A recent report from TD Bank called “The TD Canada Trust Repeat Home Buyers Report” suggests that many of us are upgrading our homes more quickly than we originally intended to. According to this report, 27% of those who had no plans of moving are now home shopping and 42% were moving before they planned to. What does this all mean? It would suggest that Canadians are on the move.
If you find yourself in this category of “repeat buyers”, what features would be most important to you the next time you buy? According to the report, price was the number one thing most people wouldn’t budge on when purchasing their next home. 34% of Canadians felt that they had compromised on the price when making the purchase of their previous home. This was followed by home layout (33%), house features (31%), garage/parking (30%) and the number of bedrooms (28%) as features Canadians wouldn’t negotiate on the next time around.
If you want to break out of this apparent cycle of home buying, perhaps renovations would be the way to go. It is a way to make your current home work for you and it might actually end up being more affordable. More and more Canadians in fact are choosing to renovate their homes rather than move. Whether it is a large addition or a facelift for the kitchen – you will get the house that you want and all without leaving the premises.
A home is obviously a very big investment and whether it is a new purchase or renovations for an existing home, speaking to a mortgage professional should be one of your first steps. They can explore the many options and financing solutions that are available with you and find the best option for you over the course of your mortgage.