These factors are just as important to consider as budgets. If you're emotionally attached to your current home, you may not be as happy elsewhere.
Research the Market
Even if you're ready to move, it might not be a great time to do so. Prices fluctuate depending on demand, which means you can overpay for a property if you're not careful. To avoid getting stuck with an upside-down loan, you may need to wait for the market to turn in your favor.
Look Into Permits
Unfortunately, you can't just tack extra rooms onto your house, even if you own the property. If you want to do major construction, you need to apply for a permit with your municipality. Every local government has different rules, so make sure you look into the costs and requirements before starting your project.
Location is a huge factor when deciding whether to move to renovate. Different neighborhoods have varying crime rates, shopping and entertainment options, school quality, and walkability. If you love your current neighborhood, it could be easier to make some upgrades than find a comparable community.
Deciding whether to move or stay put is an important life choice, so it's important to do enough research to make an informed choice. The home of your dreams is out there, and with enough patience and planning, you're sure to find (or create) it.
- Natalie Jones