Buy, Rent or Renovate - 307

Soul Forge Podcast

Buy, rent or renovate....these are the options that face us today.

Shawn and Leah discuss the possibilities they have as they progress in their relationship. The upcoming week is full of adventure - Shawn is driving up north to see friends and family, while Leah is staying home to redo parts of the bathroom. Decisions for the future are looming. Shawn's building in Timmins has recently sold. This means that he is mortgage-free, and is free to buy a home in Sault Ste. Marie.

The happy couple has been looking at homes in town to see what's out there. Brand new construction versus older homes. New builds have no charm and character. Older homes may have wet basements and smell of rot. So many options and decisions.

When to buy and when to renovate

Remember the following are what to look for when buying a house or renovating your current property.

• Market environment – when you’re selling your house and looking to buy, it’s important to research what the current resale market looks like. Many market factors can impact the price of real estate and the market demand. Depending on where you are in Canada and the market conditions in that area may dictate if moving to a new property or renovating is the best solution for you,
• Overall costs – it’s important to consider the overall cost of a move and of a renovation. While renovations normally require less monetary support than purchasing property, sometimes it’s best to let the house go and move on to a new house for an exciting new adventure. Especially if family or personal circumstances have changed that may make moving a necessity.
• Mental well-being – an unexpected aspect to consider is everyone’s well-being. House hunting is a process that can take longer than expected, so it could take a good amount of perseverance to find something that fits your standard. On the other hand, living in a house undergoing renovation can also be tiring. Either way, be sure that you’re prepared for the work ahead of you.

As with anything, buying something new to replace the old is very exciting, and houses are no exception to that idea. However, renovating brings a different kind of excitement when you see your own designs and vision become reality. Buy, rent or renovate....the choice is yours!

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