Niagara Falls, Sell or Hold to Reno.

[Jeff Sanderson]

Hello & thank you to all who contribute to this post. 

I am currently living in a detached single-family home in Niagara Falls, Ontario (some details below) and am debating keeping the house I purchased to renovate slowly or selling it in the current market and moving back to where my family is living. I purchased the house for 190,000 with no mortgage, and have been sitting on it since my renovation funds were lent out to family with expected return after 6-12months, which has turned into no return date foreseeable (which is tough, but is ok). So at this point, I am debating slowly renovating it when I have funds or time available to do so.

On the selling side, I do not like accepting the loss of possible profits from the renovation, but I am unfortunately quickly becoming ready to pack it up & call it a day. The property is 2hrs away from my family, which is not terrible but I have a young son and do not want to be so far away during this process & I do not currently have the cash to hire out for all the work. 

I am looking for advice as too if it is worth selling in this current market, or if it is worth holding and most likely renovating over the next 2years. My worry is that where I am moving back to is more expensive and the bidding wars are piling up & even rentals are boiling over with bidding wars. This worries me because I would be holding the money from this current sale in hopes that the market settles in the next year or two then I will purchase again. I have just not seen any real signs of slowing down and am worried that if I sell this house now I will be holding cash in a market where property is gaining more & more value & I am stuck on the sidelines. 

I am fairly young & do not have anybody to discuss this with (apart from calling an agent, but I am worried about being nudged to sell since I lack knowledge in real-estate)... so I am sorry for the long post, but any help is appreciated.

House is approx. 500sq-ft, 1.5 storey so approx. 850sq.ft living space, on 40ft x 100ft lot

Upstairs; 2 bedrooms
Main Floor;  Living room, Spare room/office, kitchen, laundry room, furnace closet, 1 oversized bathroom.

All of which should be redone. This is a full home renovation that has not begun. 

Sorry for the vague details, trying not to reveal my property as I already get hassled to sell.  

Thank you again & happy home buying/selling!