TORONTO RESIDENTS OPT FOR HOME CUSTOMIZATION PROJECTS IN THE WAKE OF A REAL ESTATE BOOM!
In a time where bidding wars are rampant, condominiums are built faster than you can count them, and the average un-renovated bungalow in scarborough can fetch up to six hundred thousand dollars, it becomes obvious that the Toronto Real Estate market is growing at an unprecedentedly fast rate. This fact will either entice or scare potential buyers and sellers depending on their view of what they think will happen next. So, how strong is the Toronto real estate market and how does it fair in comparison to luxury real estate markets around the world?
In a recent study by Christies International Real Estate of 80 of the worlds top luxury real estate markets, Toronto was ranked the hottest. This is well deserved considering the 37% growth it experienced year over year. In recent studies done by the Toronto Real Estate Board, the average selling price of all combined housing in Toronto grew an astonishing 10% in March year over year, 10% in April year over year, and 11% in May year over year. In addition to this the Home Price Index (HPI) Benchmark grew by 7.9%, 8.4%, and 8.9% respectively, fuelled by the sale of luxury homes.
As a result of this recent growth, affording a high end large scale renovation or addition, or building a new home in place of your existing structure is more affordable than ever. Homeowners can leverage against the steady equity they gain on their investment month by month, providing them with an unforeseen opportunity to profit in the Toronto real estate market. In light of this, more and more homeowners plan to use the undertaking of a home customization project as an investment and source of secondary passive income. This is a great plan but, unfortunately, project success lies in the hands of the builder as they control quality and cost management. Often times "professionals" will charge you a rate based on a percentage of construction costs, putting them in a situation where it is in their favour to make your project more expensive. This conflict of interest can dramatically reduce your profit margins, achieving the opposite of the homeowners original goal by increasing debt. To avoid this, ensure you choose a builder who will charge you a fixed rate management fee.
Our service allows clients to use any material, product, or design idea that they please in order to meet their financial goals without up-selling or hidden charges. Once the construction phase has started, we do site walkthroughs with the client at every step to ensure their satisfaction. We also allow you to be in control of your build with our project management app which allows clients to see information about all aspects of their project including various cost tracking tools. Be careful of who you choose to let into your home customization experience and ensure that all costs and processes that are unclear to you are explained in depth beforehand. If you are experiencing a scenario similar to the one described above feel free to call us with any questions or concerns you may have at 4169311422. You can also follow us on facebook and houzz. We always look forward to hearing about your home customization journey and to making it a positive one!