Selling with REMAX Crown Real Estate

Our agents have the tools and expertise to thrive in today’s competitive market.

They’ll work with you every step of the way, using a blend of skill, experience, and technology to sell your home at the highest possible price in the shortest timeframe

Integrity and results

What to expect when Selling with REMAX

  • Pricing expertise: Our Agents analyze local home sales and current market trends to determine the best price for your property.

  • Marketing: Comprehensive marketing plans, including MLS® listings, social media posts, and other strategies to attract buyers.

  • Showings and open houses: Manage scheduling and hosting of showings and open houses to provide opportunities for potential buyers to view your home.

  • Negotiations: negotiate on your behalf to secure the best possible price and terms when offers are made.

  • Contract preparation: assist with preparing all necessary paperwork, including purchase agreements, disclosures, and other legal documents for the sale.
Selling resources

The selling process

From start to finish, I'll be right there

When selling your home, it’s essential to price it competitively to stand out in a crowded market. Our agents will generate a Comparative Market Analysis (CMA) report, which compares your property with recent home sales in your area. This will provide you with a clear understanding of current market trends, ensuring that your home is priced to attract qualified buyers. You can also use our online form to get a quick estimate of your home’s value, helping you make informed pricing decisions for a successful sale.

Helpful selling resources

Ready To Go To Market?

Benefits of using a REALTOR® to sell your home

Benefits of using a REALTOR® to sell your home

Consider the following benefits of working with a REALTOR®.

The best asking price for your home

The best asking price for your home

Learn about setting a realistic price for your home that reflects current market trends.

Drive up appeal: Get your property ready to show

Drive up appeal: Get your property ready to show

Remember, a potential buyer’s first impression of your house is formed while sitting in a car.

How to get top dollar for your home, fast!

How to get top dollar for your home, fast!

Use the following tips to seize control of the home-selling process before you begin.

A manual to prepare your home for selling

A manual to prepare your home for selling

You never get a second chance at a first impression.

Tips for showing your home

Tips for showing your home

Concentrate on the following areas to ensure your home is ready to show.

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The Unexpected Red Theory in Interior Design

The Canadian real estate market has seen its fair share of fluctuations in recent years, from interest rates and inflation concerns, to shifting buyer preferences, which have made selling a home more challenging. Ensuring your listing stands out in a competitive market is key. Buyers are increasingly selective, looking for homes that feel unique, modern, and move-in ready, underpinning the importance of home staging and curb appeal. One emerging trend that could attract the right kind of attention? The Unexpected Red Theory.

What Is the ‘Unexpected Red Theory’?

What is the Unexpected Red Theory? It’s an interior design trend that suggests adding a pop of red to a space can make it feel more memorable, cohesive and visually striking. Brooklyn-based designer Taylor Migliazzo Simon first introduced the concept and quickly gained traction on social media platforms like TikTok and Instagram, particularly under the hashtag Unexpected Red Theory TikTok. While the idea may seem new, the concept of using red as an attention-grabber has been around for decades, seen in fashion, branding and even psychology.

Red is a dominant and stimulating colour. It’s used in stop signs, emergency signals, and high-end luxury branding for a reason. Studies have shown that red grabs attention, boosts confidence, and even makes objects appear more valuable. When applied to home staging, Unexpected Red Theory interior design strategies can make a property more memorable to buyers, helping it stand out in a crowded market.

How Sellers Can Use the Unexpected Red Theory to Attract Buyers

If you’re looking to sell your home faster and at a better price, integrating The Unexpected Red Theory into your staging strategy could make a significant impact. Here’s how you can take advantage of this trend:

Use Red to Create a Focal Point

Buyers tour multiple properties, and after a while, they tend to blend together. A bold red accent like a statement chair, a patterned rug, or an eye-catching vase can make a home more memorable. A strategically placed pop of red helps buyers recall a home as “the one with the striking red chair” rather than another neutral listing. Unexpected Red Theory interior design experts suggest that subtle, yet intentional uses of red can create a strong visual impact.

