After you live in the same Markham home for some time, you may need a change. You may have outgrown the house, are ready to upgrade some features, and more. So, the question is, is it necessary to purchase a new home or should you renovate your current property instead? Here are a few things you should consider to help you make this big decision.
What is the Current Real Estate Market Like?
The current real estate market should play a critical role in whether you decide to buy or renovate your house. If it is a seller’s market, you can often sell your home quickly and make some money. However, if it is a buyer’s market, you may be better off renovating the property.
Are You Willing to Leave Your Current Neighbourhood?
If you choose to purchase a new home, are you willing to move from your current neighbourhood? If you want to buy, the opportunity to remain in the same location is very small and your options for new real estate are limited.
How Much Will Renovations Cost?
Will all the renovations you need to complete be covered in your budget? Do you even have a budget? If you are considering to remodel your Markham home, it may be best to receive a few quotes from contractors to determine if a renovation is financially wise.
Keep in mind that a home renovation can increase your home’s value. Although, you must make sure that you choose to complete projects that offer a large return.
What are Your Long-Term Plans?
How long do you plan to live in your home? Do you hope to expand your family in that period of time? Do you have plans of family members moving in or out? If you are already limited on space and you want to bring two or three more family members under your roof, you may be better off purchasing a new home to give you the space that you need. If you only plan to live in the home for a short time and have no long-term plans, a renovation may satisfy all of your needs.
Is a Renovation or Moving to a New Home More Convenient for You?
You don’t want to make life harder than necessary. While moving to a new home, even if it is across town, is a hassle, it may be easier than living in a renovation for several months. Depending on the type of work you wish to complete, it can take months for certain projects to be completed throughout your home. You may be without running water, certain kitchen appliances, etc., for some time. Determine which is more convenient and easier for you.
If moving to a new home sounds like something you want to consider, give Markham real estate agent Martin MacFarlane a call. He can help y