Rad Reasons to Renovate

Renovate or Sell?

Every year we hear from people all over the Okanagan who are wondering whether they should renovate their existing homes or put them on the market and then buy or build something new.

We always start by asking these questions:

  1. Do you like the neighbourhood you live in?
  2. What would your reason be for selling your home to buy or build another?
  3. Does your home need an upgrade? Do you need more space? More light? More energy efficiency? A more modern look?

If you’re on the fence between selling and renovating, we can help you decide.

Here are some rad reasons to renovate:

  1. It’s all about comfort and enjoyment. Perhaps you bought your house because you love the neighbourhood and amenities or you love the spacious yard, but the house has never quite felt like it was “you”. Renos can take your house and, with some simple changes tailored to your ideas, make it into your home.
  2. Family and location. If you love your location and want to stay there because the schools are fantastic or the neighbourhood has lots of other kids, developing the basement will be a great way to give your kids a space of their own to hang out with their friends…and give you some peace and quiet upstairs. Or, perhaps you’re now empty nesters and it’s high time you expanded the master bedroom into one of the kids’ old rooms or turned the basement into a hobby cave—complete with a theatre room, of course!
  3. Let’s talk money, honey! New mortgage rules in Canada stipulate that people cannot switch lenders when it’s time for renewal UNLESS they pass the Stress Test. This means you have to be able to prove that you can keep up with your debt payments even at an interest rate that is HIGHER than what the bank is offering you. If you CAN’T pass that stress test, you can still renew your mortgage, but you can’t switch lenders and it limits your ability to negotiate a new rate. On top of that, new buyers (even those with a down payment of 20% STILL have to pass the same stress test. Therefore, it’s a safe bet that it will be easier for you to obtain financing for a home upgrade than to sell your home and buy another.
  4. Moving. Nobody enjoys moving (even professional movers…haha). Why? Because it is TOTALLY STRESSFUL! Packing up everything you’ve accumulated over the years (and purging all that “stuff” that you don’t use and really don’t need) is time-consuming and can become really overwhelming for some people. Not to mention transporting everything and then unpacking at the new place and setting everything up.
  5. Energy Efficiency Upgrades. If your home is a bit outdated and you want to take a more cost-effective approach to reduce heating and cooling bills, adding in some efficiency upgrades is a brilliant idea! Simple fixes such as replacing windows, adding insulation, and changing your heating system can save you a lot of money in the long term.

Regardless of your reasons, the pros at Parsons can help with all of your renovation needs. Check out some of our renovations projects at https://parsonsfamilyhomes.com/portfolio-category/renovations/

You can call Taylor at (250)306-0310 or send us an email here.

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