The Mink GroupTips & Tricks January 5, 2023

Love it or List it?

We all know this HGTV TV show and I always love the suspense of finding out if Hillary would succeed in renovating the house to suit the owner’s lifestyle or if David would convince them to buy a new home…

It’s a little less exciting when that’s your own life and you have to make a decision. It can be overwhelming and scary to choose; should I stay, or should I go…

Our clients turn to us at times to make that call and I hope to provide some insight on questions I ask for them to consider both options, I hope this can help you too.

Some key points to consider before even starting this conversation;

1. Budget

Would either option be available to you?

There is no way around it, when considering this next move, you’d have to consider your budget. Have your salaries increased?  Have you been in your home for a little while and you have built some equity? Can you refinance etc? This would be your first step, talking to a lending representative in order to establish your exact budget for either scenario.

2. Location.

This is a really important factor to consider, do you love the location you are currently in or are you on the hunt for something different? Consider certain aspects that cannot “move”  for example, the position of your house and the sun, your neighbours, schools, your neighbourhood walks, etc…

Plan – don’t be afraid of thinking out the next 10, or 20 years. Will the current home fit the bill for the rest of your life? Will you need to move at some point?


Pros and cons of staying in your current home!


  • You get to stay in your home
  • You know your home inside out, with no surprises
  • Kids don’t have to change schools
  • No need coordinate a change of address
  • You get a fully renovated house


  • The process of renovating can be quite challenging and overwhelming considering that the price and cost of construction have really increased over the last couple of years
  • Your life might be interrupted for a few months and you would have to consider possibly moving out and renting a space short term
  • If you decide to live through the renovation, it can be very taxing and exhausting for you and your family
  • Finding trades/ architect designers to make your dreams come true can be overwhelming and can take a very long time
  • Once you max out and finish renovating your current home, that’s it, there is no more room for growth, you are just following the market trends

Will your budget even allow for all the updates you are hoping for?

Signature tip:

If you are leaning towards loving your home and renovating… If you are pulling equity out of your home, perhaps a part of your budget could be saved and used as a down payment on an investment property.

Read more about James’ article on the pros and cons of becoming a landlord.



  • Moving up can be so incredibly exciting to start fresh
  • When you “move-up” your opportunity for growth is much greater
  • Location – opportunity to move to your dream neighbourhood
  • You can include a list of MUST haves in your next home, i.e. if you want a bigger size lot, more sun in your backyard etc, this would just not be an option with loving your home


  • This is typically a more expensive option.
  • Coordinating a change of address, packing and moving can be exhausting!


Before making your final decision, you can reach out to any of us at The Mink group and we can let you know the neighbourhoods within your budget. As always, we are your real estate consultants and if you ever wonder about your next best “move” we are here to provide support.


Audrey Bailey

Biligual Sales Representative