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Home additions are one of the most challenging and exciting home renovation projects. Not only does it add additional space to keep your family safe and happy, but it also increases the value of your home. Like any major renovation, it is important to ask the right questions early on and establish a realistic budget to ensure the renovation goes smoothly. Click here to find out more.

Before you start working on your home addition, take time to ponder on these factors.

Why do you intend to create an additional space?

A house addition could be a wise investment for your health and comfort in the future. Before you begin planning for such a large undertaking, take some time to reflect on why you are doing it.

These are some thoughts:

Are you planning to expand your existing rooms? What are your plans for maximizing the space?

Are you looking to increase the number of bedrooms and bathrooms?

Considering your situation what would the purpose of a second bedroom be? Is it possible to make a size concession in this scenario?

What are the most important things you want to include in your home?

Is this an addition suitable for your family members?

Is it possible to add a home extension without spending as much?

How will this affect the sale of your house in the future?

Is it really necessary to construct a second floor from the ground up? Does a partial build with a new master bedroom and a bathroom suffice?

When renovating your house, you should also explore other options besides adding an extension. Achieving your goal without adding a lot – like finishing a basement or tearing down separating walls in order to create more space – can save you money on construction costs.

Partial builds are another option that is more realistic and less expensive. In some cases, you can also add another floor to your garage, but this generally requires a garage to be rebuilt too.

Consider the special feature you need to include

You might have specific architectural features or interior fittings you want to add, and all of these must be considered during the design process. Following are a few special features that you might want to consider for your home addition project.

New fa├žade, siding, windows, doors, roofing, stone, brickwork, and a dormer.

Different styles of flooring, skylights and doors, lighting, or a fireplace in your interior design.

How Much Do You Have To Spend On Your Project?

Home additions are expensive projects. Before you decide on your budget for home renovations, it is important to consider the following questions:

What length of time do you plan to stay in your house?

What price can you afford? What effect will it have upon your quality of life?

What are the prospects for a substantial return on your investment?

While considering smart investments is crucial for a home addition project, as with all other construction projects, it is also important to prepare for the unexpected. Unexpected expenses and delays can occur. To account for unexpected events, always add a 20% cushion to your estimate.

A bank can fund many home additions through a loan or simply add to your existing mortgage payments. You will also be eligible if you have more equity in your home. Banks usually base their decision on the amount you will invest and whether or not it is likely to increase the value of your home.

Do You Need To Be Aware Of Any Building Restrictions?

Before you start construction on your dream addition to your home, check that it is allowed by your local zoning regulations. The bylaws determine the maximum size of a home allowed on your property. They also regulate the size of your yard and landscaping standards.

You must also consider natural features such as trees and other vegetation on your property. The Toronto city administration requires residents to obtain permission before cutting or removing trees.

You will need to submit drawings and applications for permits to build a significant addition to your home before you can begin any major project.

Conclusion:

For your home addition project, it might be wise to hire a company with a lot of experience in innovative works. You should ensure that they can provide a portfolio to prove their abilities.

Our experienced developers, contractors, and design firms specialize in home additions and can assist you in building the second story that you have always wanted. Find out more here.

Investors and individuals are drawn to Canada’s successful real estate market. So it is a good point to note the recent issue about the GST/HST Rebates and Rental Investment Real Estate (referred to in GST/HST terminology as “real estate”).

Investors in a rental property may not be eligible for the GST/HST new housing rebate. The New residential rental property rebate is included by default in all the sales and purchases agreements. This is because the investors don’t intend to use the property for their primary residence or the primary residence of their families.

Purchase and sale agreements for new property assume that the buyer qualifies for the New Housing Rebate. They then incorporate the rebate into a tax-included purchase price. Builders can market their homes at a lower cost than usual by using this method. The builder can credit the rebate against the closing tax, which allows the buyer to receive the rebate right away.

