Fall is a season of changes, and for some it’s time to contemplate big decisions. Perhaps one of the things that needs to change is your home. You know changes are needed, but what kind of change? Should you stay and renovate or pack up and relocate? What is the best way to go from where you are now, to living in your dream home? This can be a difficult decision for any homeowner. Surely there are some great things about the home, neighborhood, and location you're living in now. But could it be better? The question is whether to take on a project management hat and renovate your home or take to the internet and look for your dream home in houses for sale in St. Catharines and other parts of Niagara.
I know how useful pros and cons lists are when making a big decision like this, so I've started one for you! I hope my home renovation versus relocation pointers serve as a great starting point for to make this important decision. And if you do choose to relocate, I'd love to hear from you because relocations are what I do best.
HOME RENOVATION PROS AND CONS
Renovations can be an exciting opportunity to personalize the home you live in now, whether you’ve been craving customized finishes like a new backsplash or walk-in showers. There is a lot that goes into a home renovation and there can also be quite a bit of disruption that goes along with it. Any family choosing a home renovation should be prepared to tackle the whole project from start to finish. Let's dive into what I think are the pros and cons of going the renovation route.
Pros:
Personally Perfecting Your Current Home
The biggest benefit of doing a home renovation is the freedom of control. You can choose the finishes you like and shape your spaces to fit your vision of a perfect house, not what was decided by the builder or a previous resident. You can have the exact kind of spa-like bathtub you want, the most efficient design of a kitchen – so long as your budget and floorplan permits.
Not Moving All Your Possessions
Another big benefit of renovating is the fact that you're not packing up everything you own to move to a new home. Packing and moving can be considered stressful for many and it's certainly a big task to tackle. With renovations, you only need to clear out of the spaces that are being renovated.
Keep a Neighborhood You Love
If you love your neighborhood, have neighbour-friends, and/or your kids love their school then staying put is a big "pro" for renovation. Anyone who is crazy about the neighborhood is more likely to choose to renovate rather than relocate. Here in Niagara you can find beautiful, friendly neighbourhoods in St. Catharines, Fonthill, Niagara-on-the-Lake, Niagara Falls and more!
Changes May Improve Eventual Resale Price
The right renovations can boost the final sale price of your home when you do eventually choose to relocate. A freshly updated kitchen, a new deck, or a luxurious bathroom renovation could greatly improve the sale price of your home should you choose to sell in the future.
Cons:
Investing More Money in Your Current Home
On the other hand, you are also putting more money into your current home on top of the mortgage which may not be paid off yet. Many people balk when they see the price tag on home renovations compared to seeking and buying a new home that is closer to their ideals already.
Getting Permits Can Be a Pain
If you're planning major renovations, it will be necessary to get construction permits, which can be a lengthy ordeal. You'll need to go through the local licensing offices and may want to bring on a project manager to help you through this aspect of renovations.
Contractors in Your Home During Renovations
It's important to remember that renovations don't happen overnight. There will be weeks or even months of contractors coming through your home and working on the rooms you've set out to renovate. This can be a disruption to your routine and not terribly private during the renovation project.
Challenges with Managing Contractors
You will also need to manage the contractors or really trust the general project manager of the team you hire. You will need to give them routes through the house, keep the home locked up when they are not present, and oversee the changes to make sure they're turning out the way you’d like.
RELOCATE TO A NEW HOME PROS AND CONS
But what about moving elsewhere in Niagara or St. Catharines? When you already live in a great home, why would a family choose to relocate when they could renovate? Actually, there are tons of good reasons ranging from a sense of adventure to smart financial planning. Perhaps you have a new job and highway access is now of great importance, or perhaps you are new parents (congratulations) and are now paying close attention to the best school districts in Niagara. Relocation gives you a chance to try something new and become part of a new community. Let's dive into the pros and cons!
Pros:
Continue Your Dream Home Search
If you're on a constant journey to find your dream home, then this is your chance to continue that search. If the house-hunt is exciting to you, there are certainly some wonderful new homes to explore on the market every year. I’ll be sure to curate a list of properties for you, so that we aren’t driving all over Niagara for nothing!
Opportunity to Relocate Somewhere New
Not everyone is tied to their current commute, job, location, or neighborhood. If you've been feeling the call to live in a new city or even just a new part of your current city, then moving is a great opportunity to update your address and gain those new experiences. Not to mention all the fun you may have packing up your current home and planning decorating for your new one. Some people love this opportunity for a fresh start.
A Chance to Find a Pre-Perfect House
Maybe your current home isn't perfect, but instead of going through months of home renovation hassle you could find another home that's already much closer to perfect. It might have the perfect kitchen, a better floorplan, or a more luxurious master suite than your current home.
Saving or Making Money with a Smart Swap
In an ideal scenario, you can turn the proceeds from your current home sale into the down payment on your new home or even buy it outright. This of course depends on the opportunities in the housing market which I would love to discuss with you!
Cons:
The Real Estate Realities
You may not be looking forward to the whole buyer-seller dance of selling your current home and buying the next one. With me by your side though, it won’t be much of a dance at all! As a strong negotiator, I’ll ensure you are accepting the best possible offer on your current home and with a market analysis will make sure you aren’t overpaying on your new one.
Packing and Moving All Your Possessions
If you're not super-excited about moving, it's true that packing up your whole home into boxes and relocating can feel like a drag. So unless you are Marie Kondo, this may be a con for you.
New Mortgage, New Financial Landscape
You'll want to watch out for what your new mortgage looks like, because it’s quite likely the housing and financial landscape has changed since you started your last mortgage. It might be a more or less favourable interest rate, but you'll definitely want to talk to a mortgage advisor and become informed. If you aren’t sure which mortgage advisor to contact, I would be happy to meet with you and make some suggestions.
Building a New Routine and Commute
Finally, you'll need to build a new morning routine; perhaps finding the new closest Tim Hortons, learn a new commute. This could be an adventure, but also takes some getting used to.
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Are you thinking about relocating to an exciting new Niagara home? If you're ready to move, or even just explore the idea of relocating, then contact me today! I'm ready to talk to any homeowner or prospective homebuyer about all the most important pros, cons, and processes to find your next dream home.