“Should we stay or should we move?” – this is a question that many homeowners face. Whether it's adding children to the family, becoming empty nesters or just craving a change, knowing when to improve a home or move altogether isn’t an easy decision.
There are many factors to consider, like finances, timing, emotions and more. To help you make the best decision, here are five questions to consider.
1. Do you still love your neighbourhood?
In real estate, location matters, but it’s important to your overall well-being, too. Having a community that you feel part of, neighbours that you can count on and good schools and nearby amenities are priceless. If staying in your current neighbourhood is important to you, a realtor can help you find your next dream home without having to move too far away or you can update your current home to fit your lifestyle.
2. Are there unique qualities about your home that you will miss if you move?
Maybe your home has been in your family for generations or you’ve updated it over the years to suit your liking. Finding a new house with the same history and features can be difficult, so remodelling might be a better choice.
3. Does renovating make good financial sense?
When choosing to renovate your home, there are many costs to consider, like permits, plans, labour, materials, financing costs and unwanted surprises. Budgets and timelines can also inflate as your remodel moves along and you might have to pay for relocation costs if you can’t stay in your home during construction. If renovation costs are beyond your means or you won’t get the best return on your improvements, buying a new home that fits your needs and budget could be the best option.
4. Is it a good time to sell?
If selling makes the most sense for your family, you must assess the real estate market conditions in your area to be sure you get the most out of your investment. A realtor can complete a free home evaluation for you and review comparable listings to determine the best price and ideal timing for your listing. Typically the spring and fall markets are great seasons to sell.
5. Are you ready for a big change?
While buying a new home is exciting, the entire process of getting approved for a larger mortgage, selling, packing and moving can be very stressful. Once you are in your new home, there are many adjustments to be made, like making friends, switching schools, acclimating to new commutes and maintaining a new budget. If relocating feels too overwhelming, consider remodelling your current home in a phased approach to make it look and function as you want, but with less immediate stress and costs.
If you are at a crossroads and need help determining whether you should list your home or renovate it, a realtor can help you weigh the pros and cons of each choice so you make the right decision. To learn more, please contact me, Deborah Clerk, Real Estate Sales Representative and ASA at Keller Williams Realty Associates, Brokerage, in Mississauga, Ontario.