Investors who claim the New Housing Rebate incorrectly instead of the New Rental Rebate are regularly assessed by the Canada Revenue Agency (CRA). If they wish to apply for the New Rental Rebate, applicants must submit their applications within a couple of years of the month’s closing time. One must apply for the HST rebate in Ontario within a couple of years of the completion of the project.

What Is The National Rural Redevelopment Plan?

Only new condominiums and new home purchases qualify for the NRRP rebate. The buyer must make plans to rent the condo or home. Canada Revenue Agency (CRA) is responsible for processing rebates. After submitting a rebate request, applicants should keep all supporting documentation and paperwork for six years. The application paperwork should be comprehensive and complete and submitted by the CRA’s deadline. If you would like to know more about the GST/HST, it might be helpful to read the reviews about the same here first.

How To Apply To Get The Hst Rebates In The Correct Way

For each HST rebate application, applicants must submit actual invoices that back up the application of rebate for six years. The CRA will accept only the real invoices signed by the applicant. Canada Revenue Agency will not accept project estimates and monthly accounts statements as valid documentation for tax purposes.

Late Submissions Of HST Refund Applications

As a rule, CRA will not accept any rebate applications submitted after the deadline. However, there are some exceptions. These include sickness or injury, flood or fire, or interruptions in mail services, etc. The New Residential Rental Property Rebate application could be re-considered if the Canada Revenue Agency is responsible for the extension beyond the deadline of 2 years.

What Is The Average Time It Takes To Receive A Rebate?

CRA usually sends NRRP and comparable HST housing rebate within a few months of applying. It is possible to process some rebates in as little as four weeks, and the average HST rebate process can take up to six months. Due to the strict deadlines and application process, some land owners might find it difficult. To speed up the process, it will be a great idea to hire tax rebate experts for help in completing all paperwork.

Are you in a situation to end your tenancy before the agreement period? There are certain things to be done to break a lease or terminate a residential tenancy. You have to follow the Residential Tenancies Act and Rental Fairness Act before you end up your tenancy. A clear understanding of the termination of lease laws can help you to evict your tenant without any issues. Read this article to know more about how a landlord can end a tenancy ontario. ? It offers an excellent review of various things to be followed during the process.

Reasons For Ending A Tenancy

According to the Residential Tenancies Act, landlords can end their tenancy before the agreement period in various circumstances. If the tenant performs some unlawful activities that he is not supposed to do based on the rental agreement, then the landlords can end the tenancy agreement. Some of the activities are listed below.

  • Do not pay his rent
  • Damages the rental property
  • Creates issues with other tenants
  • Make use of the residential property to indulge in illegal activities.

Some of the no-fault reasons for ending up in a rental agreement are listed below.
You wish to carry out renovation work in the rented property.
You want the rental property back for your use.

Steps To Be Followed To End A Tenancy Agreement

Follow the following steps to end the tenancy agreement.

  • Send a notice of termination to your tenant stating the reason for the end of the rental agreement.
  • The landlord must wait for a certain period after sending the notice.
  • After the waiting period, file the papers for eviction hearing at the Landlord and Tenant Board of Ontario.
  • Based on the situation, you would be asked to attend the hearing.
  • The court decides the date for eviction.

Make sure to follow all the procedures of the Board for the eviction process.

Notice Period

The amount of time offered for the tenant for eviction depends on the reason for ending the rental agreement. Usually,10-20 days of the notice period is offered to tenants if they have broken the lease agreement. In the case of no-fault reasons, the notice period is longer. It can range from one month to three months. The notice must be sent before the termination period. Fill the right form as the notice varies based on the reason for ending the rental agreement. Fill the forms right else the notice would be considered invalid.

Tenant Refuses To Leave
There are situations when a tenant refuses to evict your rental property after receiving the notice. You have to take the help of the Board to make the tenant evict your property. Board may call for a hearing where both sides can explain their standpoint.

It is not easy to end up your tenancy agreement when you deal with difficult tenants. You have to follow the procedures right to get back your rental property. The above guide would help to end your tenancy agreement in the right way.