It’s a common dilemma most homeowners will face – you feel like it’s time for a change, but aren’t sure whether or not you should sell your home and move, or renovate your existing home. Whether you are looking to sell or renovate your house, there are pros and cons, as well as costs to consider. Ultimately, the decision is yours, but we’re here to help! Here are some things to consider before making the final decision.
Is Renovating The Best Choice For You?
Staying in the home you’ve already invested money, not to mention the time and memories, it can seem like the better option for you. If you’re uncertain if renovating to make it perfect for your changing needs is worth it, consider the following:
- Are the changes needed more an investment, rather than an expense? Making upgrades for energy efficiency, for example, is a change that has a quick return on investment, not to mention the grants that are available for such renovations.
- Are you willing to live through renovations? Depending on the scope of work you’d like to do, your home could be a construction zone for several weeks or several months. Large-scale renovations, like additions, for example, can be avoided by finding a new home with the space you need.
Costs To Consider When Renovating
- Material costs
- Labour costs
- Contingencies (allow for a 10% margin for error in your budget)
- Temporary relocation costs (if necessary, during the renovation)
- Decorative elements for your new space
- Loans, grants, and tax credits available to you
Is Moving The Best Choice For You?
Starting fresh in a new house to avoid the headaches of renovations may be a viable option as well. If you’re wondering if selling your home and moving is the better choice, ask yourself the following:
- Is it the house itself or the neighbourhood that no longer fits your needs? If you need a home closer your work, or your children’s school, for example, no amount of renovations on your current home will fix that.
- Does the current real estate market allow you to find what you are looking for elsewhere? Depending on the area you are looking to move to, the difficulty involved in finding a new home can vary based on the market. The real estate market can affect your ability to sell your current house as well.
Costs To Consider When Selling
- Administrative costs related to the sale of the house, and purchase of a new one (real estate agent, notary, etc.)
- The costs of preparing and moving your belongings
- Service relocation costs
- Transfer taxes and other moving fees
- The monthly costs of the new house or dwelling
- The costs of renovating or modifying the new home (if applicable)
Tips for Selling Your Home Faster
If you decide that selling your home is best, or even if you’re willing to live with your home as is and sell in a few years, it’s important to note that selling your house can be a tricky and trying experience.
The emergence of housing developments in the last century have left many homes in many neighbourhoods looking virtually indistinguishable from one another, making it difficult for your home to stand out. However, there are some renovations that have a high return on investment.
Tip #1: Change your windows
Replacing your windows can definitely help you in the resale of your home, as the return on investment can be around 55%. Making energy-efficient changes, such as replacing single-pane windows with double- or triple-pane ones, is a simple way to add value into your home. Of course, if your windows are cracked or damaged, it is important to replace them to avoid damage caused by water infiltration. Not only will these changes add to the overall quality of your home, new windows can help modernize the curb appeal as well.
Tip #2: Check and renovate your roof
Another tip that we suggest is getting your roof checked and renovated if needed. A damaged roof can put the brakes on a sale, as potential buyers will have to consider this as an additional expense for them upon purchase.
A new roof can last 15 to 20 years, so the return on investment of replacing your roof before selling is significant. This motivates sellers, since they know they will have one less thing to worry about for the first few decades of home ownership.
Tip #3: Improve the curb appeal of your home
Your home may be beautiful inside, but what it looks like on the outside is just as important. Potential buyers will immediately be interested if your home is attractive and inviting. Curb appeal is truly essential!
From siding to landscaping, it’s important to be sure your home looks well-maintained at first sight. If your home’s facade is old and worn, and the landscaping is overgrown, potential buyers may be hesitant, thinking there may be hidden problems related to this lack of upkeep. Just landscaping alone can allow your resale value to go up by 7%!
Which Option Works Best For You?
Now that you’ve had guidance in this thought process, have you decided which option works best for you – selling or renovating?
If you’re looking to renovate, our Renovation Advisors are here to answer your questions! They can help you with your project free of charge, by putting up to three Verified Contractors to compete on your project. You’ll get fairly priced quotes, all at no cost, and no obligation to you!