Move or Home Renovation? 6 Questions and Answers to Consider
A house renovation is one way to improve and increase the space and value of your home without having to move from a neighbourhood you and your family loves.
There are a number of reasons why you may want to change your living space. Maybe you are adding to your household with a baby on the way or you need to move in an elderly family member? Maybe you want a cleaner more modern design? Or just maybe you are tired of your always cluttered home and are in need of more storage space? Whatever your reason, there are a few steps you can take. You can either put your home on the market and look to move to a different abode, or you can undergo a house renovation to freshen up and add to your existing living space.
Here, we answer 6 questions on what to consider when looking to move or renovate:
1. Do You Like Your Current Home and Get Along with Your Neighbours?
One of the biggest reasons people move is when they feel trapped in a home that holds little to no emotional attachment, or when they live in a neighbourhood where no one knows the other’s name or where there’s conflict. If your home is where your heart lies and block parties are a regular occurrence around your neck of the woods, then you may want to count your blessings and work with what you already have.
2. Are you Moving Just Because You Want More Space
If you are hoping to go from a three-bedroom house to a four-bedroom home or if you want an extra bathroom or more kitchen space, or want a house with a legal suite for added income, then a renovation company can help you explore ways to reconfigure and remodel your home by working with your current space and/or with a home addition or basement renovation to make it more spacious, modern and inviting. But first you’ll need to check with your municipality’s zoning bylaws to see if a renovation will first be possible and what the permit costs will be, which leads us into question #3:
3. What Can You Afford?
Planning a budget is the best way to decide whether to renovate or look for a new house. There are many factors to take into consideration, including:
- The current worth of your home
- The current real estate market in your community
- The cost of labour and materials provided by home renovation companies
- How long you would stay in your home if deciding to remodel
- Whether you’ll need to renew or take out a new mortgage
- Land taxes of your current house after renovation in comparison to a new house
4. What Will Take Less Time?
If you’re looking for a quick fix for your space woes, then a major renovation may not be the solution. While some local contractors may make promises that they will have your renovation completed quickly, there are many reasons that can hold up a reno, including the availability of supplies and sub-contractors. Whereas, selling your home quickly will depend on the current real estate climate and whether it is a seller’s market.
5. Will A Move Be Enough?
If you’re looking to move into a new community or neighbourhood, you’ll want to consider the other “values” that will be important to your family. They include:
- Employment prospects
- If schools and parks are located nearby
- Walkability or access to public transportation
- Proximity to shops and amenities
- Location to emergency and health facilities
- Crime rates and neighbourhood watches
6. What Will Be The Return On My Investment?
While home renovations can be a costly endeavour, depending on how much work you are having done, the end result may be that you add enough value to your home to make it a worthwhile investment over moving. To learn more about this, read our blog on 5 Home Renovations Kelowna Homeowners Can Do for the Best ROI.
With more than 25 years in the business, Rafter 4K Contracting are the renovation contractors in Kelowna you can trust to for all types of remodelling projects including interior and exterior renovations, home additions, accessory buildings, swimming pool installation and commercial projects. Visit our before and after project gallery to see just some of our Kelowna home renovations.
