How Much Is too much? When To Sell Rather Than Renovate

By: Joshua Campbell

How Much Is too much? When To Sell Rather Than Renovate

Tags: How Much Is too much? When To Sell Rather Than Renovate

2 minute read.
 
Your home may have been perfect for you when you bought it. It probably has a lot of great features. But like most people, there comes a time when our home just isn’t fitting our lifestyle anymore, or it is dated and time for an upgrade. There are certain problems that even the best contractor can’t fix with a renovation. If you are deciding if it is time to renovate or sell, here are a few key things to consider.
Does it fit in your budget?
 
You have to be realistic about your renovation budget. Take the time to determine exactly how much you can spend on each area you want to renovate. Bring in some contractors or specialists to give you a range of quotes. Make sure you give them all the same specifications so that you are in fact comparing apples to apples. If you are planning to do some of it yourself, visit multiple stores to price out the exact materials you want to use. These actions will let you know if your budget is feasible or not. Renovations always take longer and cost more than you anticipate. So you will have to leave some space in your budget for last-minute emergencies and contingencies. Taking all of that into consideration, if your budget is not in line with the reality of what this is going to cost, it might be time to sell.

Can the reno actually fix the issue?
 
Is space the issue? Is it storage? Is it the layout of the kitchen? Some problems cannot be renovated away. A renovation is not going to add square footage to your home. It is not going to turn a small backyard into a big one, and it is not going to get rid of that neighbourhood dog that has been keeping you up at night. You need to really dig deep into the issues you have with your current home.  If you take the time to figure out what the problem really is, you will know whether renovating is the solution or time to put your home on the market.

Can you live through a renovation?
 
As we mentioned, this is going to take longer than you think. Things are going to come up unexpectedly. You are likely going to change your mind as you see it come to fruition. Life may also throw you a curve-ball mid-renovation. If you are unsure whether your family can live through any of these things, it might be best for you to sell. You have to be able to give your renovation priority. This means you're going to have to be okay with multiple people coming and going from your home at all hours. You need to be aware that there will be dirt and debris tracked into areas that aren’t being renovated. Contractors will be parking on your street. The driveway will be full. All of these things are the realities of taking on a renovation project and you seriously need to consider if you can live through them.
 
I have undergone some major renovations of my own in my home. There were definitely trying times with the noise, dirt and overall commotion. My wife and I were committed as we wanted to see it through so we forged forward. In the end, we made the right decision. If you are looking for advice on whether or not to renovation, please feel free to reach out to me at any time.

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JOSHUA CAMPBELL (@knowledgebrkr)
Real Estate Broker
Coldwell Banker The Real Estate Centre, Brokerage
joshua@knowledgebroker.ca
249 Avenue Road • Newmarket, ON L3Y 1N8
289.231.0001

 

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