Is anyone else out there a fan of Love it or List it Vancouver?
We all have our hands up over here. It’s always such a cliffhanger. Can this couple learn to love their home again after a significant renovation, or have they really and truly outgrown it and needed a new place?
But life isn’t just about TV; this is an actual question that many homeowners and many of our clients face. What should you consider when asking yourself if you would be better off moving to a new home or renovating your current space?
In today’s blog, we will help you break down some of the most critical considerations when asking yourself: do I love this house, or do I list it?
Let’s get started!
#1 Cost of New Home vs. Cost of Renovation
You have to start the move or renovate question by looking at your finances. Can you afford to buy a new house, or does your budget allow for purchasing a new home? OR – and this is where things get exciting – can you afford to do both?
When looking to renovate your home, you can reasonably estimate how much the cost will be by setting up an initial meeting with us or with your local tradesmen (we call this a Fact-Finding Meeting).
When looking at purchasing a new home, there are many costs to consider. Firstly, the cost of the new mortgage, of course. But also:
-Land transfer taxes
-Legal fees
-Title insurance
-Appraisals
-Home insurance
-Home inspections
-And moving costs like truck rentals, packing boxes, and more!
So make sure you run all those numbers when considering your next steps!
The most costly renovations are usually the kitchen and bathroom. We personally customize each bathroom based on your budget, needs and even desires that way we are able to support a wide range of budgets. So don’t forget to get a free Fact-Finding meeting with us if you want to renovate your bathroom!
#2 What do You Really Want?
Numbers are all well and good, but what do you want? Your house isn’t just property; it’s your home, often linked with irreplaceable memories. Or maybe you live in a neighbourhood that is just perfect for you and your family. Perhaps you want more space, and a new home can be great for that, but there is also the option of creating more space.
We want you to feel empowered when making this choice! Just because your current house isn’t working for you doesn’t mean it can’t be made to work for you. If you choose to renovate, you might fall in love with your home again.
#3 Are You Open to Either?
To put it simply, renovating your home is an investment that nearly always pays you back (primarily when you work with pros like us). So if you choose to renovate, you will increase the value of your home either way.
After the work has been completed, you can re-evaluate whether the space works for you. And if you decide that is not the case – well, with your brand spanking new renovation, your house will sell quickly and at a price that typically covers the cost of your renovation.
This is why we love renovating bathrooms – it’s fun, creative, and an excellent investment for you, the homeowner. We care about the critical decisions you make about your home.
