Extend Your House vs Move: What You Need to Consider
Written by Artisan Contracting on September 1, 2021
If you find you have outgrown your home it can be hard to decide whether or not to sell and move or look into making some upgrades to improve your space. Here are the things to consider to help you decide which is best for you.
When it is Better To Extend
Here are some of the main reasons you should decide to extend:
- You love your home
- You love your neighbourhood
- Your home equity would not cover enough for your new home mortgage to make it financially practical
- Your kids are happy at their school
- Your home value hasn’t gone up as much as you’d hoped
- You feel a renovation could really make you happy
Love of your home or neighbourhood aside, if any of these things sound familiar, chances are a move will prove to be far less cost-effective than extending. If you have equity built up in your home, it could provide enough to make some pretty substantial upgrades and extensions to your home. It just takes watching a few home renovations on TV to get an idea of how professional designs can greatly improve the look, feel and comfort of your home.
As well, any improvements made to your home will help increase the value of your home if you eventually do decide to sell. This makes it a win-win situation. So are house extensions worth it? Here are the pros and cons:
- You can customize your home to suit your needs
- You can leverage your home equity to make your renovations more affordable
- You can stay in the home and neighbourhood you love
- You could be living in a construction zone for several months
- You could over renovate and not see a good ROI
- Renos are stressful
Not sure whether moving or renovating your home is the right choice? Contact our experts at Artisan Contracting today. Our team is here to help!
When It Is Best To Move
While extending your home sounds like it has more pros than cons, there are some reasons moving might make more sense:
- You are disenchanted with your neighbourhood
- You have built up enough equity in your home to be able to buy a far better home in a far better neighbourhood
- You just aren’t up to the idea of living with a major renovation for what could be months
- The changes you want to make would not make sense in the area you live
The final point is important. It is possible to over renovate a home that would make it very difficult to sell. For example, if you have your heart set on very high-end finishes in an area where homes aren’t selling for very much, you could find it difficult to sell at the price you feel will provide a reasonable ROI. Here are the pros and cons of moving:
- In theory, you might find your dream home
- Finding a new home is stressful
- Moving is stressful
- You might find more problems at your new home
- You have to uproot your kids
- There are many costs associated with moving that you’ll never make back such as lawyer fees, commission, land transfer tax, moving fees, etc.
Unsure if moving is the best idea for you or your family? Or are you not sure if extending to your home is worth it? It may be time to contact the experts! Contact our team at Artisan Contracting today to learn more about home renovations.