Add a Touch of Red to the Kitchen

Kitchens are one of the most important selling points in a home. Studies show that buyers often base their decisions on how much they love a kitchen. Small red appliances, a red kettle, dish towels, or even red bar stools can add energy to the space without requiring a full renovation. If you want to go bolder, a red backsplash or cabinet hardware can create a striking contrast with neutral tones. Home staging professionals using red theory in kitchen design often recommend incorporating red in a way that highlights key areas without overwhelming the space.

Make the Entryway Inviting

First impressions matter, and a well-staged entryway can set the tone for the entire home. Consider adding a red rug, a framed artwork with red accents, or a red console table near the front door. This simple yet strategic use of colour aligns with the Unexpected Red Theory, making the space feel warmer and more inviting.

Enhance Outdoor Curb Appeal with Red

The curb appeal of a home is just as important as the interior when attracting buyers. A bold red front door is a timeless design choice that adds personality and warmth. If a red door isn’t an option, consider red potted plants, red outdoor furniture, or even red patio cushions to make the home’s exterior pop. Many real estate professionals are now exploring Unexpected Red Theory interior design elements beyond interiors, bringing them into outdoor staging as well.

Incorporate Red in Bedrooms and Living Spaces

Red isn’t just about power and energy. It can also add warmth and coziness. A red throw blanket, pillows, or artwork can make a bedroom or living area feel lively without overwhelming the space. In children’s rooms, a red dresser or toy storage adds a playful and inviting feel. Many designers sharing Unexpected Red Theory TikTok videos emphasize how a well-placed red accent can bring life to a room without overpowering it.

What to Avoid When Using the Unexpected Red Theory

While red can be a powerful tool in home staging, overdoing it or using it incorrectly can have the opposite effect. Here are some common mistakes to avoid:

Avoid Overwhelming the Space

Red is a strong colour, and too much of it can feel overpowering. Stick to small accents rather than large, dominant elements. Instead of painting an entire room red, choose one accent wall or a few strategically placed accessories. A subtle approach aligns with red theory principles, ensuring the pop of red remains impactful.

Avoid Using the Wrong Shade of Red

Not all reds are created equal. Bright, fire-engine red can feel intense, while deeper hues like burgundy or rust can add a more sophisticated touch. Match the shade of red to the home’s existing decor so it enhances rather than clashes with the space. Many Unexpected Red Theory interior design applications rely on muted, well-balanced shades to maintain harmony.

Don’t Use Red in Every Room

The key to making The Unexpected Red Theory work is keeping it unexpected. If every room has red accents, the effect loses its magic. Instead, use it selectively to create moments of impact. The power of this approach is often highlighted in Unexpected Red Theory TikTok trends, where designers showcase minimal yet effective uses of red.

Be Careful with Red in Certain Spaces

Studies suggest that red can increase stress levels in certain settings. For example, in a bedroom, too much red might feel overwhelming rather than cozy. Stick to subtle red accents rather than large surfaces like walls or bedspreads. Unexpected Red Theory interior design strategies often emphasize balance to ensure that red complements rather than dominates a space.

Avoid Clashing with Existing Colour Schemes

If your home has a lot of warm earth tones or cool-toned minimalist decor, red might not always fit seamlessly. Choose red accents that complement rather than clash with your home’s existing palette. The most effective Unexpected Red Theory interior design implementations consider how red interacts with surrounding colours.

In a market where buyers are overwhelmed with choices, small details can make all the difference. The Unexpected Red Theory provides an easy, cost-effective way to make a home more memorable and visually appealing. When used strategically, red can enhance key selling points, improve curb appeal, and create a more engaging atmosphere for buyers.

Ready to make your home stand out in today’s market? At REMAX, our expert agents use tried and true strategies to attract buyers and maximize your home’s value. Contact us today!

Find an Agent Today! 

