Should you move or renovate your home?
What is worth the investment: Moving or Renovating
The age old question: should you sell your house and move? OR should you renovate? I get asked this question ALLLLLLL the time.
In a city like Toronto where real estate is booming it can be confusing and tempting to make drastic change without kowing the numbers. You probably know by now that I am NOT a numbers girl and that I love when someone else does the numbers for me. So that’s exactly what I did !!
If your house is valued at 1M and you have 250k to upgrade - should you put that money into a home renovation to make your home more suited to your growing family? This is a BIG trend in Toronto right now. A LOT of our amazing clients have decided not to move and instead to invest the money (whether cash or borrowed) into their current homes. The most popular renovations are full main floor gut jobs, that include a new kitchen, digging out the basement to make it more livable space, OR adding an addition or 3rd storey to maximize their lot coverage! We love helping clients do all of these things… but when does it make sense to move instead?
This week I spoke with Micheal Neal, Co-Founder at North Power Mortgages about the REAL costs of moving house. It’s a SUPER interesting interview and a huge eye opener.
Obviously you need to decide if you like living in your current neighbourhood first because that could be a no brainer, BUT if you love your neighbours (as I do ;) ) then deciding to move for more space can be a tricky decision to make.
Watch the video here.
Let me know what you think and if you would LOVE IT or LIST IT?!