At Kavaleer Renovations, we know that upgrading your current home through renovation or buying and moving into a new one is tricky. Often, choosing whether to renovate or buy depends on lifestyle preferences, financial considerations, and long-term goals, so it's not something you can decide on overnight.
In our opinion, in the Calgary real estate market, we know that both options have advantages and challenges, but if you understand them, you can make the best decision for your household. In this blog, we’ve discussed renovation vs. moving, including the pros and cons of renovation vs new construction to help you decide if you should renovate or move in Calgary.
Cost Comparison Between Renovating vs. Buying in Calgary
One of the first factors you should consider is pricing when evaluating Calgary real estate vs. renovation costs. In recent years, home prices in Calgary have fluctuated, but the benchmark price for a detached home often averages around $720,000 to buy and move in. So, if you’re looking for a move-in-ready home, expect to pay a premium.
In contrast, the cost of remodeling a home in Calgary can range between $100,000 and $300,000 or more on average, depending on the project specifics or scope of work. In our experience, kitchen and bathroom remodels are more expensive and often account for 60% to 75% of total remodel costs. However, this also depends on whether you undertake a mid-level or high-end renovation and if an expansion is involved.
To give you a real-world example, our renovation costs for a mid-level kitchen remodel range between $55,000 and $85,000, while a high-end remodel can range between $95,000 and $150,000. Likewise, a mid-range bathroom remodel can cost between $38,000 and $44,000, while a luxury renovation could set you back between $65,000 and $95,000.
However, for most people, remodeling is still more cost-effective than buying a home and then customizing it through remodeling to achieve what they want in it.
Challenges and Disruptions of Buying vs Renovating
When deciding between a home upgrade vs relocation in Calgary, you should know that both options present challenges and disruptions that might influence your Calgary home improvement decision or choice to buy or build.
For example, custom home renovations can take weeks or months to complete, depending on the scope of work. If you remain at your home while the remodel is underway, you should expect to deal with dust, noise, and limited access to parts of your home. Additionally, if you are exploring whole home remodeling, you may need to book temporary housing, which is another challenge to consider.
When it comes to buying, there are also several challenges and potential disruptions to your life you’ll need to navigate. For instance, you will need to secure financing, which can be difficult, and searching for the right property that ticks all your boxes is also a challenge. Then, you’ll also have to navigate the logistics of moving, and there could be closing costs and real estate fees to contend with.
The Key Questions to Consider When Choosing Between Buying and Remodeling
When looking at a home renovation vs. buying new in Calgary, there are a few key questions to consider. Below, we’ve discussed what you should ask yourself before deciding on home upgrades through custom home renovations or buying new:
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Is my current home meeting my needs, or do I need more space or better functionality?
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What is my budget, and how does it compare to the costs of moving versus remodeling?
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Am I emotionally attached to my neighborhood and community?
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How long do I plan to stay in my home?
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What are the current market conditions in Calgary, and how might they impact my investment?
Your answers to these questions will help you identify if renovating or buying and moving is your best choice.
What are the Pros and Cons of Renovating a Home vs Buying New in Calgary
So what are the pros and cons of renovating a home vs buying new in Calgary? This is a common question for those exploring these two options.
Ultimately, if you choose to renovate, you have more power to personalize your space without the hassle of moving. It is also often more cost-effective to renovate than buy, especially if you have built up equity in your home. Additionally, as you now know, if you renovate, you can significantly increase the value of your home over time.
But the downside is that there could be unforeseen costs, disruptions to your daily life – although often minimal – and the need for permitting and structural changes.
When it comes to buying a home in Calgary, you’ll get a fresh start with modern features and layouts, which many appreciate since they better suit their lifestyle. In addition, buying eliminates the sometimes hassle of staying in your home during construction.
However, as we mentioned previously, cons include having to renovate if the home doesn’t meet your standards or includes outdated features, fixtures, and floorplans. Moreover, the real estate market in Calgary is competitive, so you might not find your dream home for quite some time.
Renovate or Build and Move with Kavaleer Renovations
Deciding to renovate or move in Calgary is never easy. We recommend that if you love your neighborhood and want to improve how you use your home and be more comfortable, a well-planned renovation can give you the upgrades you need without the hassle of moving. However, buying might be the better choice if your needs have significantly changed—whether it’s downsizing, upgrading, or relocating to a new area.
At Kavaleer Renovations, we help Calgary homeowners reimagine their spaces with high-quality remodeling solutions. If you’re leaning toward whole house remodeling in Calgary or have specific rooms you want to remodel but are unsure where to start, contact us. We can offer expert guidance on evaluating renovation benefits in Calgary and transforming your home into your dream space. Our team can also share Calgary home remodeling costs.
