Is your family tight for space but the thought of selling your home and leaving the neighbourhood you love is leaving you anxious? When a house becomes a home it can be difficult to up and leave regardless of your desire to move. I hear you and there’s many people just like you feeling the same way.
If your property provides the space to allow you to build an addition but you still don’t know which option is best for your family, stick around to the end of this blog where you’re going to learn the pros and cons to help you decide to build or move on.
BUILDING AN ADDITION - CONS
Dust, Dirt and Noise
The first thing you want to think about is how long will it take and how will my family function in a dust bowl. I personally know this feeling because I lived it two winters ago. Any renovation big or small is dusty, dirty, loud and completely inconvenient in my personal opinion. Interview a few contractors and discuss how they can help make the process easier for your family.
Costly Surprises
Even the best hired contractors can find unknown surprises behind walls that will alter plans and the budget. Try to factor in an emergency stash for unknown problems that may pop up during the construction. If you don’t end up using it then it will become a nice bonus to celebrate when everything is finished.
Will This Renovation Build Home Equity?
If you plan to live there forever then this question isn’t as important, but if you still plan to move in the next few years, talk with a local realtor who can help you decide if your remodel will still function for your family and help you gain equity as well.
BUILDING AN ADDITION - PROS
Customization
If you plan to build, you can customize your renovation to exactly what your family needs and wants.
Stay In Your Loved Neighbourhood
I talk to clients about neighbourhoods versus a new house because customizing a home after purchase is easier than finding a neighbourhood that you love. So if you already live in a great community, there’s no stress over having to find another one that is just as good.
No Moving Costs
Staying put means leaving those selling associated costs in your bank account. Which then you can use for your remodel.
MOVING TO A NEW HOME - PROS
New Location
Moving to a new community can be scary, but it’s also very exciting! If you need a change of scenery, quicker commute to work, better school boards and so on, then moving is probably the direction you’re headed. If you haven’t found the dream town,city, or neighbourhood, it’s great to talk to a local realtor about what the area needs to provide your family’s lifestyle to keep you happy for years to come.
No Construction
Renovations big or small in my opinion are exciting to think about in the beginning and can quickly become overwhelming. Especially if you’re a busy young family or even an eldery couple who can’t move things around the house to accommodate the contractors. Moving may be a better option so that you don’t have to deal with the mess and possible unforeseen hiccups.
Turnkey Homes
If you have time to do the research and create a good gameplan with your realtor. Then you may be able to find a new home that’s turnkey and has the additional space that your family needs without having to deal with renovations.
MOVING TO A NEW HOME - CONS
Emotional Stress
Working with a realtor can elevate a lot of stress for you in the buying and selling process. But one thing we can’t do is predict the future with total certainty. In a market such as now where homes are flying off the market as fast as we can get into them, you need to be prepared that you could be in a bidding war situation which can be very stressful.
Does it check all the boxes?
Moving to a new home doesn’t always mean you will be able to check all the things off your wishlist. My suggestion is to find a realtor who can give you the down to earth facts about where your wishlist verses your budget algin. It’s better to set realistic expectations about your house hunt so that you’re not disappointed. What’s that quote? Champagne taste on a beer budget?
Leaving the Community
If you love the community you’re in, this is going to be a hard pill to swallow and come to terms with if you can’t find a new community that offers everything and more that your old one did. This is probably my #1 advice again for clients. Customizing a new home is easier than finding an excellent community.
Moving Costs
The major con with moving is the costs associated with it such as moving trucks, real estate commission, lawyer fees, and many more. Sit down with your realtor and lender and discuss approximately how much money would be left in your pocket if you decide to move.
How are you feeling? Are you researching contractors and creating a new vision board already or are you calling your realtor?
Whether you decide to build grandma her granny suit or move to that bigger home, I would love the opportunity to help you buy or sell The Proper Way.
