You need another bedroom, bathroom, or new kitchen that works the way you do. Your friends and neighbours enjoy updated modern features, making you feel like you’ve got a shabby place. Some folks mistakenly believe that running away is the only way out of a run-down home. Many often struggle to decide between renovating their current home or simply packing up and moving elsewhere. It is common for a family to feel that they have “outgrown” their home and that their only option is to move somewhere with more space – but this is not always true!
With the help of an experienced general contractor like Master Edge Homes in Markham, you cannot only change the layout of your home with a renovation, but you can also add space. There are a few advantages to staying put and committing to a renovation, addition, or demolition and rebuild.
There are many more costs associated with moving than exchanging one mortgage for another. Not only are you looking for a larger house with more features, but you may also be swapping out your low mortgage rate for a higher one. The cost of buying another home and moving includes real estate commissions, financing charges, and moving costs. Unfortunately, when the process is done, you do not see any of that money again. You’ve paid fees and labour; you have not made an investment.
A renovation increases the worth of your home and therefore provides a return on your investment in the long run, especially as your larger home appreciates over time. While you’re unlikely to see your entire renovation budget added to your home’s resale value until you’ve lived in it for a few years, renovations increase the value of your home and provide you with the experience you’re after in the meantime. When you sell your house in the future, you will see the benefits of the remodel in appreciation.
Although a renovation can be inconvenient, packing up an entire house and relocating is a lengthy process that requires a lot of effort on the homeowner’s part. Committing to a move also means you are entering the rollercoaster of heartbreak that searching for a new home can entail. Do you want to spend your weekends combing through properties? Are you prepared to lose out on “the one” more than once? What are you willing to compromise when you look for a new place? Few houses are going to offer absolutely everything you’re after.
You probably love your current neighbourhood. You have made fantastic memories in your home. Your kids’ home school, area playmates, favourite pizza joint, and regular commute need not change just because you need more space. There’s no reason to entirely uproot yourself or your prized perennial gardens to get the home of your dreams. A renovation allows you to right every wayward detail without committing to major upheaval and a complete permanent shake-up to your beloved routine.
Some homes lend themselves to particular renovation projects to create the home of your dreams. But some don't. For example, you can’t build a first-floor addition if you don’t have space on your lot; or you may need to alter your foundation for a significant addition either up or out. A construction professional is your best resource to evaluate your property, options, and their associated cost. Here's some general cost information to help you get started.
Sometimes, it is just better to tear down and rebuild. Many homeowners are surprised to learn that knocking down an old house to rebuild is often quick and affordable. The cost for demolition of a run-down structure or area could be up to $35,000 depending on the size. Best of all, we aren’t starting from scratch as we would be with raw land. The lot has access, utilities, and, perhaps, some usable elements.
Wondering what you’ll pay for the home addition you’ve got planned? You’ll pay between $300 and $500 per square foot, depending on the space you add. Head here for our blog that breaks down the cost of a home addition and the factors that influence it.
The cost of your home renovation will depend on the size of your project, the scope of the work, and your selections. You’ll pay more for a complete gut and renovation than a smaller project that upgrades your space but leaves the same layout. Design-build renovation services are more likely to deliver the results you’re after on time and within budget. Learn why here.
Let’s talk about your situation. Our time-tested process sets every Markham renovation project up for success. Master Edge Homes would love to speak to you today.
If you’ve opted to renovate instead of move in the past, or vice versa, please share your experience in the comments below to help your fellow homeowners make the best possible decision to get the space they need!
