Should you renovate or relocate? Some Toronto homeowners are considering their options.
It is no surprise that after the past year, we are seeing more city slickers considering what it means to live within a metropolis like Toronto. With the rising cost of living and a year of remote work, it is starting to occur to Torontonians that they could have just as good a life outside the city. It’s no surprise that the increasingly popular cottage getaway could become a full-time lifestyle, so many are asking, should we renovate or relocate?
House and condo renovations are on the rise, as people in the city that don’t want to relocate look to improve their homes. Renovation can raise the property’s value, and it is a logical next step for many. Improving a space to be more efficient or “create space” helps couples live with smaller rooms.
There has also been much talk about the housing crisis in Toronto, and specifically concerning single-family homes. Young couples are now deciding to stay put and work with what they already have rather than move to a more expensive home. The reality is that for many, this is the only option.
We’ve written before out how a renovation can also improve mental health. Updating an existing property can help families make the most of their space without adding too much to the ever-increasing cost of living. New construction technologies can help bring your cost of living down over the long-term, such as by improving insulation, adding newer windows, or updating a kitchen to contemporary, less energy-intensive appliances. Updating heating and water management systems in your home can also help bring down the cost of living. There are many other ways in which a renovation can return a significant value on your investment as well.
Relocation may have seemed like a drastic measure before the pandemic. We had jobs to go to in the city, so adding to the commute would have been impossible for many families. But, the pandemic has changed that. A year of working remotely has raised the question of whether city life is required. As a result, many families are looking at the cost of living in the GTA versus other parts of Ontario. For those who can continue to work remotely, that argument alone may be enough to decide to relocate.
Ontario has many beautiful townships and villages, meaning families in Toronto who would typically only experience these peaceful places on yearly staycations can now live there full-time. Of course, relocating does not preclude renovation. Renovating to sell is on the rise, as more and more families look to flee the city for a quiet life in the Ontario countryside.
However, Toronto is still a central hub for trade and commerce in Canada. Thousands come here every year to work, do business, and enjoy the many recreational opportunities available in the city. For some, that is a reason to stay, but for others, the busy atmosphere is a reason to relocate.
Have you thought about relocating from the GTA? Are you considering renovating your space to make the most of the city?
Focus Construction takes pride in being honest about our prices. We provide complete breakdowns to our client on materials, labour, and the miscellaneous costs of a home renovation. If your contractor is not willing to provide you with a similar arrangement, call us. We have pre-reno planning material which may allow you to understand what you need to complete your project.