When to Renovate Your Home or Buy a New One

If you are considering a move to Canada, add St. Albert to your list. You will enjoy a secure, small-town feel without losing access to everything you could need from a major metropolitan region. The neighbourhoods are quaint, with an abundance of cultural and recreational activities. St. Albert residents enjoy the best Alberta has to offer. St Albert homes for sale may be harder to find these days, and sellers are seeing more multiple offers and properties selling well above the asking price. So the question is – when should I renovate my home vs. buy a new one. 

Renovate

If you choose to remodel, you choose every detail and finish to suit your needs and tastes. This is a big contrast to selling your home and moving since your new home won’t be designed just for you. If you have home equity in your home, a home equity loan (HELOC) will allow you to use your home as collateral and borrow against its value to pay for the remodel. Borrowing against home equity can be less costly and less of a hassle than taking out a new home mortgage as well.

If you love your neighborhood, you don’t have to move, which can be a huge advantage if you love the local schools, your neighborhood, or the area in general. While a home remodel isn’t cheap, if you choose to remodel, you will avoid the realtor fees, moving costs, and the money you’d likely spend getting your new home exactly how you want it.

Moving

If the thought of  home improvement projects gives you anxiety, moving and finding a turn-key home is probably a better option. You can move in and not have to worry about spending your weekends at home improvement stores. Will a messy, dusty home stress you out? Living in a home with construction can be tough. Depending on what you are upgrading, you can be without a kitchen or bathroom for a period of time. Trying to cook in other rooms with a microwave and air fryer can get stressful. 

A new home can come with better schools, parks, venues, and neighbours. Providing you’re not under pressure to move immediately, and you can take your time and look for the right property in the right area with the right amenities nearby. Having more space allows you to give your children the space to grow both physically and socially (e.g. having friends over). It can also impact our own social lives as adults, as we might have more capability to host guests with the right sized home.