Should I Stay or Should I Go?

Not just a great song by pioneering English punk rock band The Clash in 1982, it’s a common question many homeowners debate when they find their current home isn’t fully meeting their needs. This often happens when life changes occur – the family grows as kids are born, parents become empty-nesters when the kids grow up and move out, elderly parents may move in, mobility issues arise as we age or experience an injury, and so on.

The debate often centers around whether a renovation or addition will enable to them to stay in their current home longer, or if it would be better to find another property that checks as many boxes as possible and simply move.

After mulling it over a bit and gaining an understanding of what your needs actually are today and, to some extent, in the future, one of the first steps is to talk to an assortment of professionals. This includes your financial planner and mortgage broker to help establish the budget for renovations and/or an addition. Next, consultations with contractors will provide estimates on the cost of upgrading your current home if you decide to stay.

You’ll also want to talk to your Realtor to determine what your home may sell for in the current market. This information will help inform your mortgage broker on how much equity is in your home that could be applied to a new home if you decide to move.

Contrasting the renovation costs against the available budget will be one of the strongest considerations. If it’s viable, you’re willing to live through the inconvenience of renovations, and are otherwise happy where you are, staying may be the right choice. 

However, if the location is no longer right, or the budget doesn’t allow for the full extent of the

needed work, a move might be a better option. After all, with recent inflation and good contractors often hard to find or booked well in advance, you may find the quotes from contractors to be higher than you had expected.

At this point, you may wish to engage your Realtor again to see how far your purchase budget may go and what some currently available homes on the market may look like. If your budget enables you to meet your needs (and wants) without the hassle of a renovation, this may be the better choice.

However, this is much more than a financial transaction. This is your home, you and your family have needs, and your lifestyle is closely tied to it. Things to think long and hard about include health, employment, retirement, personal goals such as travel, lifestyle needs, and whether you’ll have family living with you. Young kids with their school needs and extra-curricular activities, and the timeline for how much longer they’ll live with you are obviously important

considerations, but we now often see adult children returning home, or even elderly parents needing assistance and living with their adult children. Taking the time to really consider where you and your family will be happiest is important. Both options – staying or going – have costs and involve big decisions. These are decisions you want to be confident and comfortable with.

For more insight on how to best prepare for buying and/or selling real estate, please reach out anytime. And, to ensure you’re getting the latest market information for your neighbourhood and the best advice on how to navigate the current market, I’m always happy to help. Want a better real estate experience? Let’s chat.