The Economist ranked Toronto as the best place in the world to live in. Surely, nothing could go wrong if you decide to settle there. However, there will always be unforeseen circumstances that will get you torn between choosing to relocate and simply renovating your present home. You may be yearning for a change in scenery or you may just need additional rooms in your home. The decision to relocate or renovate is a big decision to make. You need to take a look at your options well before you choose.

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Here are some factors that may help you decide whether it’s time to move to a new home or it’s time to renovate:

 

Assess What You Need

 

Designer Robin Lewis states that in deciding whether you should relocate or renovate, you should first take a step back and reflect on the following: what do you need in that space, why it works for you, and why it doesn’t work for you now. For this, you can try looking at your living room. Try to imagine the whole family lounging in that space during movie night. Do you feel cramped? Do you think the couches are too stuffy? Can you still maximize the space? These are only a few of the questions that may help shed light on this part.

 

Social Life

 

Relocating to another city also means moving away from your friends and family members living close to your present home. This is a decision best discussed with all members of the family to see if any of them prefer to stay where their friends are. In this case, renovation is a preferable solution.

 

Workplaces

 

If you are among those who work full-time in an office, you might want to consider how you will get to and from your workplace once you relocate. Will it be a longer or a shorter drive? If it takes you about 2 hours to drive to and from your current workplace, then maybe relocating to a new home that’s nearer to your job could be a good choice. If relocating will extend your daily travel time and you are not too keen on spending too much on gas, then renovating could be the better option.

 

Assess Your Short- and Long-Term Goals

 

When moving houses, it’s important to think about what effect this will have on you and your family at least three, five, or 10 years from now. If you’ve just bought a two bedroom home and you’re planning to have four kids, then this might not be a good plan.

 

You may also want to look at the facilities you can access near your current location. If there’s a school nearby that your kids can easily travel to (and they’re doing really well academically), then maybe a renovation can be your best course of action.

 

Budget

 

Finally, the biggest factor lies entirely on your budget. Usually, renovating your home would be a much affordable option than buying a new home. If you only need to renovate your toilet and bath, won’t it be unreasonable for you to buy an entire house?

 

If you’re the budget-conscious homeowner, then renovation would be your best choice. If you have the means (after you’ve taken a look at the other factors above), then go on ahead and move to your new dream house.

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