Renovating vs. Moving: Should I Stay or Should I Go?

Results of a new survey out last week reveal some hard truths for home buyers in the Greater Toronto Area: sky-high prices that leave many residents unable to purchase low-rise housing such as detached, semi-detached and town homes.

From The Financial Post:
The Building Industry and Land Development Association said the average price of a new low-rise home in the GTA hit a record-high $785,800 in June, according to RealNet Canada Inc. Prices rose 15.5 per cent from a year ago. The average high-rise sold for $441,134, up just 1 per cent from a year ago.

If you’re a current homeowner weighing the pros and cons of moving, these figures might  be all it takes to convince you to renovate your home to suit your needs instead of moving.

Is moving the answer?
Whether you need more space to accommodate your growing family or your home’s current layout is posing mobility issues, renovating your current living space to adapt to your new lifestyle may make more sense.

Would the money you’ll have to spend on moving fees be better spent by putting it back into the home you know and love?

The cost of selling your home and moving is higher than you think.
The time and effort involved in preparing your home for sale is staggering. From cleaning the house and painting walls, to landscaping to grab some extra curb appeal, you’ll wonder why you’re doing all this work for someone else’s benefit. When you add in all the other costs − lawyers, movers, real estate agents, bank fees, taxes, disbursements, insurance and home inspections − it can add up to huge numbers.

Should you move?
Ultimately, it comes down to how you want to spend your money. If the cost of moving is just too great, putting the money you do have into your home is key for living happily and functioning effectively in your day-to-day life. But which elements of your home do you need to renovate to make this work?

“Now more than ever, our customers are opting to open their homes and remove the barriers that separate them from interacting efficiently with their families,” says Monarch designer Amanda Willson-Suppa.

From opening up your living space and creating a great room, to making your home more accessible for members of your family, Monarch designers are qualified to help you address the changing needs of your home.

Call us today at 905-686-2001 or drop by our showroom.