There are many pros and cons to either decision but they all should be considered. Some pros to renovating are:
- The end result is a product that you helped create and is something that you wanted.
- There is no hassle of physically moving and unpacking to another location.
- No realtor or lawyer fees involved.
Some of the cons can be:
- Living through a major renovation can be taxing on the entire family and not to mention messy.
- Depending on the renovation you may not get your money back if or when you do eventually sell your house.
Pros to moving are:
- You look for and get the house that you want with features that your current house does not have and unable to do with any reno.
- You get a house in the location you want.
- Get new neighbours if your current ones are causing you problems.
Cons to moving are:
- High cost of fees i.e. realtor and lawyer fees.
- Hassle of packing and moving all your belongings to a new location.
- Even with a home inspection, you never know what problems may arise.
Just recently my family had to make that decision and because we loved the neighbourhood and our neighbours, our children were very settled into their schools and we overall liked our house we decided to renovate. We started the renovations at the beginning of December and so far the project is on schedule with no surprises. We are currently living in our basement and managing quite well. We knew going into this project what it entailed so we have adapted. It will be so worth the wait. Stay tuned for updates and pictures of the reno.