Is it time to move or simply improve your home? Consider these factors before packing up those boxes.
Moving can be a love-hate thing. I’ve moved a dozen times in my life, with no less than seven moves during adulthood alone including the purchase of two houses. So I think it’s fair to say I have a good amount of experience in packing boxes, reassembling furniture and picking out paint colours. Some of the moving process is always fun (picking out paint, for instance), some of it is pure drudgery (packing up the kitchen).
Moving, of course, is expensive. For renters, it’s not too punitive because you need only move your belongings (but still, hiring a moving company can add up). Selling a property to buy a different one is another ball of wax. At a minimum, you have to consider real estate commissions on the sale of your home, downpayments, the cost of mortgaging another property, land transfer taxes and lawyer’s fees.
That’s where “improving” can come in. Renovating, remodelling, adding-on, digging out and building up: Whatever you want to call it, sometimes you can avoid a move entirely with a smart rejigging of space or an addition. So which path should you choose? Here are some situations to consider.