The City of Gatineau is proposing a new tax designed to slow overdevelopment and urban sprawl. Under the tax, developers will share costs associated with the creation of new neighbourhoods, costs that will invariably find their way to new homebuyers.
These proposed tax measures do not bode well for homeowners looking to build new homes. These measures, along with climbing household debt and a fragile global economy, make home renovation an increasingly attractive option. If you are trying to decide between building and renovating, consider the following factors.
If the structure of the home is solid, do you really need to build? Many older homes require a modern upgrade to the bathroom or kitchen. Visit any dynamic local business specialized in bathroom and kitchen renovations in Ottawa
and Gatineau region or in any other major Canadian city. One visit can transform your idea of what is possible for you house.
Does the house have a certain charm or character born of a different era? It may be difficult to replicate that in a new one. Try upgrading that older style while adding contemporary flourishes.
Do you like your current location? Why leave it? Renovating contributes to the quality your neighbourhood and that will delight you neighbours.
Generally, you only require a permit for renovations that involve structural changes to your house. These can take time to acquire. Many renovations do not require permits, saving you time and money.
Building a new house means you will need a septic system, road access, electricity, city water or perhaps a well. All factors that would not come into play on a renovation.
If you are a senior or you care for a senior, you may qualify for a Healthy Homes Renovation Tax Credit. The Government of Ontario offers a 15% refundable personal income tax credit for expenses up to $10, 000. As an added bonus, there is no income limit. Many provinces offer similar incentives.
Renovation is an investment in your property. You can expect up to a 70% return on the money you have spent. Your renovations will boost the resale value of your property.
Renovating your house can be an exciting initiative, and in today’s economy, it can be worthwhile one. Keep in mind, home renovation requires careful planning. Research the contractor that you are thinking of hiring and be realistic about the time frames involved.