Home Renovations vs. Moving: Which Should You Choose?
On average, Canadians spend about $9,000 each year on home improvements.
But if you have major renovations on your mind, you could be looking at spending a bit more.
Faced with the bill of a whole home renovation or a big project like remodelling your basement, it may seem like moving would be the easier alternative. But is moving really the right choice?
If you're on the fence about whether to take on home renovations or move to a new home, keep reading to learn more about making the right choice.
Should I Renovate or Move?
Taking on major home renovations can be costly and time-consuming. But moving isn't without its own challenges.
What to Know About Home Renovations
When your home requires repairs due to age or specific elements that aren't working for your family, a renovation may be in order.
A major renovation can seem like an endless project. But the reality is that with the right home renovation company, even big projects can take as little as a few weeks or months.
There are plenty of benefits to choose to renovate over moving. One major one is the chance to decide what your dream space looks like. Selling your old home for a move-in ready space means that you likely won't be ripping out floors or changing layouts. But when you opt to renovate your home, you can choose all of those details and more.
Whether you want to make your home more functional for your family or dreaming of a new style, renovating is a great way to do just that.
What to Know About Moving
When you look at the cost and timeline of a major renovation, you might think that moving will save you money and get you settled faster. But this may not be the case.
Moving from one rented apartment to another doesn't need to be time-consuming. But selling one home and buying another, then packing up the first home and unpacking at the second, can take months. And if you struggle to find the right house or sell yours, it may take even longer.
Moving is also a big expense.
Buying boxes and renting a truck or hiring a moving company alone will set you back an average of $5,630. Then there are the closing costs of buying a new home.
And if your old home requires serious repairs, you may not get the price that you're hoping for, leaving you with less to spend on your new house. Depending on what you spent on your first home, you could be facing taking a loss on it, which means that you won't be able to afford the same value of your house or the same city or town for your new home.
Tackling Your Home Renovation Projects
While moving may seem like the simplest way to get a home that's ready to be lived in, that isn't always the case.
If you're willing to take on home renovations, you can get the space that you're dreaming of and save yourself the time and money it takes to move.
Are you worried about the stress of renovating? Hiring a home renovation company with a proven track record for success is a great way to take much of the stress and headache out of your remodel. Request a quote today to find out how we can help you with all of your home renovation projects.