Here's how to make the right decision:
If you need to upsize or you’re simply ready for a change, it’s tempting to consider a major renovation. After all, renovating means you don’t have to go through the process of selling your property and buying another more suitable home. You just fix up the one you’ve got!
However, you need to carefully consider the pros and cons of renovating before going this route. You don’t want to invest in a costly renovation only to end up with a home that still doesn’t meet your needs.
Say, for example, your current property doesn’t have a home office. If all the bedrooms are taken, and let's say that you decide to renovate a portion of the basement to create that office space you need. Building that new home office may seem like a simple project, but once you consider new electrical, flooring, lighting, etc., it really isn’t and it can be a big headache!
Like most renovations, it will probably cost more than you think. Plus, you’ll need to consider whether you’ll really want to work in the basement. Will it have enough light, is there a bathroom nearby? It might make more sense to find a new home with an extra bedroom that can be converted to an office space, or, better still, a dedicated home office space — with windows!
Of course, there are many circumstances in which a renovation may be the best way to go. If you don’t like your kitchen, for example, upgrading it may not only get you the kitchen you want, but also add value to your property. Basically, you need to ask yourself: "Which is more likely to get me the home I really want – a renovation or a new home?" If your answer is a new home, then there is probably a property on the market right now that would meet your needs. Supply is up, providing many homes to choose from! Let’s talk.
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