Buying a home in Brampton is no joke. Home prices are high in the ninth most populous city of Canada. Because of high population and proximity to Toronto city, Brampton has witnessed an exponential rise in real-estate prices.
If you are interested in buying a home in Brampton, you must consider different costs such as mortgage, insurance, repairs and maintenance. Also, do not be in a haste to make a decision. You may want to buy a new home because you like the feel of a brand new property. But, escalated real-estate prices in the Peel region are making things difficult for home buyers. According to thestar.com, Brampton home prices rose by 17 percent in 2016. So, if you buy a new property, you will have to part ways with a large amount of money.
Buying an Old Home Makes Sense
When you want to make a real-estate purchase, consider old homes because of the following reasons:
· The median age in Brampton in 33.7. It is the youngest community of Greater Toronto Area. There are many young and first-time home buyers in the city. And, if you are a first-time buyer who is looking for affordable options, an old home can be the right choice for you.
· Old homes have matching décor and appliances. It means you do not have to spend money on buying refrigerator, stoves, air conditioner, etc.
· If you buy a brand new home, you will have to spend money on enhancing the curb appeal of the property. But, if you buy an old home, you will be able to avoid the cost. It is because you will have the opportunity to use the existing garden, deck, driveway, etc.
Do not worry if the Old Home doesn’t match your Requirements
People avoid buying an old home because they are worried about its condition. Also, they believe that upgrading the home to match their standards is an expensive task. But, the reality is different. You can consider renovating your home beautifully with the help of an experienced home renovation contractor. He will understand your requirements and help you in creating your dream home.
Do not make a swift hiring decision. Before hiring any contractor, consider the following tips that will make renovating your old home in Brampton a piece of cake: villa
· Harmonized Sales Tax (HST)
It is a consumption tax that is not applicable on the sale of a new home in Brampton. However, if you undertake the work of renovating your home substantially, you will have to pay HST. According to the Canada Revenue Agency, substantial renovation work involves repairing or replacing 90% or more of the interior of your home.
An experienced home renovation contractor will have knowledge about the rules related to HST. He will help you in avoiding the tax by showing you ways of minimizing the renovation work. So, do not make the mistake of hiring an amateur contractor because it will result in an expensive deal in the future.
· Mature Neighborhood Provisions
There are several old neighborhoods in Brampton. And, the City Council wants to protect their unique identities. In September 2014, it introduced several new standards to ensure that any change to a home in a mature neighborhood is consistent with unique character of the area. So, if your home is near Bovaird Drive, Dixie Road or any other mature neighborhood, it is important to consult an experienced home renovation contractor. He will inform you about the different rules of renovating your home. Also, he will help you in obtaining the site plan approval from the Planning Department of the city.