Whether you need more space or are just looking for a change, a renovation may seem appealing. Fixing up the home you already have may be easier then selling your property and buying a more suitable one.
Before jumping straight into a reno, carefully weigh the pros and cons. Renovations can be costly and in some cases, you still end up with a home that does not meet your needs. Say you are in need of a home office space and all the bedrooms are already occupied. You decide to renovate and create an office space in the basement. It may seem like a simple task but think of the possible electrical, flooring and lighting that may have to go into this project. Also consider if you really want to work from your basement. In this situation, a new home with a dedicated space (with big windows) might make more sense.
On the other hand, there are many instances in which a renovation may be the best option. Upgrading your kitchen for example may give you the type of kitchen you want while also adding extra value to your property.
All in all, you need to ask yourself: “Will a renovation or a new home get me what I really want?”