What is your next step when your home is no longer meeting you and your family’s needs? Your decision could be to move or renovate your Ottawa home. Before you consider a big move, evaluate whether a home renovation could meet your needs. If selling is still on your mind, making some minor renovations could help with the overall resale value in the future. However, if you finish the renovations and decide the modifications are enough to meet your needs – the work is already done, and you can enjoy your fresh new home makeover.
Should You Move or Renovate Your Ottawa Home?
To decide if a move or to renovate is right for you, the following questions can help you make your final decision.
1. What are the cost implications of moving or renovating?
For a renovation, the costs will include the fees for a general contractor, designer, trades people, materials and possibly rent in another location while the construction is underway.
The costs for moving to a new home generally includes real estate fees, lawyers, land transfer taxes, closing adjustments, cleaners, and movers. The overall sales price for your home will also be a factor depending on where you wish to move.
2. Is it feasible to execute a renovation or addition?
Before you make the decision to renovate – seek expert advice about zoning restrictions or municipal setbacks that could impede you from making any changes to your home.
Additionally, does your home have any restrictions (i.e. foundation beams, heritage status, etc.), that could prevent you from changing the current footprint in any way? Finally, is the cost to make these changes reasonable relative to the value it will add to both you and your home?
3. Is it the home or the neighbourhood that is driving your decision?
Think about what is important in your decision, and separate whether it’s the home or the neighbourhood that is driving your decision to move or not. If you want to maintain your community and neighbourhood is important to your decision – is renovation the best option or will you wait it out to find an ideal home in your neighbourhood?
If expanding outside your neighbourhood is an option for you, Is the expense of moving to another neighbourhood worth it? Is the cost differential in your favour or is it against it?
4. Do you want to take on the stress of a renovation project?
A renovation can complicate your life for an extended period of time. Your living arrangements and lifestyle could be turned upside down for days, weeks or potentially months. It may require you to move out and face added rental costs or living within the construction zone. Think about how this decision will play into your overall decision to renovate or move.
5. Have you considered your short-term and long-term goals?
Consider the short-term implications of your decision – for example – will a renovation make financial sense when it comes to a resale? If you decide to over-improve your home for you and your family’s enjoyment, do you plan to stay in your home longer term?
Alternatively, what are your long-term home goals? If you do not have a plan long-term it is not wise to start a major home reno project. What are your plans for family – and will you outgrow your home sooner than later if you plan to have more children?
After you have answered these questions, arranging a home evaluation is a logical next step.
Susan Chell Team can help you evaluate your home and discuss your renovation vision. They can discuss these scenarios with you including advice on the alternative cost of purchasing, and the probability of finding your next dream home based on your needs.
Regardless of whether you move or renovate, a home evaluation is free. Susan Chell Team will provide you with a comprehensive in-depth market analysis on both scenarios to help you make an informed decision that is best for you.