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Knowing if there is more of an advantage to remodel your home over moving to a new home, can be a great debate for some. With house prices on the rise in Vancouver, buying a new home may not be ideal for a variety of reasons, and remodeling may be the better option to create the home you desire while building equity and value.

Buy New or Sell Later?

Although the common thought is to cash in on the booming real estate market, people also have to consider that selling high also means buying high, which means you may not come out ahead.

Renovate and Grow Equity?

Alternately, renovating your home can have a two-fold effect. Not only can you create a space that is individual to your needs and desires, but you also are adding value to your home, especially if you are renovating your kitchen, bathroom, and/or exchanging carpet for hardwood – among other things.

No matter what, investing in real estate in Vancouver is great choice, and will have you making a profit so long as you plan to maintain it for multiple years. There is truly no “losing” when it comes to real estate – unless of course you buy into an inflated market that takes a big dive in years to come. Although this is unlikely, there is a risk to any type of investment one makes, especially if you don’t intend to make it your primary home or rental property and pay down the mortgage substantially.

The Wise Long Game of Real Estate

Which brings me to “the long game of real estate” – meaning, buying a house or condo in Vancouver with the intent to stay or rent your space for 5-10 years. In doing so, you create value in your home and have the equity to buy when the time is right, and not just when the market is dictating your desire to cash in.

Other advantages to staying put or choosing to sell should include: your desired community and lifestyle choices, your network of friends, the proximity to your work, and general conveniences that may save you time or money, or alternately – not be worth the loss.

In addition, keep in mind the lending landscape may have changed since you last bought, and buying a new home with the current real estate prices in Vancouver may not be realistic.

So before you jump in with both feet in, contact a knowledgeable realtor who can help you decide if selling your home in Vancouver – in order to buy a new one immediately, is the best decision for you. Or if renovating your space may be a better option for the time being, adding value and equity while you wait for the market to cool.

When you’re ready to buy or sell, I’m ready to help!