It’s a big question and there is no easy answer: Should we renovate our home or sell and buy something new? With Kelowna ranking as one of the top places in BC that people want to move to, home renovations in Kelowna, BC are the direction many people are choosing to go with housing demand being high, choices being limited, and prices on the rise.
Here are some of the key questions to consider when trying to decide between renovating or selling and buying a new home.
Do I Love My Current Neighbourhood?
People generally buy “macro to micro”. First, they decide on what geographical location they want to live in, then they look at specific neighbourhoods and what amenities are offered in the community, and after narrowing this down, they look at specific homes available to purchase in the area they want to live in. If you already are in love with your neighbourhood and have roots put down in the community, then a Kelowna home renovation might be a good option to explore. It’s often easier to renovate an existing home, than to find that ideal place to hang your hat which offers all the conveniences you already love and enjoy.
What Are The Benefits of Renovating vs. Buying A Different Home?
If you love where you live and your home can be modified to meet your current and future needs, a home renovation will allow you the comfort of staying where you are long term but having a fresh, modern house to call home that you’ll love for years to come. Often the bones of a house are solid but the way we want to live today with open concept floor plans, integrating living spaces, is very different than traditional older homes with small rooms designated for specific purposes. A home renovation allows you to rework a home’s layout, possibly raise ceiling heights, add space and bring new finishes and features into the home. Your renovated home will lay out the way you want to live, be eco-friendly with electrical and plumbing upgrades plus fresh new colours and materials will make it feel brand new. You’ll have the inconvenience of being out of your home while the home renovation is happening but it’s going to be worth it in the end.
Alternately, if you decide to look at buying a different house as the idea of renovating is just too much to wrap your head around, you may or may not find the house you’re looking for, in the neighbourhood you want to live in, at a price that makes sense for you. You’ll likely also have to sell your current home in order to be able to buy your next home and timing this move seamlessly can be a bit tricky. If you are lucky enough to find just the right new home but are looking at a market where prices are rising, you might be sticker shocked and even find that a new to you purchase is still going to require you to consider a partial home renovation.
How Will I Pay For A Home Renovation?
Chances are you don’t have a big bag of money lying around waiting to be spent on your dream renovation. But if you’ve been in your current home for a while, you’ve likely built up some equity in your home and that equity may be something you can tap into for capital to finance your renovation. Give your banker a call and set up a time to talk to them about your contemplated home renovation. Ask for their advice. Inquire about loan options including a HELOC (home equity line of credit) and what interest rates would apply and whether after the home renovation was complete would it be a good idea to refinance. Your lender will want to know how much money you are looking at borrowing, so you’re going to need to have an idea of what the cost of your home renovation will be. Align West Homes specializes in whole home renovations and would be pleased to talk with you about your vision and anticipated costs to achieve your desired outcome.
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A full home renovation means you won’t be able to live in your current home while the renovation is going on. All of your belongings are going to need to be removed from the home as well. It’s important to have a flexible game plan for the period of your home renovation because sometimes things take longer than expected. If you own another property that you can live in during the renovation that would be ideal but it’s generally not an option for most people which means, you’ll need to either move in with family or find a rental. Depending on what option fits best for you, your belongings will have to be put into storage or used in your rental home. If you put things into storage, be sure that you can access them if your renovation is going to happen across more than one season. For instance, if your Kelowna home renovation starts in the winter but won’t complete until early summer, you’ll need to have access to seasonal changes of clothing and all your seasonal sporting equipment.
Ready for your Home Renovation in Kelowna?
Are you ready to start your home renovation in Kelowna, BC? Get in touch today. Align West Homes is an award-winning whole home renovator serving Kelowna and the Okanagan.
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