As your family expands, your kids grow bigger, or your lifestyle changes your current home can start to feel cramped or like it just doesn’t work for you anymore. You have a couple of options: move up or renovate. There are benefits to both options, and drawbacks as well. As you consider ways to find a home that works for you now and that continues to be right as your family continues to grow and evolve it is helpful to explore the pros and cons of choosing a move up property or to renovate your existing home.
If you are interested in a move up to the beautiful rural landscape of the area surrounding Calgary, The Eklund Group is an expert real estate team with extensive experience buying and selling acreages throughout southern Alberta. Contact our Realtors® for skilled and knowledgeable insight into the unique acreage living opportunities. Call 1-403-863-7434.
Move Up or Renovate: Things To Consider
Cost
Many factors such as the cost of renovations needed to upgrade your home, the amount owing on your current mortgage, and the health of your savings account can influence your decision to move up or renovate. A move up will most likely be a more expensive property than your current home, but renovations require a sizable out-of-pocket expense. Consider your financial health now and for the long term as you weigh your options.
Current Market Conditions
If you live in a hot market, it could be a good time to sell, but you could be going up against many other buyers as you search for your new home. A stable market will let you make the move more easily. If the current real estate market conditions favour buyers, it could take you a long time to sell your home. You should also consider the home renovation market conditions. Recently labour shortages and supply chain issues have made it difficult to get work done affordably and within a reasonable time frame.
Emotional Attachments
If you and your family have called your current property home for a while, you may have some strong emotional attachments to it. It could be the first home you bought as a married couple or the house you brought your babies home to. If you love the feeling your home gives you, but just not the way it functions as it is, a renovation to make it perfect for you might be the right choice.
Timing
You could say there is never a perfect time to move or to take on a renovation, and you are probably right! As mentioned above, extensive home renovations these days can be a lengthy proposition dragging on for months or even years. Selling your current home and buying a new one isn’t guaranteed to be a quick process, but it is possible to complete a home sale and a purchase in as little as a few weeks. Depending on your family situation and constraints due to work, school, and extracurricular obligations, a quick move could be the right choice or the slow and steady progress of a renovation might be a better option.
Is A Move Up Right For You? A Realtor® Can Help.
If you have weighed the pros and cons of renovating against moving and decided that your family is ready to move up the best next step is to partner with a Realtor® to guide you through the process. Buying a new home while selling your current one can be a difficult journey to navigate. A skilled and knowledgeable Realtor® can help you find the perfect move up property and help you sell your current home at the most favourable price.
An experienced agent will be able to give you insight into current real estate market conditions, prepare a comparative analysis of homes that are currently for sale or that have recently sold, determine the most likely price at which your home could sell, and how quickly you can expect it to. Taking your goals for selling and buying (move up) into consideration, a Realtor® can personalize a strategy to ease the process of selling and buying and help you move into your new home sooner. If you need to sell your current home to find your next dream home, consider a complimentary consultation with the team of Realtors® at the Tanya Eklund Group. By partnering with us to sell and buy your homes, you can leverage all of the information and insight we offer to make the best decision to protect your current investment and succeed with your next one. We are committed to transparency and client education and to selling your home for the most optimal price and terms. We are a strong partner to guide you through the complexities of selling and buying at the same time in Calgary. To learn more about the benefits of working with a Calgary Realtor®, connect with our team by calling (403) 863-7434 or through our contact form. Let’s get your home sold together!