Outgrowing your existing home? Whether to renovate or buy new is one of the most significant decisions you’ll make as a homeowner. Maybe your family is growing, aging parents are moving in, or you have shifted to a work-from-home life and need more office space. It might be time for a change if your home feels cramped and no longer meeting your needs. Choosing to renovate or buy new depends on many factors, including your priorities and finances.

To Renovate or Move – That is the Question!

Potential for Expansion

The first question you need to ask is if your existing house has the potential to become the home of your dreams. Is it big enough? Can you add to it? How much work would you need to do to make it work? What are your must-haves – is it possible to bring them to life in your current space?

Your current neighbourhood

How do you feel about your current neighbourhood? You may want to stay in the area if you love your neighbours and are perfectly situated. Depending on what is up for sale, that can be tricky if you are in a desirable location.

Timing

How much time do you have to make this happen? If you face any pressing situations (like a new baby or parents moving in), you may have to rush your choices. The extent of the renovations will dictate how much time you need. If they are significant, it may be quicker to move.

Finances and Budget

What is your current financial situation? Starting with a relatively accurate breakdown of your renovation costs will help you decide. Renovations can be costly and time-consuming if you are doing everything all at once. If you can break it up over time, it’s a great way to space out the cost.

Emotions and Memories

Are you the type of person who feels emotionally connected to the homes you live in? Some people would rather renovate and stay in their current homes because they love the space and the memories they have created there.

Long-Term Plans

How long do you plan to stay in your home? Will the renovations serve you for years to come, or will they only solve the issues in the short term?

Pros of Renovating over Moving

1. You get exactly what you want! (Keeping your timing and budget in mind). If you renovate your existing home, you have more control over the layout, finishes, etc., as you’re starting from scratch.

2. You can stay in your existing neighbourhood. Assuming you are happy with your location, staying in the same area is often a big pro to renovating over moving—no major transitions of getting used to a new neighbourhood or school for your children.

3. There is the potential to save money. It can be a more cost-effective option if you can get the home of your dreams with relatively minor renos. If you can make the changes slowly, you can also spread the cost over time.

4. No need to pack and move! No one loves to pack everything, lug it to a new home and then unpack again! While you may need to accommodate the mess of renovations, you won’t have to completely uproot everything you own.

5. You can breathe new life into an older home. Older homes often have more character than those newly built. Updating a historic home gives you the best of both worlds – the beauty and architecture of days past paired with modern amenities and finishes.

6. Ability to make sustainable choices. Renovating an existing home to meet your needs allows you to reduce waste and repurpose materials.  

Cons of Renovating over Moving

1. You’re living in a construction zone. Depending on the extent of renovations, you may have to go a significant amount of time without a kitchen, bedroom, or living space. Dealing with dust and mess is no fun.

2. Renovations can be time-consuming. There are often waiting lists and supply chain issues to contend with during a renovation. Everything takes much longer, especially when multiple contractors and tradespeople are involved.

3. Unexpected costs and surprises can pop up. No matter how prepared you are, surprises always seem to pop up during a renovation. They can add time and money to an already expensive undertaking, (not to mention stress on you!)

4. You may be limited in the changes you can make. Depending on the size of your property and the structure of your home, you may only be able to make some of the changes you would like.

Pros of Moving over Renovating

1. You can start fresh. If you aren’t in love with your neighbourhood, moving is a chance to pick a new one! If you are an adventurous soul, you can explore different areas.

2. Moving can be easier than significant renos. If you are looking at extensive construction to make your house work, moving to a new home that already meets your needs may be easier and less stressful.

3. You have the chance to prioritize your must-haves. What do you need, and what would you like? Moving to a new home is your chance to get precisely what you want. You can prioritize your must-haves to ensure you get your forever home.

4. No need to manage a team of contractors and tradespeople. A constant stream of people working in your home can affect your privacy and make it challenging to work from home.

Cons of Moving Over Renovating

1. The packing! Purging, packing, and moving everything you own is zero fun. While you may have to pack up a room or two during a reno, you’ll have to do it all unpack and set up your new home.

2. Unknown neighbourhood. When you move to a new house, you’re rolling the dice to the type of neighbours you’ll get! You also may have different amenities and options close at hand.

Choosing to renovate or move is highly personal and based on your unique situation and circumstances. As you can see, many factors play into your choice. Creating a list of your must-haves, needs, and wants will help get you started. Reaching out to a local realtor is also a great place to start – they have up-to-date knowledge on what is available in your area – maybe your perfect house is right down the street!