Edmonton is currently in a buyer’s market, which means there are more houses for sale than there are buyers. If your home is no longer meeting your needs, it might be wise to renovate instead of trying to compete in this difficult market to sell your home and move.
According to this report, single-family homes are sitting on the market for 70 days or more. Condos averaged 76 days on the market and duplexes and row homes 80 days. The more homes on the market, and the longer they sit, means prices are constantly dropping. If you put your home up for sale, you might not get what it’s worth at resale in this type of market.
Why renovating is a good idea:
Your home is a big investment, so you want to make sure you get the most out of it. If you love your yard, neighbourhood and current location, renovating a home that isn’t suiting your needs could be a smarter idea than moving.
A major home renovation or home addition is costly but could still cost less than moving in the end. You could end up with less for your home when it sells than you had hoped. In addition to that cut, consider realtor commission fees, the cost of staging your home and the cost of moving. You’ll have to deal with lawyer fees, new insurance premiums, taxes and so on. This all adds up, making a major renovation more appealing.
Plus, selling your home and buying a new one can be stressful. Timing can be tricky, especially if you need to sell your home as a condition of buying a new one. It’s time consuming, stressful and financially draining. A home renovation, when done right by professionals, can be less stressful than that.
How to renovate in this situation:
Book a consultation with a renovation company you can trust. They can walk through your current home and make suggestions for alterations that will help it meet your needs. This might be a kitchen renovation, whole house renovation or even adding a home addition like a second story or Master suite.
They will go over all the things you like about your house and all the things you don’t like and need to change. Once they have a design created, they’ll go over it with you to ensure every detail aligns with your vision for a dream home.
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