Hey there, fellow house nerdz! Are you struggling to decide whether to stick with your current digs or ditch them for a new pad? Well, fear not, because we’re here to help you navigate the murky waters of the move vs. remodel debate.
We know that deciding whether to move or remodel can be a tough decision, which is why we’re here to offer some guidance and a healthy dose of humor to make the process a little less painful. Whether you’re a chronic DIYer or a staunch minimalist, we’ve got you covered.
Making the decision to move or remodel your home can be a tough one. I know because Nerd 2 and I faced the same dilemma a few years ago. We were eyeing a new development and were considering selling our current home. However, when we sat down and evaluated our options, we realized that the emotional attachment to our home was a major factor for us.
In the end, we decided that this was our forever home, and we wanted to grow old together in it. Yep, that’s right, we’re gonna grow old together in this house, and let me tell you, it’s gonna be epic. We’re gonna sit on our front porch, yelling at the neighborhood kids to get off our lawn, and reminiscing about the good old days.
This decision was not solely based on our emotions, though. We also evaluated the features of our current home and compared them to those of the new development. While the new development had some attractive features, it didn’t offer the spacious backyard space and bedroom space that we currently have. These were important factors for us, as we love to host outdoor gatherings and have a growing family.
We made the decision to remodel our home to better suit our lifestyle and needs. As mentioned before, the renovation was a real HOOT. It was like living in a construction zone for months on end. There were tools and debris everywhere, and we couldn’t find anything to save our lives. But hey, we survived it, and now we have a home that’s custom-built for our lifestyle and needs.
If you’re facing a similar decision, my advice would be to evaluate all aspects of your current home and the new development.
In this blog, we’ll be looking at all the important factors, like your budget, your location, your lifestyle, and your overall vision for your home. We’ll break it down into a simple pros and cons list so you can weigh your options and decide whether to pack up or power up your power tools.
So, buckle up, nerdz, because we’re about to take you on a wild ride through the world of homeownership. Whether you’re a first-time buyer or a seasoned renovator, there’s something here for everyone.
Part 1: Reasons for Considering to Move to a New Home
A. Lack of Space
Growing Family: Congratulations! You’re adding more tiny humans to your tribe! But suddenly your once-cozy house feels like a clown car. It’s time to face the fact that you need more space. Unless you want your kids to start developing their own secret language to communicate in code, it’s probably time to upgrade.
New Hobbies or Interests: Maybe you’ve taken up the tuba, or you’ve decided to launch a home pottery studio. Whatever your new hobby may be, it’s taking up precious real estate in your home. And if you’re anything like us, you can’t bear the thought of throwing away those old boxes of clothes that don’t fit you anymore. Moving to a bigger space might be the solution to all of your problems.
Need for Home Office: You’ve been working from home for a while now, and let’s be honest, your “home office” is just the corner of your bedroom where your cat likes to take naps on your keyboard. It’s time to upgrade to a dedicated workspace that won’t leave you with permanent back problems.
B. Location
Commute Time: If your commute is starting to feel like a daily game of “how long can I sit in traffic without going insane?” then it might be time to consider moving closer to your job. Or better yet, convince your boss to let you work from home so you never have to put on pants again.
Neighborhood Safety: Do you find yourself clutching your pepper spray and walking with your keys between your fingers every time you leave the house? That’s not a good sign. If you’re constantly worried about your safety, it might be time to move to a more secure neighborhood.
School District: Your kids might be too young to care about school now, but one day they’ll thank you for putting them in a good school district. Plus, you’ll finally be able to use that “my child is an honor roll student” bumper sticker that’s been gathering dust in your junk drawer.
C. Home Condition
Age of the Home: Your house has been around for a while. Like, a really long while. And while you appreciate the charm of an old home, you’re starting to worry that it might collapse in on itself like a Jenga tower. It might be time to upgrade to a newer, sturdier home that won’t give you nightmares.
Repairs and Upgrades: You know that never-ending list of repairs and upgrades you’ve been putting off for years? Yeah, those aren’t going away. If the thought of dealing with all of that makes you want to crawl into a hole and never come out, it might be time to start fresh in a new home.
Energy Efficiency: Your energy bills are through the roof (literally). You’ve tried everything from sealing your windows with duct tape to sitting in a kiddie pool full of ice cubes, but nothing seems to work. Moving to a more energy-efficient home might save you money in the long run and keep you from turning into a human popsicle.
Part 2: Reasons for Considering Remodeling Your Home
Oh boy, here comes the fun part! So you’ve decided that you want to stick with your current home, huh? Welcome to the club! Don’t worry, you’re not alone! Many homeowners decide to remodel instead of packing up and moving all their stuff (and trust us, moving can be a real pain in the you-know-what).
Here are some reasons why you might want to consider remodeling instead of moving to a new place:
A. Emotional Attachment
Sentimental Value: If you have a lot of memories attached to your current home, it can be hard to say goodbye. Maybe your kids grew up in this house, or you and your spouse have a lot of memories here. Whatever the reason, it can be tough to leave it all behind. For me, I was always worried that I would move into another house and completely miss our old house.
