Should You Renovate or Relocate?

Life changes over time, our needs and wants evolve as we go through the different stages. We move on to new jobs, get new cars, live in new cities or suburbs, and our property needs change with our lifestyles. Single people get married and need more space for their growing family, middle-aged parents are faced with an empty home are looking to downsize and some families cohabitate across generations and have unique property requirements.
There are many aspects to consider when deciding whether to renovate or relocate, such as the area you currently live in, if your current property has the potential to be transformed to meet your needs, the amount of space available, and whether you need to upsize or downsize, just to name a few.

To help you make your decision, Seeff has put together some helpful information to help you decide whether to “renovate or relocate.”

Signs renovating may be the right choice

- You plan to stay in the area for a long time.
- The neighbourhood is close to the amenities you need.
- Your property is in a sought-after area where your property’s value is likely to increase.
- You have the budget and space to upgrade your property to suit your changing needs.

Benefits of renovating your home

- The right kind of upgrades can add significant value to your property.
- A well thought out renovation can increase your property’s future sale price.
- By renovating your current property, you avoid the costs associated with moving and buying a new home.
- Renovating allows you to edit your home to suit your changing needs.

Signs relocating may be the right choice

- If the neighbourhood and local amenities no longer suit your needs.
- The neighbourhood has deteriorated.
- The cost to renovate your current property is too high.
- If the property market presents a good opportunity to sell your home at a premium.
- If your lifestyle has changed and you are looking to downsize.
- A renovation will be more costly than moving.

Benefits of relocating

- It can be beneficial to move into a home that is already set up for your needs, where you do not have to put up with the downtime of renovations.
- If your current property is run down and costly to upgrade moving to a better-equipped neighbourhood with a move-in ready home could be the right choice.

The decision to improve or move is very rarely a simple one. However, if you take these recommendations into consideration it may help give you a clearer picture of which option would suit you and your family’s property needs the best.