When to Renovate Your Home and When to Move
Whether it's an outdated kitchen, a closed-off floor plan, or major structural issues, there are many reasons people choose to renovate their homes. However, sometimes, major renovations are more effort than they are worth.
Many older homes come with numerous issues that can cost tens of thousands of dollars to fix before you even get to update the aesthetics. When this happens, you may be better off cutting your losses and finding a new home.
In this article, we provide examples of when renovations are a good idea and when moving is the better option.
Reasons You Should Renovate Your Home
Renovations are a great way to improve the aesthetics of your home while also making it more functional for your family.
Some of the most common renovation options include:
- Creating an open floorplan by taking down walls
- Building a new kitchen
- Modernizing a bathroom
- Adding built-in storage solutions
- Adding new flooring
- Replacing windows and doors
- Finishing a basement
Depending on the work that was done, renovations can dramatically increase the value of your home. However, it’s also important to note that renovations can unearth hidden issues that can cause serious problems if left unaddressed, including the following.
- Asbestos
- Structural problems
- Plumbing and electrical issues
- Mould and water damage
- Unpermitted additions
Should I Renovate My Home or Sell it? Factors to Consider
Still on the fence about whether you want to renovate or sell? Here are a few factors to consider.
Do You Have the Budget for Renovations?
Depending on the extent of the work being done and the quality of the materials, home renovations can cost anywhere from $10,000 to $150,000.
Whether you plan on paying for the renovations out of pocket or are tapping into your home equity, you will need to be prepared to spend a significant amount of money to renovate your home.
Before deciding on whether to renovate or sell, get a quote from a contractor for all the work you want to be done and compare it to the cost of selling your home and buying a new one. If it would be more expensive to renovate your home than to buy a house that is move-in ready, it might be time to move.
How Much Work Needs to be Done?
Do your kitchen and bathroom need updating, or does your entire home require extensive renovations? If your answer is the latter, you may want to consider moving.
Renovations can take months to complete and often require you to vacate your home. The more renovations you do, the longer the process will take.
Does the Home Hold Sentimental Value?
Does the idea of selling your home bring joy or sadness? If you have lived in your home for a long time and have made many memories there, moving to a new house can be incredibly difficult. In that case, you might want to renovate.
Are You Attached to the Location?
When most people think of their dream home, the location plays a big part. If your home feels outdated but you can’t bear to leave your neighbourhood, keeping your home and doing renovations is a great option.
Partner With Hillside Developments on Your Renovation Project
Whether you are looking to renovate your home in Metro Vancouver or build a brand new one, our team of experts at Hillside Developments is here to help.
With over 15 years in business, our team is highly skilled and talented at constructing and renovating homes and making your dream a reality.
Interested in learning more? Contact us today for a quote.
