March 12, 2008
Raising the bar for renovations
There’s a new, much-needed, resource that consumers in the Toronto area can use to both find reliable trades people and warn others about those who haven’t measured up. It comes in the form of an on-line directory called HomeStars.ca and is billed as a website aimed at “keeping the trades honest” through reviews posted by consumers. Launched six months ago, this service is to the renovation world what Zagat is to the food and hospitality industry.
It’s definitely a different animal from websites that merely list contractors, trades people and suppliers who have paid a fee to advertise on the site. While those sites are helpful in finding contact information, there’s usually no indication whether the companies listed are recommended, highly or otherwise, by past customers. HomeStars.ca gives us that in an on-line directory where “consumers can read and write real reviews on renovators, retailers and repairmen” in the greater Toronto area.
December 18, 2007
Should you remodel?
Many homeowners wonder, should I remodel my bathroom? Should I replace the carpets? Should I put on a new deck? Well, the answer to that question will depend on many factors. As a homeowner, you need to be weary of “over-improving” your house Here are a few factors to consider when remodeling:
How does your house compare to those in your neighborhood?
If every house in your neighborhood has a brand new kitchen and your kitchen is from another era, it may be a good idea to freshen up the look with some new flooring and/or a new countertop. There are simple ways to improve your kitchen without putting a hole in your pocket. Sometimes a new paint job or the re-facing of the cabinets will do the trick and make your kitchen look up-to-date. Does this mean that if every house on your street has an in-ground pool, then you should have the same? By no means! Having a pool at your house is an amenity and not a requirement for a home.
How long do you plan to stay at the property?
If you plan to stay in your house for many years to come, odds are that the money you are putting into your home will pay for itself in the long run. If you are thinking of moving right away, that doesn’t mean you shouldn’t make improvements, but it is about making the right improvements - ones that will attract buyers and get your home sold for a higher price. Areas to focus on are the kitchen and baths, painting and flooring. Homeowners tend to see a higher return on their investment when they focus on these areas.
How much did you pay for your house and how much would it sell it for?
If there is a big difference between what you paid for your home and what you can sell it for – you will have more room for improvements! So how do you know how much your house is worth? For about $300 to $400, you can get aprofessional appraisal done on your property. Another option is getting a Comparative Market Analysis for your home from a real estate agent. Although it is not an official appraisal, it can help the homeowner understand the current market conditions and the highest price the market would bear for your property.
Do you enjoy your home?
Sometimes, you just want to add to the house because you simply want to enjoy your home. And that is okay! Besides, you bought the house so you didn’t have to rent from someone else who tells you what you can and cannot do! So, if you’ve been dying for a bigger deck or a stone walk-way you’ve always dreamed of – go at it, but – I would rethink the hot-pink walls, but that’s just my opinion!
Happy Remodeling!
December 4, 2007
The Next Level
Why bungalow owners are adding second storeys
Back before the boom, when people talked about putting an addition on their house, they were likely talking about those out-the-back jobs agents call a “discreet enlargement.” But double- and triple-digit appreciation has left homeowners with little time for discretion. We’re now out of the backyards and onto the roofs, slapping very indiscreet second storeys onto our modest homes.
Toronto is littered with bungalows—roughly 7,000 in East York alone—most built after the Second World War as temporary housing for soldiers who’d marched on Paris and didn’t want to go back to small-town Ontario when the fighting was over. But as anyone who ever spent Grade 6 in a 35-year-old portable knows, temporary has a way of becoming permanent. As downtown property became more expensive, people started migrating to the burbs, and the bungalows became starter homes for those not yet requiring the amenities of a suburban villa.
Now that living downtown is all the rage, bungalow owners in such post-war ’hoods as Leaside, central Scarborough, central Etobicoke, Martingrove and the area north of the 401 between Bathurst and Yonge are expanding skyward, and at quite a clip. Adding a second storey can be quite painless. Sometimes, homeowners don’t even have to clear out for the duration, which in some cases can take just a week. In 2006, the city issued 636 permits to add second storeys. As of October of this year, it had issued another 474.
That’s good news for Vladeta Jericevic, co-owner of Modular Home Additions, a company that builds second storeys in a Bermondsey Road factory and lowers them onto houses for as little as $54,000 a pop. A large portion of his company’s second storeys are added in Leaside. “People in that neighbourhood love the schools,” says Jericevic, “and if they don’t have a lot of money, [a second storey] is the least expensive way to get more space.”
The other big reason homeowners add a second storey is for resale. But caveat emptor. According to Michael Roman, senior appraiser at In-House Appraisal, adding a second storey doesn’t always lead to the windfall owners expect. He recently appraised an East York bungalow owned by a couple who bought it six years ago for $325,000, spent $350,000 on a second storey and renovations, and ended up with a resale value of $780,000. That’s a 15 per cent return on investment over a period during which untouched houses regularly realized much more.
As with any reno, it’s all in the execution. A modular second storey can transform an Etobicoke bungalow into a reasonable facsimile of Annex Edwardian. Some companies even let you design your own on their Web sites (www.additiononline.com, for example). But you’re not an architect, and the difference will show. Getting a professional involved is a good idea, though it will cost more money, of course—the starting price for a quality job is roughly $150,000.
Whether it’s architect-designed or prefab, though, the second-storey craze is good news for the city, which has sprawled too far too fast. Urban theorists have been preaching the mantra “grow up instead of out” for years. Finally, it seems, Toronto’s doing it, one storey at a time.