Originally posted on Toronto West Real Estate:
This is a question many of my clients have right now. Baby boomers are enjoying a lifestyle that involves more entertaining and weekend guests . The open concept living space and private bathrooms become more of a focus now that children are gone and only adults occupy the home. A single bathroom on the second floor is not enough, the small galley kitchen keeps guests remote from their host. Taking inventory, you need to make a decision – fix up what you have, or buy a new home?
When choosing whether to remodel your home or buy new, remember that more than just your home comes into play. Consider the following:
- Check out your neighborhood: Have many other homes made upgrades?
- Do you like your neighbors, or would you enjoy meeting new people?
- Would your proposed upgrades put your home in a higher price range than the others surrounding it? (renovating so that you are the most expensive house on the block can mean that you won’t get the return on your investment when you go to sell)
- Do you and your partner enjoy the same décor? If a reno means you fight /argue constantly maybe it would be better to move into a house where all the details have been completed.
- Can you cope with dust and dirt for several weeks (if not months)
If after looking around the neighborhood you see that upgrades haven’t been made to the degree that you were looking to remodel, it may be time to look elsewhere. In making the decision to move, don’t forget to factor in the costs of selling your old home and buying a new home.