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Reno or Go: How cost should factor into your decision

We recently had dinner with good friends: four adults, three boys and a baby crammed around a dining room that in pre-children days had felt spacious but was now clearly cramped. Over pork chops and couscous, we mulled their housing dilemma.

Our friends bought their stylish but small two-bedroom home seven years ago. With two energetic, growing boys, the house is now too small. They adore their neighbourhood but prices have spiked dramatically and they cannot afford to upgrade to more spacious digs in their area, leaving them with two options. Option one is to sell and buy something bigger in another area.

The second is to do a huge renovation, one that entails digging out their basement, adding a third storey and expanding their kitchen, which would then eat into the backyard.

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