Source: https://blog.remax.ca/the-unexpected-red-theory-in-interior-design/?fbclid=IwY2xjawL3LXxleHRuA2FlbQIxMABicmlkETF1eGhya1ZIdUlMa0loRDBqAR5o-DJqeYmWqhWvb7VaKvAlMWNMKszVZ7Cad-q-uGBbtAsNHek_PlrxSbHzEw_aem_aToyWdFGeuTRVBcBzlEGAA

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Bathroom Makeover Do’s and Don’ts for Home Value Boost

When it comes to home improvement projects, one area that can significantly impact your home’s value is the bathroom. A well-designed bathroom can make a lasting impression on potential buyers and increase your home’s overall appeal and value. In fact, 61

Do’s for a Successful Bathroom Makeover

  • Consider Eco-Friendly Options

People are becoming more aware of climate change and the need to reduce their carbon footprint. That’s why choosing eco-friendly or sustainable options should be a top priority. This includes selecting water-saving fixtures like low-flow toilets, faucets, and energy-efficient lighting solutions.

Invest in Quality Materials and Fixtures

While it can be tempting to cut corners and opt for cheaper alternatives, this can haunt you in the future. Quality materials and fixtures not only ensure durability but also enhance the overall aesthetics of your bathroom. From tiles to countertops, investing in high-quality materials will result in a bathroom that stands the test of time. We all know that renovations can cost you lots of money, but there are different ways to finance your bathroom renovation.

  • Maximize Storage

A well-organized bathroom is a dream come true for anyone who values tidiness and functionality. It is crucial to maximize storage options. Today, homeowners seek innovative solutions to keep their bathroom essentials neatly stored away. Consider installing floating shelves or wall-mounted cabinets to make use of vertical space. Incorporating built-in storage within the shower area is a smart way to keep toiletries and bath products within easy reach. Say goodbye to shower caddies cluttering up the corners!

Upgrade Shower

If you want to take your bathroom makeover to the next level, upgrading your shower is a must. Gone are the days of basic showerheads and shower tiles.

Invest in a rainfall showerhead for a luxurious and soothing bathing experience. The gentle cascade of water will wash away your worries and make you feel refreshed. Consider adding a handheld showerhead to allow for more flexibility and convenience.

Furthermore, upgrading your shower tiles can instantly elevate the overall aesthetic of your bathroom. Opt for sleek, modern designs that create a focal point, turning your shower into a statement piece. With the right shower upgrades, you’ll never want to leave your bathroom!

  • Add a Modern and Stylish Touch

It’s essential to add a modern and stylish touch to the space. Outdated fixtures and dull colours can make your bathroom feel unappealing. Consider replacing old faucets and hardware with sleek and contemporary designs. Matte black finishes are particularly popular, adding a touch of sophistication and elegance. Pair these with a statement mirror or a stylish vanity to create a cohesive and visually striking look.

Don’ts to Avoid Costly Mistakes

  • DIY Plumbing and Electrical Work

One of the biggest mistakes homeowners make during a bathroom makeover is attempting to tackle plumbing and electrical work. While it may seem like a cost-effective solution, it can quickly become a nightmare if done incorrectly. Bathrooms are considered wet areas, and electrical installations must be carefully planned and executed to prevent the risk of electrocution or fire.

  • Avoid Poor Ventilation

A well-ventilated bathroom helps prevent mould, mildew, and odours. It also helps to remove excess moisture, which can damage walls, floors, and fixtures over time. Without enough airflow, the bathroom becomes a breeding ground for mould and mildew, which can harm the environment and pose health risks. Mould spores can cause allergies and respiratory problems and even damage the structure of your bathroom.

Install exhaust fans or windows that allow fresh air to circulate. Additionally, regular cleaning and maintenance of the ventilation system is essential to ensure its effectiveness.

  • Neglect Lighting

Lighting is an essential aspect of any bathroom makeover, yet it is often overlooked or underestimated. Many people make the mistake of relying solely on a single overhead light fixture. Consider installing task lighting around the vanity area for optimal visibility during grooming routines.

