← ALL PLANNING TOOLSMove or renovate?
A useful starting point for your next conversation. No sign-up required.
OPTION A
Stay as-is
Immediate change budget$0
Current mortgage balance$450,000
Potential advantages
Keep familiar routines and avoid a transaction.
Potential trade-offs
Your 1,400 sq ft home still needs to accommodate your wish for 1 more bedroom(s) and 1 more bathroom(s). Ongoing maintenance remains.
OPTION B
Renovate
Renovation budget$120,000
Illustrative 15% contingency$18,000
Planning allowance$138,000
Potential advantages
Adapt your current home and keep your location.
Potential trade-offs
Confirm permits, feasibility and quotes for your additional rooms. Temporary accommodation and financing costs are extra.
OPTION C
Sell and move
Estimated equity after selling costs$590,000
Estimated buying costs$52,566
Additional capital beyond current home value$412,566
Purchase funding after sale equity$862,566
Potential advantages
Choose a layout and location that suit your next chapter.
Potential trade-offs
Transaction expenses, disruption and potentially higher carrying costs. The funding figure is not mortgage approval.
Things to consider
Explore whether local inventory offers the space you need before comparing it with an addition. With a 7-year horizon, consider how long you will benefit from each change. This comparison does not forecast appreciation or renovation returns.
Moving assumes a Toronto resale purchase and no first-time rebates. Edit selling costs to include commission, HST, penalties and legal work. Moving fees, new mortgage insurance, ongoing interest and tax consequences are excluded. Current mortgage debt is included in the funding requirement.
Estimates and general education only. Market data changes. Confirm mortgage, tax, legal and property-specific information with appropriate professionals before making commitments.