'Don't Fall in love with your real estate' is the first rule in making money in real estate. However, not everyone wants to be a mover and a shaker, meeting new neighbours and rolling in the profits that the incredible Toronto real estate market continues to offer.

When sentimentality reigns supreme rather than making what is probably an overdue change, some folk consider renovating instead. Imagine the space you have grown tired of, becoming refreshed in just a few easy months. I don't think there is a single person out there who has not changed some aspect of their home life during this ongoing pandemic. In fact, there has been a massive surge in renovation projects across the city.

However, be careful not to get in over your head, especially during these already uncertain times. Renovations are not for the faint of heart. Instead of going out and finding your next dream home, turning your home into a dream could become a nightmare.

Some caveats to consider:
Trades are busy and not available. This can cause massive delays & in this circumstance, trades will often pick the job that pays the most and potentially leave you in the lurch at crucial points in your timeline. Or hold you ransom over an increased budget.
Supplies are costly i.e., lumber is now 3 times the price it was pre-pandemic
Appliances and furniture could be months away from delivery.
Getting permits could take forever while the City of Toronto is working on a shoestring staff (think glacial speed).
You still have to move, and for an indefinite period of time, because no one can live through a Reno (believe me, this would be the worst mistake of your life), and the Reno completion is almost never on time.
The romance of your dream Reno-vision will not be infectious to your neighbours who have to put up with the noise, dust and inconvenience. Very few neighbourly friendships survive a renovation.

You can have more than one dream home in your life, and perhaps your next one is out there just waiting for you—Ready at the turn of a key. But you will never know unless you look around.