Don’t forget about natural light, either. Maximize the amount of natural light in your bathroom by adding larger windows or skylights. Natural light not only enhances the overall aesthetics of the space but also has numerous health benefits.

  • Rush the Job

It’s crucial to avoid cutting corners during the renovation process. Rushing through the bathroom makeover or opting for quick fixes may seem like a time and money-saving solution, but it often leads to subpar results. So, take the time to plan and execute each step of the makeover.

Invest in Expensive and Trendy Designs

Many think expensive and trendy designs are the key to a stunning bathroom makeover. However, this couldn’t be further from the truth. While it’s true that high-end designs can add a touch of elegance to your bathroom, they often come with a hefty price tag. Remember, trends come and go, but a well-designed and functional bathroom will stand the test of time!

Bathroom makeovers can be a great way to boost your home’s value, but it’s essential to approach them with careful planning and consideration. Just take note of the do’s and avoid the don’ts mentioned above to ensure that your bathroom renovation project enhances both the aesthetics and functionality of your home.

Source: https://blog.remax.ca/bathroom-makeover-dos-and-donts-for-home-value-boost/?rmxv=1701057703&fbclid=IwAR1Hi3wiz-YmSNddFzxIt4D0ofxgLU2fkCywnFbAT_sTjPJjTag1Y7XvlvA

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Bathroom Makeover Do’s and Don’ts for Home Value Boost

When it comes to home improvement projects, one area that can significantly impact your home’s value is the bathroom. A well-designed bathroom can make a lasting impression on potential buyers and increase your home’s overall appeal and value. In fact, 61.3% of RE/MAX agents believe bathroom makeovers are the second greatest high-return investment. However, there are certain do’s and don’ts that you should keep in mind before diving into a bathroom makeover. Let’s take a look at some of them!

Do’s for a Successful Bathroom Makeover

  • Consider Eco-Friendly Options

People are becoming more aware of climate change and the need to reduce their carbon footprint. That’s why choosing eco-friendly or sustainable options should be a top priority. This includes selecting water-saving fixtures like low-flow toilets, faucets, and energy-efficient lighting solutions.

Invest in Quality Materials and Fixtures

While it can be tempting to cut corners and opt for cheaper alternatives, this can haunt you in the future. Quality materials and fixtures not only ensure durability but also enhance the overall aesthetics of your bathroom. From tiles to countertops, investing in high-quality materials will result in a bathroom that stands the test of time. We all know that renovations can cost you lots of money, but there are different ways to finance your bathroom renovation.

  • Maximize Storage

A well-organized bathroom is a dream come true for anyone who values tidiness and functionality. It is crucial to maximize storage options. Today, homeowners seek innovative solutions to keep their bathroom essentials neatly stored away. Consider installing floating shelves or wall-mounted cabinets to make use of vertical space. Incorporating built-in storage within the shower area is a smart way to keep toiletries and bath products within easy reach. Say goodbye to shower caddies cluttering up the corners!

Upgrade Shower

If you want to take your bathroom makeover to the next level, upgrading your shower is a must. Gone are the days of basic showerheads and shower tiles.

Invest in a rainfall showerhead for a luxurious and soothing bathing experience. The gentle cascade of water will wash away your worries and make you feel refreshed. Consider adding a handheld showerhead to allow for more flexibility and convenience.

Furthermore, upgrading your shower tiles can instantly elevate the overall aesthetic of your bathroom. Opt for sleek, modern designs that create a focal point, turning your shower into a statement piece. With the right shower upgrades, you’ll never want to leave your bathroom!

  • Add a Modern and Stylish Touch

It’s essential to add a modern and stylish touch to the space. Outdated fixtures and dull colours can make your bathroom feel unappealing. Consider replacing old faucets and hardware with sleek and contemporary designs. Matte black finishes are particularly popular, adding a touch of sophistication and elegance. Pair these with a statement mirror or a stylish vanity to create a cohesive and visually striking look.

