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That is the question. And while you might not have the answer just yet, you can turn to Susan Chell and her team of experienced brokers to find the right solution for your current situation, worry-free!
“Whether your choice is to stay in your existing home or to move, our team would be delighted to share our expertise with you; offering a unique, full-spectrum boutique real estate service to help you with this critical process,” said Susan Chell.
Buying a new home, and/or renovating an existing home, can be quite stressful. It’s important to think about the following questions before deciding what is best for you and your family. The Susan Chell Team will provide a comprehensive, in-depth market analysis on both scenarios to help you make an informed life-changing decision.
- How much will it cost to move versus to renovate?
Renovation costs typically include general contractors, trades people, materials, designers, and, potentially relocating while construction is underway. Moving expenses generally include real estate fees, lawyers, land transfer taxes, closing adjustments and movers. Be sure to consider the market in the area you wish to move into because prices will vary.
- Is your home suitable for renovation or an addition?
Consider the following: Does the current footprint allow you to make the desired changes? Do municipal setbacks and zoning restrictions in your area allow for an addition? Is the cost to renovate justified?
- Do you love your neighbourhood?
If you like your neighbourhood, you have the choice to renovate your home or buy a home in the same neighbourhood. Consider the value difference for each area: Is the expense of moving to another neighbourhood worth it? Is the cost differential in your favour or against it?
- Do you want the added stress of a renovation?
Are you ok with living in a construction zone? Choosing to remodel your home means your living arrangement will be in disarray for days, weeks, or even months. It can be stressful, loud and it requires patience, which not every homeowner has, especially with kids and pets in the mix. You can stay in a hotel, or temporary rental unit, which means spending money you’ll need to budget for.
- Is the timing right for you and your family?
What’s your long-term goal? You shouldn’t make major renovations if you don’t have a long-term plan for it. For example, if you live in a two-bedroom house — and plan to have more children — you’ll likely need to move sooner than later. Consider if renovating suits your short-term needs. Does it make financial sense when it comes to resale? Over-improving should only be done for a long-term plan, otherwise the rate of return is not as good.
The first step in making this important decision is to arrange a home evaluation with the Susan Chell Team. Once they’ve evaluated your home, and have discussed your renovation vision, they will be able to advise you on the cost of purchasing, and finding your dream home. This will help you in your decision making process.
Please contact the team directly to arrange a private and complementary evaluation.
Susan Chell, Broker
RE/MAX Hallmark Realty Group