Is it time to move out, or build up?

(NC)—Homeowners often ask: should I sell or renovate?  When a home no longer meets your needs or you simply fall out of love with it, you may be looking for a change.  But deciding what kind of change, renovating or moving altogether, is a big decision.
“There are many mortgage and line of credit options to help make moving or renovating easier,” says Farhaneh Haque, Regional Sales Manager, Mobile Mortgage Specialists, TD Canada Trust. “Speak with your local mortgage expert who can help you make an informed decision based on your life stage.”
There are pros and cons for moving or renovating:
Move to a new home
Pros
• Offers a fresh start and you will avoid the disruption of renovations
• Allows you to address the biggest issue you can’t change with renovations: location
Cons
• Additional costs such as real estate fees, legal fees, land transfer tax and moving expenses
• Green shag carpet may not be your taste – you may need to change the décor of the previous owner
Renovate your existing home
Pros
• Lets you keep what you like about your current home and change only what you don’t like
• Keeps your family from being uprooted (except during a major renovation where you may need to move out for a period of time)
• Adds value to your home
Cons
• Disruptive to everyday life for a period of time
• Costs can be higher than expected

TD Canada Trust offers more information on buying and renovating a home at www.tdcanadatrust.com.