We have been struggling with the decision to Renovate or Down Size for years and as it turns out so have many of our friends. The more we talk about it the more we find people are struggling with what to do as they age and are looking for something different. Some want a life style change, while some consumers are just looking for less upkeep work and lower costs. In the city were we live condo’s are being built but they are far too expensive to purchase and they condo fees are out of site. Instead of lowering your costs, they would actually be going up. The city is also in on the act and have increased the taxes as well on these units so you do not save on property taxes either, even though you end up with less space to actually live in.

We put together a list of points that consumers can consider if they are thinking about moving. Compare and decide which is the better strategy financially and emotionally! Fill in your own data and make your decision based on where you live and your own personal situation. Based on information that we have heard on TV as well as read about, other cities appear to be treating condo’s differently from a price perspective as well as a tax perspective. Your situation could be significantly different from the one we are facing. We have pretty much concluded that we will stay right where we are for now!

Renovate or Down Size : Calculate your cost to move

  • Legal fees
  • Real estate fees
  • Land transfer fees
  • Moving fees
  • New furniture
  • Replace appliances
  • New window treatments

Just a note about the furniture costs, do not assume that everything will fit in your downsized home. You are going to need to get rid of some things because you do not have the space and it just does not fit the decor of the new home.

What will it cost to renovate?

  • Make ready for senior living
  • Major maintenance issues
  • Roof replacement
  • Furnace replacement
  • AC replacement
  • Driveway
  • New Windows
  • New Appliances

Modernize

  • Kitchen
  • Bathroom
  • Window treatments
  • Paint
  • New furniture

Emotionally Ties to existing home and area

  • Stress of moving

This last point is a really big issue for many people. With friends and family close by it can be difficult to move away or to a new location with strangers and new neighbors.

The decision to Renovate or Down Size is a very complicated decision and if you are going though these issues that we just discussed, then you are probably not going to move and it is best to renovate.

(Visited 22 times, 1 visits today)