Love It or List It? Deciding Whether to Renovate or Move

Every homeowner reaches that moment when they start wondering: Is it time for a change? Maybe your home feels too small, your layout isn’t working, or you’re dreaming of a more modern space. But does it make more sense to renovate and make your current home work, or is it time to sell and find something better suited to your needs?

If you’re debating between staying put and making upgrades or putting up a ‘For Sale’ sign, here’s how to weigh your options — especially in the Edmonton and Area real estate market.

Step 1: Identify What’s Not Working in Your Home

Before making a decision, get clear on what’s driving your need for change. Ask yourself:

Are you feeling cramped? If your family has grown (or your work-from-home setup is taking over the dining table), you might need more space. Sometimes, finishing a basement or adding a room can be a solution, but other times, a new home is the only fix.

Does your home’s layout work for your lifestyle? Open-concept homes are great for entertaining, but if you need more separation (especially with kids at home), a different floor plan might make more sense. Some renovations — like removing walls — can help, but not every home can be easily reconfigured.

Are you in the right location? Maybe your kids’ school is across town, your commute is too long, or you want to be closer to Edmonton’s river valley or Sherwood Park’s amenities. No amount of renovations can fix a location that no longer suits your life.

Do you still love your home? Emotional attachment plays a big role. If your home holds special memories and you’re not ready to say goodbye, a reno might be the right call. But if you find yourself constantly checking out new listings, it might be time to make a move.

Step 2: Compare the Costs

Money matters, and the cost of staying vs. selling isn’t always straightforward. Here’s a breakdown of both options:

The Cost of Renovating

• Home improvements can be expensive. Kitchen and bathroom remodels in Edmonton often start at $20,000–$50,000, while full-scale renovations can easily hit six figures.
• Unexpected costs add up. Older homes often have hidden issues — think outdated electrical or plumbing surprises.
• Will you get your money back? Not all renovations increase your home’s value. Some updates, like adding a legal basement suite, can boost resale value in Edmonton, while others, like high-end luxury upgrades, may not.

The Cost of Moving

• Selling costs money, too. Realtor fees, legal fees, and potential home staging costs all need to be factored in.
• Moving expenses add up. Between hiring movers, covering closing costs, and potentially making minor fixes to your home before listing, the costs can creep up quickly.
• Buying a new home comes with new expenses. If you’re upsizing, a higher mortgage and property taxes could be in your future.

Tip: If the cost of renovations is close to what you’d spend to move (or even higher), it’s worth exploring whether there’s a home on the market that already checks all your boxes.

Step 3: Consider Market Conditions in the Edmonton Area

The real estate market can have a big impact on your decision. Here’s what to think about:

• Is it a seller’s market? If homes in your neighborhood are selling quickly and for top dollar, this could be a great time to list and move up.
• What’s happening with interest rates? Mortgage rates influence affordability. If rates are high, staying put and renovating might be a smarter financial move — unless you’re downsizing to a more affordable home.
• Are there homes available that fit your needs? If inventory is low and you don’t see many homes that match what you’re looking for, it might make more sense to invest in your current space.

Local Insight: In Edmonton, where newer developments are popping up with modern layouts and features, finding a move-in-ready home might be the better long-term decision.

Step 4: Weigh the Lifestyle Factor

Renovations can be disruptive - Dust, noise, and living in a construction zone for weeks (or months). If you’re planning a major remodel, you might even need to move out temporarily.

On the flip side, moving means house hunting, packing, and adjusting to a new neighborhood, which can be equally stressful. Consider which process is the least disruptive for your family.

Step 5: Get Expert Advice Before You Decide

Still on the fence? Talking to a real estate expert can help. Park Realty can provide you with: 

🏡 A home value assessment so you know what your home is worth in today’s market.
📈 Insight into whether your renovations will pay off when it’s time to sell.
🔑 Personalized recommendations based on current listings in Edmonton, Sherwood Park, and surrounding areas.

Final Thoughts

There’s no one-size-fits-all answer to the “Love It or List It” debate. It all comes down to your budget, lifestyle, and what makes the most sense for your future. If you’re considering a move or just want to explore your options, let’s chat — We'd love to help you make the best decision for you and your family.