04-08-2013, 03:45 PM
0
I said if you renovate, you have to bring that section up to code because it is considered new construction.
Canada's taxes are insane so that plays into the prices to an extent but depends on the area, closer you are to the cities and stuff it gets expensive. If you live out in the no where area's its cheaper. I have a buddy that lives in Canada Ill have to pick his brain a bit more about the housing market there.
As far as value on improvements on a home, real estate rule of thumb is whatever money you spend on improvements you can get double in the asking price on a home. However if its changing things to code like say changing out old wiring in a house to copper that's not a value increase. Say you have a basement that was unfinished and it cost you 15k to finish it, you add 30k to the asking price of the house if and when you sell it. In my old house we made out even better then the norm, after our upgrades we profited 3 times the amount it cost us.
Canada's taxes are insane so that plays into the prices to an extent but depends on the area, closer you are to the cities and stuff it gets expensive. If you live out in the no where area's its cheaper. I have a buddy that lives in Canada Ill have to pick his brain a bit more about the housing market there.
As far as value on improvements on a home, real estate rule of thumb is whatever money you spend on improvements you can get double in the asking price on a home. However if its changing things to code like say changing out old wiring in a house to copper that's not a value increase. Say you have a basement that was unfinished and it cost you 15k to finish it, you add 30k to the asking price of the house if and when you sell it. In my old house we made out even better then the norm, after our upgrades we profited 3 times the amount it cost us.