Should I Stay or Should I Go?

Shauna Lynn Simon

CEO of Beyond The Stage Homes

Recently, the Kitchener Waterloo Association of Realtors (KWAR) president, Megan Bell, was quoted as saying; “Home sales in 2021 have absolutely smashed last year’s record by more than 1,000 units. While this is a good time to sell your home, it remains a tremendously diffcult market for buyers. Affordability for all types of housing within our community continues to be a concern which we expect to continue throughout 2022.”

This is a double-edged sword for many who may be considering whether to sell their home to move into another or stay where they are. It can all be quite intimidating. While as a seller, this may be the opportune time to get the highest price for your current home, as a home buyer, it can be very challenging to fnd the perfect home that fts all your needs within your price point. Particularly, if you do fnd the perfect home, only to be met with a bidding war. Perhaps you’ve considered the option of staying in your current home and taking on some renovations. You are certainly not alone! Should you stay or should you go? Here are a few thoughts to help you to make the best decision for you and your family. When considering selling your home, the decision is likely to be based on a combination of factors unique to you and your family. Knowing what those factors are will help you to determine your direction. • First, consider your needs. Perhaps a lack of space is driving your primary need. Are you living in a twobedroom home with two children and a third on the way?

Your need may need a house with three bedrooms. • Then, consider your wants. You may want a double-car garage so both you and your husband can park your cars in the garage. However, your current single car garage does accommodate one car and the driveway the other car. • When you have a good handle on your real estate wants and needs, look at these in conjunction with your fnancial situation. While it’s currently a seller’s market, there are no guarantees that selling will be the best choice in the long run, but garnering a nice proft is tempting.

The other side of this coin is staying where you are and utilizing your current space better or renovating to make the space in better alignment with your needs – perhaps by adding an addition. • Enlist the assistance of experts such as a designer and/or a contractor. A designer can help you to determine how you might be able to better utilize various spaces within your home. • If renovations are the direction, a contractor can help you understand the considerations and implications for this. Additionally, a designer can create a plan for the added space as well as maximize your current space.

This will create a smooth and consistent design and fow throughout your home.

• Before considering a renovation of this magnitude, consult with your mortgage professional, real estate agent, and fnancial planner. If you have suffcient equity to draw from your current house, it may be worth drawing on that however remember that sometimes it is simply better to sell to get what you need. • Any renovation, large or small, should be given careful planning consideration to ensure successful execution.

In addition, local qualifed contractors are fnding themselves booked months into the future to keep up with market demand. And you are likely to be met with a covid-19 related barrier – limited supplies. Moving can provide your family with an exciting and appealing fresh start however packing up your home, not to mention fnding a new home, can be intimidating in today’s market. When you renovate your home, you have the ability to make personalized choices and staying means stability. Though, the cost associated with a renovation, not to mention hiring a contractor and living through a renovation, can be a daunting prospect. Deciding to stay or go is a personal one. Make an informed choice to support comfortable living for years to come.

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