Choosing whether to renovate or to buy new is an age-old question that many homeowners often face. Deciding to move is no easy task. However, renovating doesn’t always sound overly appealing either. In order to make the best choice for your family, it’s important to weigh the pros and cons of both options. Asking yourself key questions about your current living situation and your needs can also be of benefit. To help you determine what the best course of action is, we are going to be going through some of the advantages and disadvantages that come with buying houses for sale in Edmonton South Vs. renovating. Follow along below to learn more!
To Renovate or Not to Renovate…
Renovating is a good alternative to buying for some homeowners. However, to figure out if you are a good candidate for renovation, you should consider what you want to change. If it’s simply aesthetics that you’re looking for, renovating is usually a feasible choice. This is especially true if you already love the area you are in, you enjoy the layout of your home, and there is room for you to grow.
On the other hand, if you’re not satisfied with the neighbourhood you’re in and you have other concerns about the physical qualities of your home, moving could be the most favourable option. If you need things like additional square footage or you’ll have to make major repairs along the way, renovating may not be worth it.
Making changes to the appearance of your home is usually straightforward and can often be done on a budget. However, structural changes are much more complex. They generally require building permits, a higher budget, more time and the help of an expert. Moreover, when homeowners make big changes to their existing homes they will often uncover problems that need to be addressed before the renovations can be completed. For example, out-of-date electrical systems, rotting wood, and other factors that may not meet the present-day building codes.
Another thing you need to think about when renovating is your living arrangements. Living in your own home while renovations are underway presents a unique set of challenges and risks. This is only heightened, if you have young children. As your home gradually becomes a construction site, it’s important to plan around this time to ensure that you remain comfortable during the renovation process.
Buying Houses for Sale in Edmonton South Instead of Renovating
Moving homes can be easier to navigate when compared with renovating in several cases. For instance, if you are expecting a new baby, but you don’t have enough bedrooms to accommodate their arrival. Or, if you’re not satisfied with the location you’re currently situated in. Homeowners in these situations often find it easier to meet their new demands by moving homes as opposed to renovating. This is because it can be hard, or sometimes impossible to change fundamental aspects of your current home.
Additionally, by relocating, you’ll get the benefit of avoiding the stress of renovations. This alone is enough of a reason for many Canadians to choose to buy over renovate. Furthermore, by moving you’ll get a fresh start, potentially in a new area. A change of perspective could be just what you need to improve your quality of life! Besides, if you have enough equity on your side, buying new could be a worthwhile investment. However, it’s important that you consider the expenses associated with moving, closing the deal and a new (potentially more costly) mortgage.
Nevertheless, moving houses is not always all sunshine and rainbows. In fact, a lot of sellers find that searching for a new home can be just as challenging as renovating. This is only amplified in the event of poor market conditions or suboptimal lending rates. Because of these factors, it’s critical that if you choose to move, you do your due diligence to determine when the best window is to sell/buy. In moving properties, you also risk not being able to find your “perfect” home. This can lead to buyer’s remorse and overall dissatisfaction.
Contact me Today!
Choosing to buy houses for sale in Edmonton South Vs. renovating is a challenging decision. Contact me today to learn more about the pros and cons of buying new or renovating properties in Edmonton. I’d be happy to answer any questions you have about how to achieve your 2024 real estate goals. Feel free to reach out to me at any time! Be sure to check back next month for more real estate-related information. I look forward to working with you in the near future.