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Should I Renovate or Relocate?

To renovate or to relocate – that is the question! But before you make the decision, serious consideration should be given! Why? You might be shocked at the actual costs of doing a renovation, and the costs of hiring contractors and building material etc.

 

In addition, managing a renovation or addition can be a full time job in itself! 

 

What you need to consider:

  • Costs – estimate from contractors, supplies costs etc.
  • Budget – what is your budget for the project, what if you go over?
  • Management – hiring contractors, overseeing the project and timelines 
  • Time and inconvenience – your time is valuable, do you have the time to oversee such a project?
  • End value of your home after completion 

If you are in a neighbourhood where your home conforms to the average price, then you want to ensure that you don't over improve and become the best and most expensive home in the neighbourhood. 

 

Let's look at this example: 

 

The current value of your home is $450,000

The cost of an addition and renovation is $200,000

This brings your new cost (home value) to $650,000

 

But the average value of homes in your neighbourhood are $500,000

 

At that point, it will likely be a lot harder to sell, so it may be time to look at upgrading into a larger or updated home in a neighbourhood where the values conform. 

 

It is always best to consult with a professional on the end value of your renovations and the impact those upgrades before contracting. Whether deciding to renovate to relocate – it’s always best to be fully informed!

 

Renovation Tip: Always remember to always budget 25% more than what you expect for "extras". Many people start renovations, and before the project is complete, they run out of money. There is nothing worse than having to live in a half-complete renovated home!

 

If you have any questions about renovating (home value before and after) or if you are thinking about relocating, I would be more than happy to provide you with a FREE home evaluation and answer all the questions that you may have!  

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Faisal Susiwala
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June 12, 2017
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Faisal's career in real estate began at the early age of 18. He consistently earned a reputation as a top producer from the outset. In 1994, he joined the sales force of RE/MAX Twin City Realty Inc. and has continued to be a top producer there for the past twelve years. Susiwala covers a large sector of the Cambridge and KW market and attributes his success to a strong marketing plan with extensive advertising, state of the art technology, an experienced support team and a loyal clientele base for the past 17 years of being in the real estate business.

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