Should You Renovate or Relocate?
How Winnipeg Homeowners Can Decide What’s Best…
If your current home just isn’t working for you anymore—whether it’s a lack of space, outdated features, or a layout that doesn’t suit your lifestyle—you might find yourself asking the big question:
Should I renovate… or is it time to relocate?
There’s no one-size-fits-all answer, but here are four key things to consider before making your decision:
Does Your Current Neighbourhood Support the Value of a Renovation?
Before you commit to a major reno, take a look at your area’s property values.
If you’re considering a $100K overhaul, but your neighbourhood caps out at homes worth only slightly more than what you paid, you may not get a strong return on that investment.
Ask yourself:
Will your home still align with the other properties on your street?
Are buyers in your area willing to pay a premium for upgraded features?
This is where your Realtor can help with a comparative market analysis (CMA) to see if the numbers make sense long-term.
How Long Do You Plan to Stay?
If you’re only planning to stay in your current home for another 2–3 years, pouring a significant amount into a renovation may not be the wisest choice—especially if the market won’t support a major bump in resale value.
But if this is your forever- ish home and the location, schools, and community still work for your lifestyle, a thoughtful renovation might be the way to go. You’ll enjoy the upgrades now, and likely see a return when it’s time to sell. If you are thinking of selling within the next 5 ish years reach out to your Realtor as they can definitely help you in determining which projects will be worth taking on and some that may not see a high return on investment.
What Would It Cost to Buy a Home That Solves Your Problems?
Next, take a close look at the actual cost of relocating.
What’s on the market right now that checks all your boxes—like that extra bedroom, a finished basement, or an attached garage?- What is that home actually selling for in today’s market?
Sometimes, moving up into a home that already suits your needs is more cost-effective (and less stressful) than tearing your current place apart. I always like to say “the math has to math”.
And don’t forget to factor in:
Moving costs
Realtor and legal fees
Land transfer tax
What is the Market Like for Your Current Home?
In some cases, the current market may make the decision for you.
If you’re in a seller’s market with high demand and low inventory, it could be a great time to list and take advantage of strong pricing and short days on market.- But I always caution this with saying you do still have to buy. So it could be a wash- Yes you may be getting an amazing price for your home but you may also be paying more for your future home.
Again math has to math! It is important you reach out to your realtor and gather a much information about the market as possible.
So... Renovate or Relocate?
The right move depends on your goals, finances, lifestyle—and timing. There is no one size fits all approach.
Not sure what the numbers look like in your neighbourhood or what your current home could sell for?
Let’s connect. I’d be happy to run the numbers and help you make a decision that feels right for you.
#AgentSam
Samantha Scribilo
Tel: (204) 960-8851
Email: Samantha@QueenTeam.ca