Neighborhood Ties: Do you have a great relationship with your neighbors? Moving to a new place can be tough when you don’t know anyone. You might miss your friendly neighbors and their cute pets!
Community Involvement: Are you involved in your community? Maybe you’re part of a local club or organization. Moving to a new place means you’ll have to start all over again and build new relationships.
B. Cost
Cost of Moving: Moving can be expensive! Between hiring movers, packing supplies, and the actual cost of the new home, you could be looking at a pretty penny. Plus, don’t forget the emotional cost of leaving your old home.
Cost of Remodeling: While remodeling isn’t cheap either, it can be less expensive than buying a new home. You can focus on updating and improving your current home to fit your needs without having to worry about all the costs associated with moving.
Return on Investment: If you’re thinking about remodeling with the goal of eventually selling your home, it’s important to consider the return on investment. Some remodeling projects can significantly increase the value of your home, making it a smart financial decision in the long run.
C. Personalization
Customization: When you remodel, you have the freedom to customize your home to fit your needs and lifestyle. You can make changes that will improve your quality of life, whether that means adding more space, upgrading your kitchen, or creating a home office.
Expression of Style: Do you love the look and feel of your home but just need to update it? Remodeling gives you the opportunity to express your personal style and make your home truly yours.
Adaptation to Changing Needs: As your needs change, so should your home. Maybe you’re getting older and need to make changes to improve accessibility, or maybe your family is growing and you need more space. Remodeling allows you to adapt your home to fit your changing needs.
So there you have it, house nerdz! These are just a few reasons why you might want to consider remodeling instead of moving. Whatever you decide, just remember to have fun with it and make your house a home that you truly love! Okay, remodeling and fun may not go together. But, don’t worry you will only get stronger during the process and it will all be worth it in the end.
Part 3: Comparison of Costs for Moving vs. Remodeling
Moving or remodeling a home can be a significant expense. It’s essential to consider the costs involved in both options to determine which is the best fit for your budget.
Here are some factors to keep in mind when comparing the costs of moving versus remodeling:
A. Cost of Moving to a New Home
Home Purchase
According to the Canadian Real Estate Association, the average home price in Toronto is currently around CAD $1 million (as of April 2023). However, keep in mind that this can vary widely depending on the neighborhood, size of the home, and other factors. When calculating the cost of moving, fellow nerdz, make sure to factor in the down payment, mortgage payments, and property taxes.
Closing Costs
Closing costs are an important consideration for homebuyers in Toronto, as they can significantly add to the overall cost of purchasing a new home. If you need a ball park for closing costs, here is an example to explain the calculation.
If we take the average home price in Toronto of CAD 1 million, and assume a closing cost rate of 2.5%, the closing costs for this home would be approximately CAD $25,000. This would include fees for legal services, title insurance, and land transfer taxes, as well as other costs associated with closing on a home purchase. It’s important to keep in mind that closing costs can vary based on the specific circumstances of the transaction.
According to a 2021 study by Ratehub.ca, homebuyers in Toronto can expect to pay between 1.5% and 4% of the purchase price in closing costs. For a home priced at CAD $1 million, this would amount to between $15,000 and $40,000 in additional costs.
Some of the typical closing costs in Toronto include:
- Legal fees: Homebuyers are typically required to hire a real estate lawyer to handle the legal aspects of the home purchase. Legal fees can vary depending on the complexity of the transaction and the lawyer’s experience, but they generally range from $1,500 to $3,000.
- Title insurance: Title insurance is a type of insurance that protects homebuyers against losses arising from defects in the title of the property. The cost of title insurance in Toronto typically ranges from $300 to $500.
- Land transfer taxes: Homebuyers in Toronto are required to pay land transfer taxes on their purchase. The amount of the tax varies depending on the purchase price of the home, with first-time homebuyers eligible for a rebate. The City of Toronto has a land transfer tax calculator available on its website to help homebuyers estimate their closing costs.
Moving Expenses
Hiring professional movers can be expensive, especially if you’re moving long-distance or have a lot of belongings. Renting a moving truck or storage unit can also add to the cost. Don’t forget to factor in the cost of travel, such as gas and accommodations if you’re moving to a new city or state.
Here are some facts for Moving Expenses in Toronto:
- Professional moving companies in Toronto typically charge around $100-$150 per hour for their services, with additional fees for packing materials, storage, and other services (Source: The Star).
- Moving long-distance from Toronto can be even more expensive, with costs ranging from $5,000 to $10,000 or more, depending on the distance and amount of belongings being moved.
- If you’re moving within the Greater Toronto Area (GTA), you may be able to save money by renting a moving truck and doing the move yourself. However, keep in mind that the cost of renting a truck, purchasing packing materials, and taking time off work to complete the move can still add up quickly.
As always, it’s important to do your research and get multiple quotes from different moving companies to ensure you’re getting the best deal possible.
