To renovate or to move…that is the question! This is definitely a “no one size fits all” answer…so at the end of the day you really just need to make a judgement call. With that said, here are some tips and information to consider when faced with the decision to move or to renovate:
1. Can you turn your home into what you want? You can’t change your municipal address so if you are looking to be in a different location the answer is obvious; you need to move! But if you want to stay put, you have some renovation questions to ask yourself!
2. If your primary goal is to increase the value of your home, you have a couple of things to consider. Putting 60k into renovating your kitchen does not mean you can increase the cost of your house by 60k. Call a REALTOR before you call a contractor to give you an idea of what items are worth renovating or not. Look into ROI (return on investment) on specific projects to help give you a sense of where to start. Click here for ROI recovery.
3. Don’t over renovate. If you live in a neighbourhood where no house has ever sold for over 700k, don’t put 200k into your 700k home – especially if you are planning to move in the near future. If you are there to stay for the long haul, go for it, and enjoy!
4. Don’t underestimate inexpensive updates. A of a fresh coat of paint, modern light fixtures, upgraded door handles and landscaping/gardening can make your home feel and look completely updated, and of course, you don’t have to break the bank.
5. Energy efficient renovations have the highest payback relative to cost. This is a bonus for you and attractive for future buyers. Win Win.
6. Renovating is stressful. I should maybe say this again; renovating is stressful. If you are entering the trenches of major renovations, it might be worth your while to see a couple of houses as the less stressful choice might be to move.
7. If you are renovating…be organized, make a survival plan and work with people you trust.
Remember everyone’s situation is different, so make sure you think through all of your options! It never hurts to have a REALTOR’s input on this decision. If you’re unsure which renovations are worth doing, talk to me….I will guide you in the right direction.