Don’ts to Avoid Costly Mistakes

  • DIY Plumbing and Electrical Work

One of the biggest mistakes homeowners make during a bathroom makeover is attempting to tackle plumbing and electrical work. While it may seem like a cost-effective solution, it can quickly become a nightmare if done incorrectly. Bathrooms are considered wet areas, and electrical installations must be carefully planned and executed to prevent the risk of electrocution or fire.

  • Avoid Poor Ventilation

A well-ventilated bathroom helps prevent mould, mildew, and odours. It also helps to remove excess moisture, which can damage walls, floors, and fixtures over time. Without enough airflow, the bathroom becomes a breeding ground for mould and mildew, which can harm the environment and pose health risks. Mould spores can cause allergies and respiratory problems and even damage the structure of your bathroom.

Install exhaust fans or windows that allow fresh air to circulate. Additionally, regular cleaning and maintenance of the ventilation system is essential to ensure its effectiveness.

  • Neglect Lighting

Lighting is an essential aspect of any bathroom makeover, yet it is often overlooked or underestimated. Many people make the mistake of relying solely on a single overhead light fixture. Consider installing task lighting around the vanity area for optimal visibility during grooming routines.

Don’t forget about natural light, either. Maximize the amount of natural light in your bathroom by adding larger windows or skylights. Natural light not only enhances the overall aesthetics of the space but also has numerous health benefits.

  • Rush the Job

It’s crucial to avoid cutting corners during the renovation process. Rushing through the bathroom makeover or opting for quick fixes may seem like a time and money-saving solution, but it often leads to subpar results. So, take the time to plan and execute each step of the makeover.

Invest in Expensive and Trendy Designs

Many think expensive and trendy designs are the key to a stunning bathroom makeover. However, this couldn’t be further from the truth. While it’s true that high-end designs can add a touch of elegance to your bathroom, they often come with a hefty price tag. Remember, trends come and go, but a well-designed and functional bathroom will stand the test of time!

Bathroom makeovers can be a great way to boost your home’s value, but it’s essential to approach them with careful planning and consideration. Just take note of the do’s and avoid the don’ts mentioned above to ensure that your bathroom renovation project enhances both the aesthetics and functionality of your home.
 

Source: https://blog.remax.ca/bathroom-makeover-dos-and-donts-for-home-value-boost/

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5 Renovation Ideas to Boost Condo Selling Price

Renovations possess the potential to elevate selling prices, but it's essential to conduct thorough research before picking up that hammer. Potential buyers are seeking modernized features and finishes, sparing them the inconvenience and expenses of remodeling on their own. Nevertheless, it's crucial to strike a balance and avoid overpricing compared to similar units in the neighborhood. Here are our top condominium renovation suggestions aimed at optimizing your return on investment and propelling your listing to the forefront.

But First, Get Your Renovations Approved by the Condo Board

If you’re living on a strata property, most home improvements need written approval from the board before a single sledgehammer is lifted. Rewiring rooms, switching around bathroom plumbing or removing a dividing wall are all examples of projects that will need rubber stamping.

Rather than waiting for the monthly meeting, get the process going immediately by sending your strata council an email requesting approval. Break down each project into steps, including progress dates, info on your insurance provider, and bylaw building permits. It’s also wise to take photos at every stage to show how the condo looked before, during and after construction. Now that you’ve got permission, let’s look at what you can do to boost your condo’s selling price.

Totally Floored

Many condos come with carpet pre-installed to help reduce noise, but most buyers aren’t fans of this wall-to-wall flooring treatment. Upgrading worn or outdated flooring with modern, durable materials can instantly improve the overall aesthetic appeal of the space and boost the selling price. Consider options like hardwood, laminate, or luxury vinyl planks that offer a modern and visually appealing look. Selecting flooring that is easy to clean and maintain can be appealing to potential buyers.

For sanitation and style reasons, a buyer might try to negotiate replacing the existing floor with a more popular hardwood into the selling price. Preempt this move — and add more to the listing price upfront — by replacing the current flooring material with hardwood (or engineered wood).

