Have you forever been discussing if you should renovate or if you should move? We’re highly informed when it comes to renovations and evaluating important renovation factors. If selling is not on the horizon for you in the near future, a renovation might still be on the table. Updating your home here and there over the years can add serious value when it comes time to sell. So perhaps now is not your time to sell, but it could be your time to switch it up. On the flip side, perhaps you’ve outgrown your current space and it’s time for the dog and kids to all have their own bedrooms. Does this mean moving? Maybe, but it can also mean renovate. Decisions, decisions!
Take the NESTED Move vs. Renovate quiz and find out if its time to move or time to roll up those sleeves and break out the sledge hammers!
Your move is around the corner if….
- You’re in a semi and dreaming of a detached
- Your backyard is miniature (you can’t add more land to your renovation)
- You spend valuable time circling your street for parking every day (another feature you can’t renovate into your house)
- Can you handle a renovation? OR does the idea of renovating completely overwhelm and stress you out?
- Can you make time? Do you have a flexible schedule to plan, organize and co-ordinate your project?
- Do you have somewhere to live during your renovation? Depending on the scope of your reno, you may realistically need to vacate for several months if not longer
- It’s not about your house, it’s about your neighbourhood or a specific location. If you’re not in your ideal location, investing into an expensive renovation may not make sense long term
- How much space do you really need? Does the renovation you’re dreaming of require lots of additional square footage?
If you’ve answered YES to three or more of these questions, you should strongly consider moving to a house that will suit you better long term.
A renovation is on the horizon if….
- You have a large lot and plenty of space for an addition to add more square footage.
- Size isn’t the problem, it’s your floor plan, which most likely can be re-configured and renovated.
- You love everything about your neighbourhood and your location in the neighbourhood
- Are your renovation dreams realistic? Would you be happy with cosmetic updates such a new kitchen and new bathrooms.
- Does the word ‘renovate’ excite you?
- You’re addicted to Houzz and Pinterest, have completely planned out the renovation and won’t be happy until you get it.
- You value time vs money. You can afford to hire a full service ‘Design Build’ contractor.
- Are you obsessed with details? You want and need ultimate control of every detail in the finished product.
- You have all the coveted perks of owning a house…parking, garage and great lot size.
If you’ve answered YES to four or more of these questions, you should most likely start planning a renovation.
Whether you got Move or Renovate, check out the 3 Biggest Factors To Consider When Deciding To Move or Renovate
★ If it’s looking like a renovation, check out: How The Rising Cost Of Lumber Could Impact Your Renovations
★ If a move is more likely, be sure to read:
- The Real Estate Debate: Should I Sell Or Buy First?
- Climbing The Toronto Property Ladder 101
- Hiring The Right Realtor: Questions You Should Be Asking