Is It Time To Move?

Sooner or later every homeowner asks the question; 'is it time to move?' when they realize that their home no longer meets their needs. Typically this is caused by a change in family status – need more space for kids or less when they grow up and leave home but there are many other scenarios as well. 

 

The next question is what to do about it – sell or renovate? Here are some tips to help answer that pivotal question.

  

First, examine the reasons why the home no longer works. Is the house too small? The living space ill-conformed to your changing needs? Maybe a remodel is the answer. Is the house too far away from a new job or a family member who you see often? Is the neighbourhood deteriorating? A renovation won’t be the answer and perhaps it is time to move.

Secondly, examine the financial pros and cons. On the one hand there is the cost of remodeling (and the sky is the limit depending on what you want to achieve) versus the cost of moving. Don’t underestimate the cost of moving which is typically about 10% of the value of the home by the time things like realtor commission, land transfer tax and the physical move itself are factored in.

But more importantly consider the value of your home. If your home is already at the top end of value in the neighbourhood, putting more money into it may turn it into a White Elephant – a house where the cost of the renovations won’t be recouped as a resale. This can be a finally devastating situation if a homeowner is forced to sell unexpectedly and ends up losing money.

Either way you decide, use both your head and your heart to make the decision and it will be the right one for your situation. If you're asking yourself ' Is it time to move?', feel free to give me a call at 905-822-6900 and I'll help you look at the options.