Relocate

To move or not to move? Considering the current real estate market with inventory at a premium, finding a new “home” can be a difficult challenge. Not to mention, Toronto’s Midtown offers such a high quality of life that it’s hard for those living there to imagine leaving and easy for those looking to buy, to imagine moving there. Jennifer Greenberg warns that relocating or moving into a high-demand area like Midtown is challenging. Here is an example for consideration: A young couple in Toronto who wants to buy a house for $1 million, would need 20% down ($200,000) in cash, plus pay mandatory Land Transfer Taxes of $32,000. What young couple has been able to save the deposit amount, with University loans and/or other debts? Families who “want in,” may be forced to re-compile their “wish list,” settle for less space or even abandon moving to Midtown. Homes and offices in an attractive area often come at a premium. This is why many companies are turning to rental agents instead.

Rebuild

For homeowners who just can’t leave the area, rebuilding can be a viable option, but requires an understanding of the overall process. Whether your house is detached or semi detached will determine your options for rebuilding. Permits will be limited by its “setback.” A semi detached house can only have setbacks on one side; being the distance between your house and your neighbor’s (space between lot line and the house).

Ms. Howeling has suggested an Eight Step Plan for assessing whether or not you should rebuild your house: Create a thorough plan and understand the process.

  1. Determine if this type of project is viable based on cost and timeline.
  2. Create a team to help with each step: architect, structural engineer, general contractor(s), designer, mortgage broker etc.
  3. Have a contingency budget. If you’re renovating an old house, you might discover issues that do not comply with the Building Code. You need to bring all issues “up to code.” After a structure study, you’ll know more.
  4. Hire a home inspector to evaluate your house for potential defects/issues? Some problems may not be initially apparent.
  5. “When you rebuild you don’t have these problems, because you just knock the house down.”
  6. Choose a competent, “all in one” contractor/builder and ensure they adhere to your proposed budget.
  7. Prepare to temporarily move your family out of your house for a major renovation and/or rebuild (6 months to 1 year).

If you are considering a rebuild, then KAAV Living offers a design style that is both modern and functional, utilizing a Scandinavian aesthetic to maximize your lot size. Space is used to its full potential because the house is built on an axis. A 2,300 square foot KAAV house seems large because of long sightlines that look beyond the rooms. Ceilings are high (main floor = 9 feet).

Renovate

If you’re already an owner in Midtown and want to stay in the area, a renovation might make sense for you and your family. Is your lot large enough for a major renovation project? Do you have the budget to renovate? “Those who cannot move-up, renovate. They take equity out of their homes and stay put,” says Jennifer Greenberg. If you choose to renovate your existing home, then your project will need to comply with municipal By-laws. Renovating can have limitations and Mark Wexler advises that much “depends on the Ground Floor Area and lot size. Some By-laws allow you to build a 3rd floor or an addition. Many homes in the area are bungalows so building up can be a possibility.” He recommends that if you have less than $200K available, a renovation and redesign of your existing living space is a good way to try and find more space for your wish list. Even things like changing your dated curtains for shutters from Shuttlecraft constitutes part of a renovation. Wexmark Homes offers renovations that help create space in your existing house. “We use creativity, such as built-ins for closet space, reconfiguring layout, taking out heavy elements of the house and finding other materials and products that will help homeowners gain more space out of an existing template … Taking out walls in the house. Redesigning room sizes. Relocating a staircase. Relocation of a space,” explains Mark Wexler.

All 3 Agree