You've outgrown your home for one reason or another and are wondering whether you should be renovating or moving out altogether. If you're adding up the finances of both options, here are a few things to ponder.
Financially speaking it usually works out to be cheaper to renovate your home than to upgrade it once all of the fees have been taken into account. You will have to factor in higher mortgage payments, land transfer and legal costs on top of the move itself. When you look at the cost of the renovation only versus a new home purchase, it usually works out cheaper to renovate. This, however, also depends on the extent of the work involved, of course.
Cheaper isn't always better
While you may save some money by renovating, there are a lot of…