If you are one of the thousands of Ontario Homeowners who are wondering if they should renovate or move, this series is a must read. I will take you through the entire planning process, so that you will be well armed to make the right decision for you, your family and your budget!
Start by asking yourself what is your motivation? Is your family outgrowing your current home? Do you still love the area and don’t want to leave the neighbourhood? Then you may want to consider renovating or adding to your current home rather than moving. Take a close look at both choices, so you can make the best decision for your needs.
Decide exactly what you’re looking for.
First, compile a list of features, separate your needs from your wants, and rank them in order of importance. Next, compare the cost of adding the features you’re looking for to the cost of purchasing a home that already has them.
Contact a real estate agent to get recent sales price data for comparable homes in your area. Add your projected improvement costs to the current market value of your home (you may want to consult an Interior Designer to get an accurate figure), and compare that dollar amount to the average sales price of homes in your neighbourhood. If the cost of your renovation project plus the current value of your home comes to less than what other homes are selling for, there is a good chance you can recover the cost of your improvements when you sell. Conversely, if neighborhood homes are selling for significantly less than what you’ve projected as your home’s value after improvement, then recovering your renovation expense is less likely.
