Your house in Okotoks is home, but it’s not new, so it has quirks and limitations. Maybe your growing family needs more space or you’re interested in a different neighbourhood. So, you wonder, “Should I renovate or sell my home?”
Pros & Cons of Renovating a Home in Okotoks
When deciding which option is right for you, it’s helpful to explore the advantages and disadvantages of each.
Pros of Renovating in Okotoks
The real estate market is hotter than ever, leading more Canadian homeowners to opt for renovations, according to HomeStars. With 75% of surveyed homeowners planning to go ahead with renovations over the next year, the renovation trend is expected to continue. Here are eight advantages of renovating instead of relocating.
You have memories in your home. For many families, the emotional attachment to their home is strong. Don’t ignore it. These things matter.
You’re already familiar with your home—how to handle the quirks and which spots on the stairs to avoid if you don’t want to wake the baby at night. You know how to make adjustments so things work the way you want them to.
If you like your neighbourhood, the idea of building new connections in a new community is less appealing. When you choose to renovate instead of relocating, 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.
Renovating allows you to customize your home to perfectly align with your standards and preferences. You’re in complete creative control over the design, finishes, colours, and fixtures.
Increased Home Value
Renovating can improve the value of your home. See Is a Kitchen Renovation Worth the Return on Investment?.
When comparing the costs of moving and renovating, remember to calculate the costs of:
- Getting your home ready to sell, including home staging
- Real estate agent commissions
- Sales and transfer taxes
- Inspection costs
- Closing costs on the home you buy
- The cost of the move itself
Let’s say you could expect to pay $10,000 to move. Add the stress of moving and all the changes and adjustments that follow. Now consider the renovations you could do in your existing home with the same amount of money and without all the change and stress of moving. Which provides the best value?
Finding the right new home for you can be time-consuming. In our current real estate market, demand is high, supply is low, costs are high, and homes sell incredibly quickly. There’s no guaranteed timeline for buying a new home. However, when you renovate, you get to decide on the best time for the renovation, and your contractor will give you a timeline so you know when you can expect the project to be completed.
Most 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!
When you renovate, you don’t have the same degree of stress and upheaval. Check out these 21 Simple Ways to Avoid Renovation Stress.
Cons of Renovating in Okotoks
With all the advantages of renovating, it may seem like an obvious choice. But there is a downside to consider.
Choosing to renovate is choosing a temporary home invasion. You’ll have to endure some noise, dust, and other inconveniences during the renovation process, though there are ways to minimize them. See How to Survive a Kitchen Remodel While Living in the House.
Every renovation comes with some financial risk. Unexpected expenses are a reality, and sometimes the return on investment isn’t as profitable as you expected. But this is rarely the case with a minor renovation, and the benefits of renovating typically exceed the financial risk.
Surprises & Delays
Building codes, back-ordered materials, necessary structural changes, or unpleasant surprises like pest or rot damage can cause delays during a renovation. However, the most common causes of renovation delays can often be avoided.
Pros of Relocating in Okotoks
For some Okotoks homeowners, renovation might not be the best option. Let’s take a look at the advantages and disadvantages of relocating.
When you find a new home to meet all your needs, you get a fresh start with opportunities to enjoy new experiences in your new community. You can tailor your new home to meet your preferences and needs instead of trying to make do with what you already have.
A different location might be an advantage if it means a shorter commute or better schools for your kids. A new community might offer access to desirable amenities.
If 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, if your current home is more than you can handle, downsizing might resolve financial strain and allow you to pay off debt or invest in other things.
If you move to a new home with improved energy efficiency and modern infrastructure, you might enjoy lower long-term maintenance costs and lower energy costs.
Cons of Relocating in Okotoks
Moving to a new home isn’t all roses. There’s a downside too.
Sentimentality & Social Connection
Your family likely has emotional ties to your current home and community. Moving to a new home can feel like a loss when it means leaving behind fond memories and meaningful relationships.
As we established above, moving is stressful. First, you get your home ready to list, then endure the inconvenience of open houses or viewings. Finding a new home that fits your budget and meets all your needs can be difficult. Uncertainty about the new neighbourhood, and disruptions in work, school, and social life during the relocation process can significantly impact your mental health and that of your family. Then there are the packing and unpacking, address changes, arranging new utilities and services, and more. And all of this must happen amidst the usual day-to-day of life.
Relocating is costly. Beyond the price of the new home, consider moving costs, home inspection costs, real estate fees, and often home repairs or minor renovations. If you move to an upgraded home, you may also have higher property taxes. If you move to a condo, you may have HOA fees.
Should you renovate or sell your home in Okotoks?
Only you can decide the right option for you, but it’s not an easy decision. The experts at Riverstone Kitchens & Renovations have a wealth of experience—both professional and personal—in both renovating and relocating. Contact us today for a free consultation about the pros and cons of renovating or selling your home in Okotoks.