To move or not to move? Should you renovate or sell?

By
Real Estate Sales Representative with Berkshire Hathaway HomeServices Toronto Realty

After 5 to 6 years of staying in the same home, you may be starting to outgrow your space or considering doing further renovations or upgrades to the existing house. Before you make the decision to sell and look for another home, it will make sense to assess the following before doing further work:

 

1. What is the cost and timeframe to do further improvments?

Depending on the extent and the scope of the renovation, construction can sometimes be extremely destructive on the daily functioning of your life.

2. Is it more cost effective to stay in the same home and make further improvement than to look for another home with less work or turn key?

If your project requires major retrofit such as moving walls or plumbing, it might make sense to shop around based on your needs. Speak to a real estate agent to assess your needs first and weigh out options.

3. Don't renovate for the purpose of selling.

Many sellers put in extensive work into renovating a space for the purpose of selling, thinking that 100% of how much they spent on the renovation can be recouperated from the purchase. Firstly, contractor quotes can vary 30-40% for the same scope of work depending on who you use. Material cost for finishes of equal quality can vary by 10-15%. The purchaser may not see the same value on your renovation if they feel that they can make the same improvements for less.

 

 

It makes sense to speak to a real estate agent before endeavoring on an extensive renovation project. If you are unsure if you want to do further work to your home, or sell and move, give me a call to discuss your needs. I'd love to help!

 

 

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Contact me to find out more about Toronto Design-focused Real Estate Solutions for your needs.

 

Anne Lok, Real Estate Broker

Berkshire Hathaway HomeServices Toronto Realty Inc. Brokerage

287 Davenport Road Unit 1
Toronto ON M5R 1J9

direct: 416-799-9632

office: 416-504-6133 

 

Comments (1)

Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Renovation is something you do to make your home yours.  If you do it to sell it you can make mistakes.  Professional flippers often make mistakes.

Jan 24, 2014 12:16 AM