Applied Science

When it comes to appliances, buyers are looking for new or nearly new, so make sure yours are up to snuff. If the dryer has been making a clunky sound for a few months, now’s the time to replace it. Potential buyers often prioritize modern and energy-efficient appliances. Upgrading to newer models can provide a fresh and appealing look while offering improved functionality and energy savings. Consider investing in energy-efficient refrigerators, dishwashers, stoves, and washer/dryer units. Stainless steel appliances are particularly popular for their sleek and timeless appearance. By taking on the hassle of installing them now, you can add them to the features sheet — and selling price.

Counter Offer

Since condos have limited counter space, maximizing what you have will wow prospective buyers, set your condo above the rest and improve its selling price. Instead of ripping out the whole kitchen, replace the current countertops with a classic Carrera marble or white quartz slab. Upgrading to durable and visually appealing materials such as granite, quartz, or solid surface countertops can instantly elevate the kitchen’s aesthetic appeal.

Counters are often the first thing buyers notice in the kitchen, and ample counter space is desirable for food preparation and entertaining, so you want buyers to fall in love immediately. Consider extending the existing counters for added space or adding a kitchen island for added functionality and storage. Also, talk to the builders about adding an overhang to create a breakfast bar, giving you an additional dining area to feature. This is one renovation idea that could increase the selling price of your condo without creating too much chaos or credit-card debt.

Storage Units

Storage closets are at a premium in condos — look at yours and decide if they’re as functional as possible. Proper built-in shelves, pull-out drawers and other smart storage solutions can make all the difference between your unit and someone else’s, increasing the selling price. Here’s why storage matters:

  • Ample storage space allows for proper organization, reducing clutter and creating a clean and inviting atmosphere. Potential buyers value condos that offer innovative storage solutions to keep their belongings tidy and easily accessible.

  • Effective storage solutions maximize available space, enabling homeowners to maximize their condo’s square footage. Clever storage options, such as built-in shelving, customized closets, or under-bed storage, help utilize every nook and cranny efficiently.

  • Versatile storage solutions allow for multi-purpose use of spaces. For example, a Murphy bed with built-in storage can transform a bedroom into a home office or a guest room when needed, maximizing the functionality of the condo.

  • Well-designed storage solutions can significantly increase the market value of a condo. Potential buyers appreciate the convenience and practicality of ample storage, making it an attractive selling point.

  • Storage solutions that blend seamlessly with the overall aesthetic of the condo contribute to a visually pleasing environment. Customized storage units or built-in cabinetry can enhance the overall design and make the space more cohesive.

You can tackle this renovation idea yourself with a trip to Ikea or an organization store, but consider hiring a closet professional. They’ll know exactly what will work where and the investment will be worth it, knowing it’s done correctly. You want prospective buyers to imagine their yoga mats and hockey skates sitting in that well-organized closet — and pay for it.

Knock, Knock

When considering any condo renovation idea, don’t forget about one of the most prolific yet overlooked features — existing doors and door handles. Let’s be honest; they were chosen by the original developer more for their affordable bulk price than their aesthetics or high functionality.

Double bi-folding doors are often more practical in small spaces than single-slab doors since they take up less space when open. Look to replace the laundry and hall closet doors with bi-folds and the bedroom closet door with a mirrored version. Don’t forget to replace the door handles with something a little more modern, too, such as a matte black or brushed gold finish. You’ll be amazed how this overlooked feature can boost selling prices.

There are plenty of condo renovation ideas out there, but picking and choosing the right one for your property is the trick. Any of these improvements will help you increase your condo’s selling price. So, which one makes the most sense for you to work on before listing it?

Source: https://blog.remax.ca/5-boost-condo-selling-price/


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Adding a Secondary Suite to Your Home: What You Need to Know

There are numerous benefits to adding a secondary suite to your home, such as additional income and an increase in property value. The demand for rental housing in Canada is high, making secondary suites an attractive option for homeowners who want to add value to their property while also providing affordable housing options. Let’s explore the steps involved in adding a secondary suite to your home so you can make an informed decision that fits your financial situation and goals.

