Creating a New Space Out of an Old Home

Creating a New Space Out of an Old Home

Buying a brand-new home can be quite costly, but it can be much cheaper to get your first time home just a block over; however, it may need a little bit of TLC. If the region in which you’re purchasing a home in is a bit expensive when it comes to the newer homes, you should most definitely go for an older home that’s cheaper, but still has good bones for a bit of a home renovation. This way, you won’t have buyer’s remorse, and you can make it exactly how you want.

Older Homes Make More Sense Than Newer

There are many reasons that you should consider purchasing an older home versus a newer home. If you’re aiming for somewhere like Brampton, you should know that is can be quite expensive. There are also some other things to know, including:

  • If you’re in Toronto and want the youngest area that’s more of a community, this is the area you should go for, as it’s the youngest! Other first-time home buyer’s such as yourself have been flocking to this area. That’s why we aren’t so surprised that prices are going up, but it can be tough on those that don’t have the rising budget to do so. In this area, home prices have increased more than 17% in two years.
  • Buying an older home means that you don’t have to spend money on new appliances, as previous homeowner’s typically leave them to get something newer. While this can save you money now, the age and quality of the appliance depends on what kind of home you buy.
  • Newer homes tend to have some curb appeal, but not much as stagers make it so it’s appealing to everyone. With an older home, most of them already have that charm with an existing garden, driveway, and more. The home selling market wasn’t as cookie cutter was it is today, so you can buy some real charm in areas like this.

Older Homes May Not Tick Off All of the Boxes

People tend to skip out on buying an older home because they think it won’t check off all the boxes they need to move in somewhere. They think that renovating can be expensive and frustrating. While the latter can sometimes be true, it’s all about your research and knowing the history of the home, while learning to negotiate with the previous homeowners.

Purchasing an older home can allow you room for creating the perfect space for a not-so-high price. Working with a professional contractor will allow you to create your dream home. Before you hire a contractor, though, you should look towards these tips that will make renovating much easier:

HST – Also Known as Harmonized Sales Tax

If you’re wondering about consumption tax for a new home in the area, don’t worry, as this isn’t applicable during the buying process of the home; however, if you do renovate a good portion of your new home (more than 90%), you will be subjected to HST.

Keeping the Old Charm Safe

Some areas of Toronto are protected because of the historical aspect behind the old homes. Make sure that your potential house is or isn’t one of them, so that you may renovate as you see fit.

Building Permits are Essential

You can’t renovate certain areas, or any home at all without building permits. If you want a professional to guide you, especially one that’s permitted to do so, contact iRemodel at (416) 825-2542 today.