Renovate or Resale: why I’m staying put

July 7, 2021

Part 1: Location

First and foremost, I love my neighborhood.  I live in the Junction in Guelph and it’s the perfect place for me and the old adage really is true: location, location, location. Even when I was thinking of selling and moving to a new place, I really wanted to stay in the area. If there is an area you really want to be, you are naturally limited to the number of houses that go up for sale in that geographical area and you’re also tied to the price point that goes with it. Because I had a rather limited budget of $575,000 max I knew I wouldn’t be able to be a competitive buyer in this neighborhood at this time. 

So, I had to start looking in other areas that I thought I might like. North Hespeler, The Ward and certain pockets of Centre Wellington would accommodate my tight budget but any home I could afford would be in my second choice area. I had to decide if the drive to things like the gym, friends, family, and favorite pubs was worth the potential savings on purchase price and the change in lifestyle. For me, the small savings wasn’t worth what I would be giving up.

Location is one of the only things that you cannot change about your home and for most people it is the number one requirement for purchasing a new home. Whether you’re choosing to build on vacant or infill land, purchasing a home or considering a major reno like me, where you want to be should be your first question. 

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