Comparing The costs of Moving
First, let’s look at the basics when it comes to going. In Canada there are several fees, taxes and services involved in a full home move and real estate transaction. These include, provincial land transfer tax, municipal land transfer tax, real estate commissions (and HST), moving company expenses, lawyers and closing fees.
Now let’s compare the costs of renovating to stay, specifically with the inclusion of a Homelift as the option to eliminate the need of using the stairs. There are the given costs of the Homelift, installation, site preparation and permits but there are also a few tax credits that will bring those costs down.
This chart outlines the basic estimates of a home in Southern Ontario
|Provincial Land Transfer: $8,475.00||Total Project Price (including Purchase Price, installation & Renovation costs): $40,000.00|
|Municipal Land Transfer: $8,475.00||Federal Renovation Tax Credit: $1500.00|
|Real Estate Commissions: $36,400.00||Ontario Renovation Tax Credit: $2500.00|
|Moving Company: $ 1,200.00|
|Lawyers/Closing: $ 2,500.00|
|Estimated Costs: $57,050.00||Estimated Costs: $36,000.00|
*Pricing examples are based on a home sale price at $910,000 and the purchase price of a $600,000 condo. Total project price for a Homelift is based on typical renovation scope. Exact costs will vary.
There are other considerations when it comes to renovating your home especially when it comes to safety but the inclusion of a Homelift eliminates a lot of these issues. The entrance and bathroom facilities will likely need to be addressed. The money put towards these improvements all add to the end goal of a safe aging in place situation.
At the end of any decision, if it is keeping the home you love then the gain is priceless.
For close to 20 years, Jim Closs of Age Safe Canada and Randy Sore of EZ Access Inc have been asking the question of Should you stay?
They also include some details around this decision outside of the monetary considerations. In deciding whether to spend the money to renovate your current home, there are a number of points to consider, including:
- Your home’s renovation potential. Does the architecture and layout of your current home allow for the kind of renovations you will need to do? Generally, to make your home accessible, you need to modify or renovate entrances, the bathroom, a bedroom, flooring and doors. Your design consultant will be able to tell you what’s ‘do-able’ and what’s not.
- Your neighbourhood. Look beyond the house itself. Look at your house in relation to your neighbourhood and evaluate its accessibility. Are there shops, schools and parks located close to your home? Are they accessible?
- Your neighbours. You can’t buy good neighbours. If you have neighbours where you are now who are friendly and supportive, you may want to stay where you are.
- Local property values. If you’re considering a substantial renovation, it’s important to consider whether property values in the neighbourhood can withstand the investment you’re putting into your home.
- Other members of the family. How will other family members be affected? If you’ve been in your current home for a while, it may be difficult for your children to change schools and leave friends.
- Emotional attachment. It’s not just a house, it’s your home. You may be as attached to your home as your children are and decide there’s too much to lose by relocating.
- Costs. Relocating isn’t necessarily easier or cheaper. For one thing, the inventory of accessible homes on the market is limited, so chances are you’re going to have to renovate even if you do move. In addition, it costs money to move. Consider what just the cost of moving would be and where that would get you if you spent the same amount on renovating your current home. Would it get you close to what you want and need?