Deciding whether to renovate your current home or relocate to a new one is a big question every Canadian homeowner faces at some point in their lives. Different situations and scenarios come into play, but there is more to consider than just the immediate costs and benefits. This blog article aims to help you navigate this crucial decision by exploring the factors you need to consider, the costs involved, and the pros and cons of each option.

Whether you are looking to save for your child’s future, plan for retirement, or simply find a more suitable living environment, this guide will provide you with the necessary insights to make an informed choice.

What Problem Are You Trying to Solve?

Identifying the core problem, you are facing will help you choose between moving and renovating. Here are some common issues:

Growing Family: If your family is expanding and you need more space, adding rooms or expanding your current home might be a viable solution. Alternatively, relocating to a larger home could be a more practical choice. Consider the cost of building an extra room versus the cost of a bigger house in your desired area.

Unsafe Environment: If your current neighbourhood has become unsafe, moving might be the better option. Safety is paramount, and no renovation can change the overall environment of your neighbourhood. Look into crime rates and community resources in potential new areas.

Kid’s Schooling and Other Factors: Proximity to good schools and other amenities might be a significant factor. If moving closer to better schools or facilities is a priority, relocating could be more beneficial. Research school rankings and community reviews to ensure a good fit for your family.

Maintenance and Upkeep Costs: If your current home requires frequent and costly maintenance, such as plumbing or electrical repairs, it might be more cost-effective to consider moving to a newer or better-maintained property. Renovations can sometimes address these issues, but ongoing maintenance costs should be factored into your decision.

Do You Love Your Current Neighbourhood?

If you have a strong attachment to your current neighbourhood, it is worth exploring nearby homes and comparing the costs of relocating versus renovating your current home. Staying in a beloved community can provide long-term emotional and social benefits that are invaluable. By checking local real estate listings, you can get a clearer idea of property values and available homes, helping you make a well-informed decision.

For personalized advice and assistance in navigating your options, consider reaching out to us, The Regan Team. With our expertise in Your City and Neighbourhood, we can provide tailored guidance to ensure you make the best choice for your family and lifestyle.

Is Your Current Home a Good Long-Term Investment? 

Determining whether your current home is a good long-term investment involves evaluating several key factors. Consider the overall condition and age of your property, as well as its location within the community. Assessing the potential for property value appreciation in your area is crucial. If the home values are rising steadily, renovating could enhance your home’s marketability and potentially yield a good return on investment over time.

Researching on the current real estate market trends and consulting with the best real estate professionals like The Regan Team can provide valuable insights to guide your decision-making process.

Dealing with Renovation Stress

Renovations can be stressful and disruptive. Consider whether you can handle the inconvenience and potential delays that come with home renovations. If not, moving might be a less stressful option. Speak with friends or family who have undergone renovations to get a realistic picture of what to expect.

What is Your Budget?

Both renovating and moving come with unexpected costs. It is essential to budget for these surprises to avoid financial strain.

Moving Costs

• Local Moves: The average local move in Ontario will cost you $90-$120 per hour. Moving out of a 1-bedroom apartment will cost approximately $600-$800, while a 3-bedroom home will cost roughly $1,100-$1,500 for 3 to 4 hours.
• Additional Costs: Extra moving crew members cost around $35 per hour. Packing services can range from $600-$900 for a 1-bedroom apartment and $1,500-$1,900 for an entire house. Peak season, fuel surcharges, and travel time can also add to the costs.

Renovation Costs

When it comes to renovations, surprise costs are almost a given. It is not easy to define an exact average cost for renovating a house, as it depends on many factors such as the age of the house, area, location, materials, and design.

In accordance to recent data, a low-end home renovation might range from $15,000 to $40,000, while a mid-range project could cost between $40,000 and $75,000. For those looking at high-end renovations, budgets typically start at $75,000 and can exceed $200,000, especially for luxury upgrades.

Regional differences also play a significant role in renovation costs. Ontario, for instance, tends to have higher average renovation expenses due to increased demand and higher living costs. Conversely, Quebec homeowners often invest more in outdoor enhancements like terraces and swimming pools.

Weigh the Pros and Cons

Once you have gathered all the critical information needed to aid in your decision, weigh the advantages and disadvantages of relocating and renovating a home.

Pros of relocating to a new home

• Fresh Start: Moving provides an opportunity to start anew in a different environment, potentially offering a change of scenery and lifestyle.
• Improved Amenities: You may gain access to better amenities and facilities that align more closely with your current needs and preferences.
• Reduced Stress: Compared to living through a renovation, moving can be less stressful as you are not dealing with ongoing construction and disruptions in your daily life.

Cons of relocating to a new home

• High Costs: Relocation involves significant expenses such as real estate agent fees, legal fees, moving costs, and potential renovations in the new home.
• Emotional Attachment: Leaving behind a beloved home and neighbourhood can be emotionally challenging, especially if you have deep roots and connections in the community.
• Selling Hassles: The process of selling your current home can be time-consuming and a bit challenge which require preparation, showings, and negotiations.

Pros of Renovating your home

• Customization: Renovating allows you to tailor your current home to better fit your specific needs and lifestyle preferences, enhancing functionality and comfort.
• Increase in Property Value: Strategic renovations can potentially increase the market value of your home, offering a return on investment over time.
• Familiarity: You get to stay in your current neighbourhood, maintaining existing relationships and familiarity with local amenities.

Cons of Renovating

• Cost Overruns: Renovations often come with unexpected costs and budget overruns, especially when dealing with older homes or unforeseen structural issues.
• Disruption: Living through renovations can be disruptive to your daily life, affecting comfort, routine, and privacy during the construction process.
• Incomplete Solutions: There is a possibility that renovations may not fully resolve all the issues or desires you have for your home, leading to potential dissatisfaction.

Ultimately, the best choice is the one that aligns with your long-term happiness and financial goals.

Consulting with the experienced professionals as The Regan Team, can provide invaluable insights to help you navigate this decision with confidence. Whether you choose to embrace new beginnings or transform your current home into your dream space, ensuring that your decision reflects your personal vision of comfort and lifestyle is paramount.