Buying a house in Brampton is no joke. Home prices in Canada’s ninth most populous city remain high. Due to its large population and proximity to the city of Toronto, real estate prices in Brampton have increased exponentially.
If you are interested in buying a home in Brampton, you need to consider several costs such as mortgage, insurance, repairs and maintenance. Don’t be in a rush to make a decision either. You may want to buy a new home because you like the feel of a brand new property. But the rising real estate prices in the Peel region make it difficult for home buyers. According to thestar.com, home prices in Brampton rose 17 percent in 2016. So if you buy a new home, you will have to spend a lot of money to part ways.
Buying an older home makes sense
If you’re looking to buy real estate, consider older homes for the following reasons:
Brampton’s median age is 33.7 years. It is the youngest community in the Greater Toronto Area. The city has many young starters. And if you’re a first-time home buyer looking for an affordable option, an older home could be just the right choice for you.
· Old house with matching decoration and appliances. That means you don’t have to spend money on refrigerators, stoves, air conditioners and more.
· If you buy a brand new home, you will have to spend money to improve the attractiveness of the home. However, you can avoid this fee if you buy an older home. This is because you get the opportunity to use existing gardens, patios, driveways and more.
Don’t worry if the old house isn’t what you want
People avoid buying an older home because they are concerned about its condition. In addition, they view upgrading a home to meet their standards as an expensive endeavor. However, the reality is different. You may consider giving your home the perfect look with the help of an experienced home improvement contractor. He understands your wishes and helps you create the home of your dreams.
Don’t make hasty hiring decisions. Before hiring contractors, consider the following tips that will make your old Brampton home renovation a breeze:
· Harmonized sales tax (HST)
This is an excise tax and does not apply to the sale of a new home in Brampton. However, if you are doing major renovations to your home, you will have to pay HST. According to the Canada Revenue Agency, substantial renovations involve repairing or replacing 90 percent or more of a home’s interior.
An experienced home improvement contractor knows the rules of the HST. He will help you avoid taxes by showing you ways to minimize your renovation work. So don’t make the mistake of hiring an amateur contractor as it could lead to an expensive deal later on.
Mature neighborhood conditions
Brampton has several older neighborhoods. And the city council wants to protect their unique identity. In September 2014, it introduced several new standards to ensure that any changes to housing in established neighborhoods are consistent with the area’s uniqueness. So if your home is located near Bovaird Drive, Dixie Road, or another established neighborhood, consult an experienced home improvement contractor. He will inform you about the different rules for furnishing your home. He will also assist you in obtaining planning approval from the urban planning department.
· Building permit
Your best bet is to contact a home improvement contractor who has experience working in Brampton. Consult someone who knows the laws of the city. It will assist you in obtaining the relevant permits from the City of Brampton. If you do any kind of renovation without a permit from the City of Brampton Building Department, you will have to pay a hefty fine.
It takes an experienced home improvement contractor to advise you on renovation projects that do not require a permit from the local government. If you do the renovation yourself, you will not know whether you need a permit. It creates confusion and wastes your precious time.
Renovating an older home doesn’t have to be a headache. If you hire a good and experienced home improvement contractor, you will have no problem upgrading and renovating your home. So don’t spend your hard-earned money on a new home. Instead, make an informed decision to buy an older home.
