Should You Renovate or Sell Your Home?Posted by Terry Paranych on
If you’re stuck deciding whether to sell or stay, you’re not alone. Many people find themselves reluctant to give up the home they’ve loved and appreciated for so many years, even if it no longer meets their needs. For this reason, homeowners may opt to renovate, in an attempt to get their current property to better suit their lifestyle.
But are renovations really worth the cost and effort? Here are a few things to consider:
Renovation vs. Down Payment Costs
According to the experts, most Canadians plan to spend at least $10,211 to renovate their homes. Of those choosing to renovate, nearly 40% go over budget, with average costs ranging anywhere from $10 to $60 per square foot (i.e. a 1,600 square foot home x $10/square foot = $16,000).
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