Pros & Cons of RelocatingSometimes renovating isn’t an option. If you want a different neighborhood or school district, for example, relocating might be the obvious choice. But it’s important to consider the advantages and disadvantages of relocating when renovating might be an option.
Pros of RelocatingHere’s a look at the benefits of moving to a new home.
Instant GratificationIf you find a new home to meet all your needs, you get a fresh start. You can set up your home the way you want instead of trying to make do with what you already have.
LocationA different location might be an advantage for you. Maybe it would mean a shorter commute or a better neighbourhood or better schools for your kids.
InvestmentIf your current home is worth more than what you owe on your mortgage, you could potentially sell your home and invest in an upgraded one for a more impressive portfolio. Alternatively, maybe your current home is more than you can handle. Downsizing might resolve financial strain and allow you to pay off debt and invest in other things.
No Renovation StressA major home renovation can be stressful, especially if it means you must live in a construction zone. You may have to pack up and store some belongings temporarily, and adjust your routines and lifestyle to accommodate work zones. If you choose to relocate, you avoid this potential renovation inconvenience.
Cons of RelocatingRelocating isn’t all roses. There are some disadvantages of moving to a new home.
StressMost Canadians find moving to a new home more stressful than planning a wedding, quitting smoking, or starting a family. Some studies report that relocating is the most stressful life event, even more stressful than divorce or a breakup. That’s remarkably high stress! The stress of a move can begin long before the process of relocation begins. Finding the right new home for you can take time and be stressful, too. It can be difficult to find something that fits your budget and meets all your needs.
CostRelocating is costly. Beyond the price of the new home, there are moving costs, home inspection costs, real estate fees, and often home repairs or minor renovations. If you move to an upgraded home, you may have higher property taxes. If you move to a condo, you may have HOA fees.
Pros & Cons of RenovatingRenovating is the preferred option for most Canadians, according to HomeStars, even during and after the COVID-19 pandemic. Why is this the case? Let’s look at the advantages and disadvantages of renovating. See also: Should You Renovate Your Home During COVID-19?
Pros of RenovatingHere are 6 benefits of renovating instead of relocating.
FamiliarityYou’re already familiar with the quirks and what works in your home. If there’s something that’s not working for you, you probably know exactly what you can do to adjust things to make it work.
CommunityIf you like your neighbourhood, you probably don’t like the idea of starting from scratch to build relationships and connect with a new community. When you choose to renovate, you get to keep your neighbours, your kids can keep their friends and school, and you won’t have to look for new stores and services for your family’s needs.
CustomizationIf you like your house for the most part, you can customize it to make it exactly what you want. You have complete creative control over the design, finishes, colours, and fixtures.
Increased Home ValueRenovating can improve the value of your home. See Is a Kitchen Renovation Worth the Return on Investment?
No Moving ExpensesConsider the cost of moving. Let’s say you could expect to pay $10,000 to move. Add the stress of moving and all the changes and adjustments that will follow. Now consider the renovations you could do in your existing home with that money. The bonus is you wouldn’t have the stress and changes involved in moving! Yes, renovation costs money, too, but many costs of moving are often overlooked or more than expected. When comparing costs, don’t forget to calculate the costs of
- preparing your home to sell (including home staging),
- real estate agent commissions,
- sales and transfer taxes,
- inspection costs,
- closing costs on the home you buy, and
- the cost of the move itself.