There are several ways to add value to your property in the Toronto area. Here are some tips from Metrics Realty:
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Renovate your property: A well-planned and executed renovation can significantly increase the value of your property. You could consider updating your kitchen or bathroom, adding an extension or creating an open-plan living space. However, it's essential to make sure that any renovations you undertake are in line with the local building regulations and zoning by-laws.
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Add a separate rental apartment for income and cash flow: Toronto's high housing costs mean that rental units are always in demand, making it an excellent opportunity to create additional income streams by building a separate rental apartment. However, you should make sure that you comply with all the necessary regulations and bylaws, obtain the required permits, and hire licensed contractors to do the work.
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Regular cleaning and maintenance: A clean, well-maintained property is more likely to attract buyers and renters, and it can also help you save money in the long run. Regular maintenance can prevent small issues from turning into larger, more expensive problems. Keep your property clean, organized, and in good condition.
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Take advantage of tax incentives in Ontario and grants: The Ontario government offers various tax incentives and grants to help homeowners improve their properties. For example, the Home Energy Conservation Program offers rebates for energy-efficient upgrades, while the Home Renovation Tax Credit offers a refund for eligible expenses.
Overall, the key to adding value to your property is to focus on improving its appeal and functionality while also complying with local regulations and taking advantage of available incentives. By taking a strategic approach, you can increase the value of your property, generate additional income, and enjoy a better return on your investment.
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