This is from 16 years ago, before the great Financial Correction. Buying houses in Canada is now ridiculous. The problem is you can’t renovate unless you do it yourself. The “trades” are busy building new houses, and now prices of the resources needed for renos are through the roof. Wood prices will hopefully drop, but by how much? As you can see the numbers used are very old.
So we know that renovating is going to cost us about $20K at the end of it all. How much is this new house (which costs exactly the same as the house I am in, and is in just a nice a neighbourhood)?
Realtor charge $10000.00
Moving Expenses: $3000.00
Land Xfer: $1725
GST on NEW house: $9000
Legal fees: $500
Total is around $24000.00 close but not the same, but you end up then asking about intangibles too:
- Is this new house in an area that I like? You might HATE where you live now, so moving might be good for you.
- Are there good schools in the new area?
- Is the new house farther from your place of business?
- You know your current house, a new house is a bit of a gamble, no matter how good a builder you have, do you want to roll the dice?
- Do you need more space?
Take all of this into consideration. Tomorrow, some final words
