Just how do you decide whether renovating or selling your home in Vaughan is the right way to go? Take a few minutes off and read the pointers we offer in this article and get some ideas on whether loving it or listing it is the right way to go!
UNDERSTANDING WHAT'S INVOLVED
Whether you decide to stay and renovate or leave and list it, it's important that you understand what you might be getting yourself into either way. On one hand, it'd be cheaper to stay in your current home unless over-capitalization is your initial issue or you're thinking of moving to a house of the same price you're selling your current one for.
If moving seems like the only option for you, you have to consider how time and emotionally consuming moving itself can be. As well as financial expenses, moving schools and in some cases getting a new job if your new location is too far away from it.
THE PROS OF STAYING
Creating a list of the pros of staying in your current property can be incredibly helpful. Some positive side of staying instead of moving away could be your existing mortgage and low interest rate. Paying less or no fees such as real estate agent's fees and commissions are always a pro.
Like we pointed out before, relocating always comes with the headaches of moving your children into new schools, public transportation and shops might not be as accessible as in your current location. You might of already done some remodeling to your current home, new insulation, upgraded heating and cooling systems, installed new carpets and so on.
THE PROS OF LEAVING
Just like creating a list of pros of staying in your current home, consider creating a list of the pros of leaving it. Some points of consideration could be getting more space without having to add on. While the end product of renovating your home is satisfying, not many are willing to deal with builders, architects and the loss of privacy in their own home during the renovation period.
You might be adapting to a new type of lifestyle, maybe an addition to the family is on it's way and you need to expand, or perhaps your children are all grown up and you could do with a little less space. Whatever your reasons might be, they should all be put into consideration in the end.
CONSIDER BOTH LISTS
Perhaps now that you've written down both the pros and cons of staying and leaving, you've found things on your list that simply can't be helped. You may have a lovely home but no space to expand, or your neighbourhood might have regulations against the type of renovation you're after. Maybe some of your reasons for selling could be overcome with good planing and if advice from the right people is taken. Before giving up hope on fixing your current home, talk one last time to your builder about the possibilities.
In conclusion, only you can make the decision from renovation your home to making the big jump and selling it. Something to remember is to always trust your instincts. Sometimes it's just time to leave a place you've spent years in building memories. Perhaps your family is in need of a fresh new start and a change of view, location or lifestyle. But most likely it will be difficult for you and your family to leave those memories behind and you will decide to renovate and love your home again!