Sometimes, making the decision to renovate or move can be the hardest part of the whole process. That's why I always recommend to clients that they consult a professional, such as a designer, contractor, and realtor about their plans before making any major decisions. A professional will assist you to make the best decision for YOU.
The following are considerations I want you to keep in mind when making the decision to Love It or List It.
Can you renovate the home with the existing space you have? Renovating within the home's existing footprint is typically more cost effective than building an addition. If you need more space - it may be worth looking at a move. However, some times modifying existing space can come with BIG surprises. So ensure you check with your contractor or designer to confirm you can do what you want.
Can you actually get what you want? Every municipality has building rules, including ones regulating how much of the lot you can cover, whether you can add a second story and how close structures can be to the property line. Permits are required for major renovations, and renovations also can trigger a requirement that existing elements, like outdated electrical panels, be brought up to current building standards. Consult with a professional about your plans before making any major decisions.
Do you want to live through a renovation? Renovations cause dust, noise and disruption for weeks or even months, and they always take longer than you expect. No one is trying to ruin your life, these things just happen. If you’re redoing your kitchen, for example, you may be without a sink or stove for several months. Are you the type of person who can live with this disruption? Are you the type of person who is okay having things 'out of sorts' for the short term?
Does the renovation make sense for the value of your home? Putting a $100,000 kitchen into a $150,000 home never makes sense, but updating a 1970s kitchen with new cabinets and countertops probably does. Never make renovations that are disproportionate to the value of your home.
How does your home compare with others in your neighbourhood? If an addition will make your home much larger than others in the neighbourhood, it may add less value.
How long do you plan to live in the house? If you’re in a two-bedroom house and plan to have three children, consider whether the expanded house would be a good fit in the long run. Most experts advise if you’ve going to do a big renovation, you want to be there for seven to 10 years.
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