Don't Relocate. Renovate!

Renovate or Relocate? Find your answer with Wellcore.

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Your small bungalow has become too cold in winter with foundation cracks and foggy windows. However, its value has doubled over the years. Should you relocate to a bigger home north of Bloor with a master bedroom and chef’s kitchen?

Or, should you upgrade your current home while staying in a great neighborhood with top schools and a close-knit community?

How much will the RELOCATE option cost you?

ItemCost
Selling price of your old bungalow$1,000,000
Less existing mortgage payoff-$350,000
Less 5% realtor commission on sale-$50,000
Cash on hand for downpayment$600,000
Purchasing price of new home$1,500,000
Closing cost (4%)$60,000
Total cost of the new property$1,560,000
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To buy a new house, you need to borrow $960,000, including $110,000 in selling and buying costs. You will live in a $1.5 million home with $540,000 in equity.

How much will the RENOVATE option cost you?

ItemCost
The square footage of your new house2,700
Average price per sq.ft.$280
Total construction cost$756,000
Add existing mortgage$350,000
Total cost of rebuilt house$1,106,000
Market value of rebuilt house$2,500,000
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To rebuild your house, you must borrow an additional $756,000 on top of your existing mortgage loan. You will be living in a $2.5 million home with $1,394,000 in equity while keeping your kids in the same school and maintaining your daily routine.

Contact Wellcore to explore how you can transform your bungalow into the home of your dreams.

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