B. Cost of Remodeling
Architectural Design
The cost of architectural design services can vary widely depending on the scope of the project and the experience of the designer. In Toronto, the average cost of hiring an architect is around CAD 150 to CAD 250 per hour. Keep in mind that hiring an experienced architect can help ensure that your renovation meets your needs and expectations (Source: HomeAdvisor)
Permits and Fees
Homeowners in Toronto may need to obtain permits from the city before they can start a home renovation project. The cost of permits can vary depending on the size and complexity of the project. In addition, homeowners may need to pay other fees, such as development charges and parkland levies, which can add up to several thousand dollars.
Construction and Materials
The cost of construction and materials is another significant expense when remodeling a home. Labor costs can vary depending on the complexity of the project and the contractors you choose to work with. According to HomeAdvisor, the average cost of a home renovation in Toronto is around CAD 40,000 to CAD 60,000. Keep in mind that the actual cost of your renovation will depend on the specifics of your project.
When comparing the costs of moving versus remodeling, it’s important to consider all of the expenses involved in each option. Keep in mind that the costs of moving are more upfront, while the costs of remodeling can be spread out over time. Ultimately, the decision to move or remodel will depend on your personal preferences, budget, and long-term goals for your home.
Stay tuned for the next section, where we’ll dive into the emotional factors to consider when deciding whether to move or remodel.
Labour
The average labor cost for remodeling a 2500 square foot house in Toronto, Ontario, can vary widely depending on the specific scope of the project and the contractors you choose to work with. However, according to HomeAdvisor, the average cost of a home renovation project in Toronto is around CAD 20,000 to CAD 100,000. This includes both labor and materials. We spent WAY more on our renovation and will give you a breakdown on our budget in upcoming blogs. It’s important to keep in mind that this is just an average and the cost of labor for your specific project may be higher or lower depending on the specifics. It’s always a good idea to get multiple quotes from different contractors to compare pricing and ensure you’re getting a fair deal.
Part 4: Steps to Take When Making the Final Decision
Moving or remodeling a home can be a big decision, and it’s not one that should be taken lightly. If you’re in the midst of trying to decide whether to move or remodel, there are a few key steps you can take to help make the decision a bit easier.
Here are five steps to take when making the decision:
A. Determine Budget
The first step in deciding whether to move or remodel is to determine your budget. This will help you to understand what you can realistically afford and will help you to narrow down your options. Consider all of the costs involved in each option, including the cost of a new home or the cost of remodeling your current home. Keep in mind that there may be unexpected costs that arise, so it’s always a good idea to have a bit of wiggle room in your budget.
B. Consider Location and Neighborhood
Another important factor to consider when deciding whether to move or remodel is location and neighborhood. If you’re considering moving, think about the location of potential new homes and how they fit into your lifestyle. Consider things like commute times, school districts, and nearby amenities. If you’re thinking about remodeling, think about how your current location and neighborhood fit into your lifestyle and whether or not they meet your needs.
C. Think About Lifestyle and Needs
When deciding whether to move or remodel, it’s also important to think about your lifestyle and needs. Consider things like the size of your family, the amount of space you need, and any specific features or amenities that are important to you. If you’re considering moving, think about how a new home could better meet your needs. If you’re thinking about remodeling, think about how you can modify your current home to better suit your lifestyle and needs.
D. Evaluate Emotional Attachment
One of the most challenging aspects of deciding whether to move or remodel is evaluating your emotional attachment to your current home. It’s natural to feel attached to a home that you’ve lived in for a long time, but it’s important to consider whether or not that emotional attachment is clouding your judgment. Think about why you’re attached to your current home and whether or not those reasons are still valid. If you’re considering moving, think about the emotional attachment you could develop to a new home.
E. Consult with Experts
Finally, when making the decision to move or remodel, it’s important to consult with experts. If you’re considering moving, work with a real estate agent who can help you to understand the housing market and find homes that meet your needs and budget. If you’re thinking about remodeling, work with an architect or contractor who can help you to understand the costs involved and the feasibility of your renovation plans.
In conclusion, deciding whether to move or remodel can be a challenging decision, but by taking these five steps, you can make the decision a bit easier. Determine your budget, consider location and neighborhood, think about your lifestyle and needs, evaluate your emotional attachment to your current home, and consult with experts. By taking these steps, you’ll be able to make a decision that’s right for you and your family.
Part 5: Ready to Make a Decision?
Moving or remodeling can be a tough decision, and there are a lot of factors to consider. We’ve covered some of the main ones, such as lack of space, location, home condition, emotional attachment, cost, personalization, and more. Ultimately, the decision comes down to your budget, lifestyle, needs, and preferences.
In the end, whether you choose to move or remodel, be sure to take the time to evaluate your options carefully.
Nerd 2 and I, made a decision to stay in our current home, and it has been the best decision for us. This decision truly has to be yours and you must consider all the factors we covered in this blog.
Determine your budget, consider the location and neighborhood, think about your lifestyle and needs, evaluate your emotional attachment, and consult with experts. And if you do decide to move, just remember to pack your sense of humor (and your favorite snacks) to help you survive the chaos of moving day.
As always, good luck my fellow house nerdz, you got this!
