Should I renovate or should I sell my current property? This is a question I am sure many people in both Southern and Central Ontario have been wrestling with in 2017. Whether you live in Hamilton or Haliburton, Bracebridge or Bancroft, you have no doubt heard about the escalating housing market that has enveloped Ontario this year. So while the obvious answer might be to sell, and cash in on the influx of equity home owners have gained over the past 18 months, it is also important to consider the alternative. Specifically, to use this same equity to renovate your existing home, and turn it into the dream home you always thought it could be.
As a long time local Real Estate professional in Haliburton, it might sound counter-intuitive that I am suggesting something other than listing your property, since I make my living helping people buy and sell their homes and cottages. But one great aspect about my profession is that I have the ability to look at things with a ‘big picture’ approach. What I mean is if I, or someone else convinces you to sell your home prematurely, and it ends up not being the right decision for you and your family in the long term, that is not good anybody. I would rather help give people the tools and knowledge they need to be informed and let them make their own decision.
Truthfully, the decision on whether to renovate or sell your existing property should come down to your own personal circumstances. Were you considering moving previously? If not, would the extra money you earn from the sale of your current cottage or residence be more valuable than the satisfaction of remaining where you are now? I think only you can answer that question.
What I am trying to say is I think the answer lies in what your gut is telling you. If you have made it this far in this blog entry, this is probably a question you are currently pondering, or one you are getting ready to explore. What I can say confidently is that both decisions will offer great benefits and opportunity but will also require a lot of commitment on your part.
If you were previously considering downsizing, or perhaps moving closer to family, then maybe this year’s market spike comes at a most opportune time. If not, I recommend taking some time to think about all the pros and cons of both renovating selling your home. But if you are ready to put your house on the market, or even just interested continuing the dialogue, please don’t hesitate to reach out.