Deciding between renovating your current home, or purchasing a new one can often lead to much reflection. The choice can often be made for you if, for example, you are re-locating to a different city. However, you may have reached a crossroads, and find yourself wondering, should we stay, or should we go?
So, grab a cup of coffee, sit down, and ask yourself some questions that will help you determine which option is best.
What are your goals?
Phew! We are jumping right in here. I know this can be a tricky question to answer, but it’s also the most important. Ask yourself what your plan is. Are you saving for retirement, are you growing your family, are you thinking about a career change? In order to determine whether or not you can afford to move or stay, you need to consider if the cost of either option fits within your current, and future goals.
What do you want?
What are you looking for in your new home? Do you need more bedrooms, an ensuite, or finished basement? Can you work with the space that you currently have? Or, is there no more room to grow? Take a good look at your home to see if it can realistically address all of your needs, or if it’s a better choice to buy a new home.
Do you love your location?
Location, location, location! Often, your neighbours, and surrounding community can play a huge part in your decision in whether to move or renovate. When you move, it’s impossible to know exactly who will be living next door. So, when the Jones’ next door are the cream of the crop, it can be hard to imagine saying goodbye. If you have children, schools are another consideration.
What is the cost?
With any big decision, it usually comes down to money. Make sure you talk to experts on both sides to make sure what you can afford. With any renovation, you want to make sure you have covered all of your bases, and come up with a contingency plan in case of unforeseen costs (we’ve all watched enough HGTV to know that this ALWAYS happens). Talk to a real estate agent (I know a great one!) who can walk you through the process, and help you better understand your options.
Whatever your decision, make sure that you are making the choice that suits your family, circumstances, lifestyle, and needs best. Every situation looks different, which is why it’s important to map out your own goals, and dreams. If you have questions about the current market, I would love to meet for a cup of coffee. Let’s chat!