Moving Vs. Renovating
Posted on: 2016-11-30
You can’t describe it, but you are ready for a change– it may be time to move… or could it be time to renovate? Many property owners go back and forth over this issue, often for several years before making a decision. The key to deciding between a big move or a major reno is decisiveness! Making the right choice for you at the right time can mean savings now and maybe even some profit later on. Keep reading for Parabola Developments’ crash course on how to choose between moving or renovating.
RETURN ON INVESTMENT
Consider all of your financial factors when facing down the decision between renovating or moving. Repairs and renos are actually very budget-friendly when you consider that they increase the core value of your property, but the initial investment is usually quite steep. Conversely, moving comes with its own consequences such as transportation costs, realty and legal fees and other common wallet drainers– almost none of these can be recouped in the future. Moving may be cathartic and immediate, but renovating now could mean being able to afford a move in the long-term.
CHANGE WHAT YOU CAN
A good way to judge your own feelings is to look around your property and identify the main reasons you want to renovate or move. Don’t limit yourself to the property either, take stock of your neighbourhood, its services and how convenient you find the location. Now ask yourself the question: what will best help you overcome these obstacles– moving or renovating? A dated interior and unpleasant landscaping can be easily fixed by investing in renos and repairs. On the other hand, a better school district and being nearer to a park can only be achieved by moving.
Does your property have a unique feature or difficulty? Do you love or loathe your neighbours? These are just a couple of the questions you should be asking before a move or a renovation. From priceless views to floodplains, there are many intangibles that can influence your peace of mind as a property owner. Try and look at your existing property with new eyes, while taking a more critical slant towards your ideal move locations. This thought process can help reveal the real reasons you are leaning towards either renovating or moving.
As you can see above, deciding between a reno or a move is no simple matter. There are many moving parts and financial consequences to consider, but never fear– the experts at Parabola Developments are here to help! Contact us today for a comprehensive assessment of what we can do for your existing or future property.