Legal Requirements for Adding a Secondary Suite

Adding a secondary suite to your home involves legal requirements that vary depending on location:

Municipality zoning by-laws – Many municipalities have specific rules around secondary suites, including the maximum size, minimum ceiling height, and parking requirements.

Permits and inspections – This includes building permits, electrical permits, plumbing permits, and fire and safety inspections. You may also need an occupancy permit before renting out your secondary suite.

Fire and safety regulations You’ll need to ensure that your suite meets the necessary fire and safety requirements, including fire separation between the main dwelling and the suite, smoke detectors, egress windows and carbon monoxide detectors.

It’s important to note that failure to comply with these legal requirements can result in fines, legal action, and even the removal of your secondary suite.

Designing Your Secondary Suite

There are several steps involved when designing your secondary suite:

  1. Decide the type of secondary suite you want to build. Several options are available, including a basement suite, an attached suite, or a detached suite. Your choice will depend on your specific needs and the layout of your property.

  2. Consider the floor plan and layout of your suite. Ensure the suite is functional, with a separate entrance, living area, kitchen, and bathroom.

  3. Ensure the suite meets the legal requirements for size, ceiling height, and egress windows.

  4. Choose flooring, lighting, and fixtures that are durable and easy to maintain. You’ll also want to consider soundproofing between the main dwelling and the suite to ensure privacy and reduce noise transfer.

Financing Your Secondary Suite

There are several options to finance your secondary suite:

Take out a home equity loan or line of credit – These options allow you to borrow against the equity in your home, using it as collateral for the loan. Home equity loans typically have fixed interest rates and repayment terms, while home equity lines of credit offer more flexibility in borrowing and repayment.

Take out a personal loan or use a credit card – These options can be more expensive in terms of interest rates, but they can be a good option for smaller projects or if you don’t have enough equity in your home.

It’s essential to consider your financing options and budget for your project carefully. You’ll need to factor in the cost of construction, legal fees, permits, and inspections. Working with a qualified contractor can help you accurately estimate the cost of your project and ensure that you stay within budget.

Government Incentives and Rebates

Government incentives and rebates are available to homeowners who add secondary suites to their property. These incentives vary depending on your location and the type of secondary suite you’re building.

Provincial and municipal governments often offer financial incentives to homeowners who add secondary suites. These incentives are designed to increase the supply of affordable housing and improve the livability of existing homes. Sometimes, homeowners may be eligible for grants or forgivable loans to help offset the construction cost. For example, The Ontario Renovates Secondary Suites Forgivable Loan Program is a provincial program that provides forgivable loans of up to $75,000 to homeowners who want to create or renovate secondary suites in their homes.

Tax breaks are also available to homeowners who create secondary suites in their homes. For example, the Multigenerational Home Tax Credit is a federal program that provides a non-refundable tax credit of up to $2,000 for eligible expenses incurred when converting a home into a more accessible and comfortable living space for elderly or disabled family members.

Building Your Secondary Suite

When building a secondary suite, hire a qualified contractor who has experience in building secondary suites. Look for licensed and insured contractors with experience with the type of secondary suite you want to build.

Throughout the construction process, you must oversee everything to ensure the project stays on track. This includes working closely with your contractor to create a detailed timeline and budget for the project, obtaining all necessary permits and inspections, and monitoring the construction process to ensure that it stays on schedule and within budget. You should also communicate regularly with your contractor and be available to answer any questions or concerns that arise during the construction process.

Adding a secondary suite to your home can be a rewarding investment. Still, seeking professional advice and carefully considering the costs and benefits before embarking on the project is essential. With proper planning and execution, a secondary suite can provide long-term financial benefits and improve the livability of your home. Talk to your financial advisor today to discuss the possibility of building a secondary suite.

Source: remax.ca

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