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Renovate or Move: Which is Right For You?

Many agree that moving homes is one of the most stressful events, but is living in the middle of ongoing construction easier? If you own a property in Kamloops and are looking for a change, you have two options: renovate or move. Although most Canadians prefer renovating over putting a down payment on a new place, that doesn’t mean it’s always the right decision. There are so many different nuances that can affect your decision to stay or go, however we’ve listed four as a non-exhaustive starting point. Below, we’ll cover the pros and cons of both.

1. Cost

Is it cheaper to renovate or to move? It goes without saying cost is almost always a deciding factor when making a decision as large as this one. Whether it’s cheaper to move or renovate depends on your current mortgage situation, and with the current real estate market and tightening mortgage criteria, it makes a lot of sense for many British Columbians to stay put and renovate. Additionally, renovating could increase the value of homes for many. However, building a new home yourself can accomplish the same.

2. Emotional attachment and community

Many in Kamloops move to the neighbourhood they’re in because they like the area and have an emotional attachment to the community. Although you could always move and stay within your current community, for many the question of moving includes moving community, too. However, if you’re located in an area that you’re not fond of and are seeking a greater connection to a neighbourhood or nature, moving could be a wonderful resolution for you.

Something to also consider is how much of an emotional attachment you have to the place you live in now. For many, it’s where they’ve raised families or come into their own. For others, it was a steppingstone to a better home.

3. How is the real estate market?

Is it actually a good time to sell? No one can predict the market, but what you can do is gauge the interest right now. If many aren’t buying, you might not get as much return on your investment as you would in a different market. If you’re really keen on selling, do some research on market conditions for real estate. For example, did you know there are seasonal and monthly trends for selling a house? The worst months to sell a house are in October and December, whereas the best times to sell a house are in April, May, June, and July. Maybe it’s because no one likes to move during a snowstorm? Who knows! It’s worth being aware of, though.

4. How is the timing?

Where are you and your family at? Is there a lot going on at home? Are there other “big things” happening right now? A move could mean your child moves school districts or that your daughter will be returning to a different bedroom after college. Talk to your loved ones about how they feel. Similarly, is anyone working from home? Do you have any small pets? New pets? A renovation could mean not having a place to work temporarily or a lot of loud noise for a small animal!

Moving and renovating affect all areas of life, not just where you come home to sleep at night. Think about the stress load your family is carrying right now, where it’s coming from, and if a move or renovation better fits your family’s circumstances. The process won’t be an overnight one and it’s best to gauge interest, stress, and uncertainties ahead of time in order to prevent an unnecessarily stressful move or renovation.

What’s Next?

Depending on where your family is at, what you’re looking for in a change, and what you hope to provide for yourself and your family long term, you’ll eventually decide on a solution that suits your needs. You know your family best. At Interior Elite, we’re here to serve you and aid you in the direction you know is best for yourself and your family. As a custom home builder, we offer a variety of home renovation services, home building services, and interior design for both staging and personal use.