House Planning: Moving vs. Renos vs. Rebuild

M and I have started to turn our minds to our living situation.  While we aren’t necessarily looking to make any decisions in the near future, we want to start planning for what comes next.

We are currently living in a 90 year old, 855 square foot bungalow.  While we are fortunate that we have 3 bedrooms and a finished basement, we would prefer to have more space as our girls get older and we consider expanding the family yet again.

We have discussed 3 options:

  1. Moving
  2. Putting a second storey on our house
  3. Knocking down our house and rebuilding from scratch

In considering all of the above, we are factoring in 3 main criteria:

  • Cost
  • Amount of inconvenience
  • Ability to get what we want

Here are my initial thoughts:

Moving

Pros:

  • Can find a place with a driveway
  • Not as much of a to-do as the other options

Cons:

  • Limited by the market (in terms of what’s available at the time and how much we could get for our house)
  • Would need to pay quite a bit more than what we did for our current house to find the space we need in our neighbourhood
  • Probably wouldn’t find a place that was perfect so would need to do future renos

Second Storey

Pros:

  • Probably the least expensive option
  • Can choose what we want (e.g., layout, finishes, number of rooms, exterior)
  • Where the neighbourhood is going so good for resale
  • Would get to stay on our street

Cons:

  • Would take about 6 months and would need to move out
  • Concerned about foundation being strong enough
  • Would still need to do some work in our basement

Rebuild

Pros:

  • Can choose what we want (e.g., layout, finishes, number of rooms, exterior)
  • Where the neighbourhood is going so good for resale
  • Would get to stay on our street
  • Would have a solid foundation

Cons:

  • Would take about 12 months and would need to move out
  • Would have to live as is for until we start… what’s the point of doing work on the house if it will just be knocked down?
  • Most inconvenient option for us and our neighbours

Initially, my preference was to put on a second storey.  As part of my research I met with a company this morning that has done some work in our neighbourhood to find out a bit more about the process and get an initial quote.  When I saw the number I was definitely taken aback.  I was anticipating the project would cost about $300,000 but the quote was for $350,000.  Oh, and this didn’t include fixtures (lights, sinks, toilets, tubs/showers) or materials for a kitchen.  So on top of that, it will probably be another $25,000 for fixtures (on the low end) plus about $20,000 in city fees.  Gah!  In the end, we’re looking at about $100,000 more than I expected.  This definitely gives us something to think about!

Have a great weekend everyone!  For my fellow Canadians: happy long weekend and have a safe and enjoyable Canada Day!

3 thoughts on “House Planning: Moving vs. Renos vs. Rebuild

  1. Pingback: Remembering Accountability – Updated Task List | The ELM Life

  2. Pingback: House Reno Update | The ELM Life

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s