Whether you’re buying or selling, timing is everything when it comes to the housing market. While it’s certainly been a seller’s market for the past few years, there’s been a shift recently as interest rates rise. Now, homeowners may be turning to renovating their homes instead, so they can stay put for longer.
To sell or not to sell
There are many factors at play when deciding whether to sell or stay—financial, logistical, and timing. Though some people want to sell when the market’s hot, it can make buying a new home tricky. Others have outgrown their home and need to move, or are empty-nesters and want to downsize. Getting familiar with the market in your area is key, which you can do with the help of a trusted agent before you make any decisions.
Consider the costs
Ultimately, it comes down to money for many. While it may seem simpler to sell than to tackle a bunch of renovations, there are added costs to moving to factor in, such as lawyer and real estate fees, land transfer taxes, and moving costs. Plus, you may end up needing to do renovations to your new home, too.
The benefits of renovating
It’s also important to consider what kind of renovations you can do: What’s the cost? Can you DIY, or will you need to research and hire help? How much longer will your renovations help you stay in your home? These are all important questions to ask before starting a project. For example, simply repainting your home may give you short-term joy, while adding an additional bathroom is not only convenient but adds value to your home.
Smart ways to renovate
If renovating is about increasing longevity in your current home, think about the pain points of everyday living. Have a growing family? Consider expanding your space with an addition or laneway house (if space and the law allow). Need extra income? You could turn the basement into a suite for renting. Have enough space but the house is out-of-date? Kitchen and bathroom renovations can add value in the long term, and help to maximize living in your home now.
There are pros and cons in the selling versus renovating debate. If you’re curious, contact us to find out more about selling your Toronto home.
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