Dear David,

We are at a crossroads with our current home. Our boys are almost in high school, and while we truly love our neighbourhood, there are things we’d like to improve about our house. I’d enjoy a larger kitchen and a finished rec room. The kids want a pool. My wife would appreciate a two-car garage, especially during the winter. We’re trying to decide whether it makes more sense to renovate (add a pool, finish the basement, add a shed to expand our garage space) or move to a home that already offers these things. How do we determine the best long-term solution for our family? – LOOKING AHEAD

DEAR LOOKING: This is a question I’ve helped families work through for decades, and the pattern is consistent. Families who stay in the same city tend to move through three or four stages of homeownership: the starter home, the move-up home(s), and eventually the downsize. From what you’ve described, it sounds like you’re moving up.

Houses and life stages are a lot like shoes: if they are too small, no amount of stretching will make them fit comfortably. You can renovate, finish the basement, add a shed to free up garage space, and install a pool. But even then, some realities aren’t negotiable. Kids grow, their storage needs increase, and Canadian winters will continue to be tough with a single-car garage.

Unless you absolutely love the finer points of your property, such as the lot, the street, and the specific location you’re in, I might suggest looking for a home that has the features you want rather than trying to retrofit your current house. This is especially true for pools, as homeowners tend to be either pool people, or not. In our area, only about eight percent of homes have pools, which makes them a relatively rare and time-sensitive lifestyle feature. If you want to buy a house with a pool, this is a great time to be looking. Conversely, if you own a pool and are thinking of selling your home, you should start planning now, so the ice is out and the sunshine is sparkling off the water by the time you’re ready to hit the market.

Some people genuinely enjoy the level of project management that comes with renovating a house and installing a pool, but most people don’t. Renovations are a lot like baking. There are some (like my Mom) who always start from scratch, but most of us buy a ready-made mix and add our own finishing touches. When it comes to moving versus renovating, there is no right or wrong answer. It comes down to the time and energy you have available, and your vision for life’s next chapter.

PRO TIP: Live your best life. If moving up fits comfortably within your budget, my advice is to do so. Renovations can improve a house, but finding the right home can elevate your family’s lifestyle for years to come.  As Canadians, we need to think of our homes like tax-free savings accounts. You build equity as you move up, and the capital gains on your principal residence are tax free when you downsize – all you have to do is live there. #Advice #AskDavid #TheNegotiator 

David is a top-selling Broker in Kitchener-Waterloo Region. He works personally with you when selling or buying your home. Moving? Get it right. Ask David today! Call or text 519-577-1212.