Stay or Move? 5 Questions to Help You Decide

It can be tough to make the decision to sell. In fact, for many homeowners, it’s overwhelming. If you’re considering making a move and struggling with the decision, here are five helpful questions to ask yourself:

1. “What is your practical reason for selling?”

This question refers to what you’ll get by moving to a new home. The reasons could include a bigger backyard, a shorter commute to work, an extra bedroom, a more desirable neighbourhood, etc. 

2. “What are your emotional reasons for selling?”

This question refers to how you’ll feel about living in a new home. For example, you might feel safer, less cramped, less worried (because the local schools are better), or happier (because the shorter commute means more time with your family).

3. “What type of new home can you afford?”

This question involves finding out how much you’ll likely get when you sell your existing home and how much of a mortgage you qualify to receive. With that information, you’ll have a price range within which you can comfortably shop, plus a clear idea of what your mortgage payments will be.  

4. “In what ways will your lifestyle be better in a new home?”

This ties in closely with emotional reasons for selling. It relates to what your life will be like in a new home. Try to paint a picture in your mind. For example, you might want to be able to spend Saturday afternoons relaxing in your bigger backyard or Sunday nights entertaining friends and family in your larger living room. 

5. “What else do you need to know before you decide to sell and move?”

Sometimes people are hesitant about selling simply because they have unanswered questions. So, if there’s any part of the selling and buying process that’s not clear, be sure to ask me. 

Does thinking about these questions help make the decision easier? If you need more help or want to talk about your decision, call today!

Should You Buy a Resale or a New Build?

If you're thinking about moving, you may be weighing purchasing a new build versus a resale.  For a rundown of the pros and cons of each, read on.

If you're thinking about moving, you may be weighing purchasing a new build versus a resale.  For a rundown of the pros and cons of each, read on.

New Build Pros

• Brand-new condition
• Can customize features
• Most are covered under warranty for the first few years
• Often built with the latest energy-efficient features, saving you money on utility bills
• Typically pay less in maintenance fees

New Build Cons

• Lot, floorplan, and views can change during construction
• Construction delays are common, leaving you at the mercy of whatever the interest rates are when construction is complete and your move-in date in limbo
• The amenities, school, and sense of community can be unknown for some time after construction is complete since housing takes priority in new neighbourhoods
• With no market history, it’s more of a gamble on what will happen with your investment

Resale Pros

• What you see is what you get (you can get a sense of the neighbourhood, the amenities, and schools before you buy)
• Closing date is fixed
• You know your mortgage rate before you buy
• You can research how the property has appreciated over time, giving a better sense of how your investment will do

Resale Cons

• Not brand-new
• Have to renovate if you want specific features
• Not usually covered under warranty, unless it’s a newer resale home with existing coverage
• Usually less energy-efficient
• Typically higher maintenance costs

Ultimately, the decision between buying a new build or resale home will come down to your needs and wants, your risk tolerance, and of course your budget.