Deciding whether to buy a new home or renovate your existing one is no easy task. There are pros and cons to both options.
However, it boils down to one simple question: What do you want out of it?
If space is the problem and you love your neighbourhood, an addition might well be the answer.. A floor plan that no longer works for your family, or outdated kitchens and bathrooms, may point to a renovation. On the other hand, if you are looking for a better neighbourhood, want to be closer to family, and are looking for more amenities, then buying could fit the bill.
For the most part, empty-nesters looking to downsize to a senior-friendly home with like-minded neighbours are buyers, not renovators.
The issue of timing is of utmost importance in making your decision.
An addition, rebuild or major renovation will almost always take more time and be more disruptive than a move.
You can move from the nightmare on 42nd Street to your dream house in less than two months, while a major renovation could take up to a year.
Moving is also generally less costly.
The decision is a wrenching one. Don’t expect an easy answer.
Just make sure you’re getting what you want and your decision will have been the right one.