For most homeowners, there comes a time when their property no longer serves their needs. Does your house seem too big now that your children have flown the nest? Are you dealing with a loss of mobility and finding your bathroom difficult to navigate? Should you renovate your existing property, or is it better to sell it and find something more suitable? Time to decide!

Selling

Selling your home offers several advantages. If you buy a new property, you can choose a place with all the features you need or want, like an additional bathroom or a larger bedroom, without having to undertake major renovations. Sometimes, the condition of your home makes a remodel not worth the expense and time.

On the other hand, moving to a new home can be extremely stressful, as it means adjusting to a different location, new routines and unfamiliar neighbours. When it comes to finances, don’t forget to factor in additional costs related to your property sale and new purchase, such as taxes and notary and inspection fees.

Renovating

Do you love your neighbourhood but want to make your home more comfortable? If so, a reno may be your best option. Renovating your existing property can help you make the most of your space and, at the same time, increase your property value.

However, remember to make a budget. As often happens during a renovation, an unexpected event or discovery can quickly drive expenses well beyond the estimated cost. Also, be prepared for noise and debris to disrupt your routine for the duration of the work.

Do you need help deciding whether to move into a new house or renovate your existing property? Talk to a real estate professional for advice.