If you are looking to freshen up your living situation you may think about renovating at times, then at other times you are considering moving all together. Renovating can add considerable value to your property and you don't have the stress or moving. You do however have the stresses that come with living in a home under renovations. On the flip side you having moving where you can simply just pick-up and get into a new space all together. However you may not get full control of the design and may have to compromise on some elements. So what is the answer? Well let's look at some things to consider when debating between renovating or moving.
If you are back and forth between renovating or moving, you can start by taking a look at market conditions. Is the market in favour of buyers or sellers? Remember, if you were to move, while you get the benefits of selling, you are also buying in the same market. So while you may generate considerable interest and multiple offers for your own home, you may end up being one of those multiple offers on the other side. If you do not see the benefit financially in moving you may decide it is best to renovate for the time being and continue to build equity in your now more valuable home until it is the right time to move.
You also need to consider your emotional tie to the home. This will have an impact in the decision as some may not want to easily give up their home they have create so far. For those who watch HGTV you'll see this play out on every episode of Love It or List It where one person is tied to the home emotionally and wants to renovate while the other is not and wants to move to a new home. If you are single, this may be an easy decision, however for those in a family this factor becomes more prevalent.
Finally, you should consider what your long-term needs and goals are. Those with young families may be more likely to simply renovate to create new spaces and not uproot a growing family. Families with older children who are moving out or already empty nesters may be looking to sell their home and downsize to something easier to maintain or to pocket their equity built over decades.
No single factor above will give you the answer. You need to weigh all of them and put emphasis on what is important to you and your situation. For those with a focus on monetary gains the market will be important. For the growing families the emotional and long term goals may be more prevalent. Ultimately, factoring all the above together will help guide you in the right direction.
Here at Jump Realty our agents will give you honest advice on what course of action is best for you in their professional opinion and will always put taking care of your best interests first! With offices in Windsor, Tecumseh, Kingsville, LaSalle, Harrow, Chatham, and Leamington, no matter where you are, a Jump agent is ready to help. Please contact us for any housing needs and let us give you a better real estate experience!
