RENOVATING MAY MAKE MORE SENSE THAN BUYING

If your family has outgrown your current home or your layout no longer fits your lifestyle, renovating can be a smart alternative to selling. Instead of jumping straight into the market, it may make more sense to use your existing home equity to create the space you actually need.

Here’s how to decide if renovating is the better option 👇

1️⃣ Can your current home be modified?

Before anything else, determine whether your property can physically support the changes you want.

✔️ space for an addition

✔️ structural capacity for another floor

✔️ ability to modernize outdated areas

If upgrades are possible, renovating may be far cheaper than moving.

2️⃣ Get professional quotes before deciding

Understanding real renovation costs prevents surprises.

✔️ get multiple contractor quotes

✔️ assess timelines and scopes

✔️ compare material and labour estimates

Proper planning ensures you know what’s realistic and affordable.

3️⃣ Consider the impact of living through renovations

Renovations can disrupt daily life for weeks or months.

✔️ noise and dust

✔️ temporary loss of rooms

✔️ construction delays

Some families prefer this temporary inconvenience over the stress of moving.

4️⃣ Evaluate your financial options

Using home equity can make renovating easier to finance.

✔️ low mortgage rates extend affordability

✔️ access to lump sums or flexible funds

✔️ options structured to fit your budget

A well-planned renovation often costs less than upgrading to a new home.

5️⃣ Explore HELOCs and construction financing

Different lending products support different renovation needs.

✔️ HELOC for flexible access to funds

✔️ construction mortgage for large projects

✔️ staged financing during each phase

These options allow you to take only what you need when you need it.

6️⃣ Weigh renovation costs vs. property value

Not all upgrades increase value equally.

✔️ kitchen and bath upgrades often yield strong returns

✔️ layout improvements boost livability

✔️ overbuilding can reduce ROI

Compare your renovated home’s value to other homes in the neighbourhood.

7️⃣ Understand the true cost of moving

Relocating comes with many expenses buyers overlook.

✔️ realtor commissions

✔️ legal fees

✔️ land transfer tax

✔️ moving costs and new décor

Moving often costs more upfront than renovating your existing space.

8️⃣ Consider lifestyle, convenience, and emotional attachment

Financials are only part of the decision.

✔️ proximity to work and schools

✔️ neighbourhood familiarity

✔️ comfort and emotional ties

Sometimes staying put simply makes life easier and happier.

💬 Final Thought

Choosing between renovating or moving depends on your budget, long-term goals, and the potential value of each option. By comparing costs, lifestyle factors, and future benefits, you can make the decision that best supports your family’s needs.

If you’d like a customized renovation-vs-move comparison, The Frontline Mortgage Group will walk you through the numbers and help you plan with confidence.