As featured inNOW Toronto
Some Toronto homeowners are renovating instead of selling or moving. Here's why
By Beatriz Ferreira
With GTA home sales and prices falling, more homeowners are choosing to renovate rather than move. NOW Toronto spoke with Nancy Vu, co-founder of M&S Construction, about why staying put can make financial sense, and what to plan for before starting a renovation.
“Agreeing on scope and design before construction starts is also important.”Nancy Vu, co-founder, M&S Construction
Key takeaways
- Staying put can mean keeping your current mortgage rate and skipping land transfer tax and realtor fees.
- Material costs and tariffs can move quickly, so plan for price changes.
- Set aside a 10 to 20 per cent contingency for surprises, especially in older homes.
- Finalize the scope and design before construction begins.