Here is the dilemma facing many of our neighbours here in Toronto: Jane and Tarzan got into the housing market a few years ago before their family started to grow. And now that they are a little bit more established and wanting to expand their family they are realizing that the starter home they purchased just isn’t big enough. But, in todays market getting out of their home and into a new one is going to set them back much more than they can comfortably afford.
So what are Jane and Tarzan to do? How can they maximize their existing space without breaking the bank?
Here are 3 ways to increase your living space at home
1. Remodel or add an extra bathroom
When your family starts to grow the first thing you’ll notice is that bookings for the bathroom will go through the roof. Having an additional bathroom available will not only alleviate the traffic in your main bathroom, but also help to maximize your efficiency and time when getting ready in the mornings (also known as prime bathroom time). If you’re looking to remodel think of energy efficient fixtures as many are eligible for government rebates.
2. Turn that basement into extra living space
Many homes have basements but you would be surprised at how many older (and even newer) homes do not have finished basements. By converting additional storage space into livable space you can effectively almost double your existing space. Don’t need all the room? Consider finishing the basement with the purpose of renting out a room or two to help with your monthly expenses. I outline my Airbnb strategy in this post to tackle a renovation project and outline the potential cash flow.
3. Attic Loft Space
In my area of Toronto I have been noticing many renovated homes are taking advantage of the often overlooked space above your top floor- the attic. Turning your attic into a loft space can be an ideal retreat if you plan on working from home, or to turn it into a family getaway for an intimate movie night in.
Don’t have access to money but want to get started?
Homeowners, especially those living in the Greater Toronto Area, are sitting on one of the largest and fastest growing assets in all of Canada.
Did you know that year over year growth in Toronto for detached homes has increased over 18% from 2015 to 2016? Wowsers! That’s one of the main reasons why many home owners are feeling trapped- because they know very well that if they get out of the market and look to upgrade they could very easily be priced out.
Just take a look at the historical chart below to see where prices are trending at:
For many people that are looking to increase their space a home renovation loan is a great option. By refinancing your existing mortgage we can unlock some of that saved up equity to pay for renovations- whether they are to increase your monthly cash or to have some more breathing room for your family. And the best part? It can cost you very little or even less than you are paying today for your mortgage!
Contact me today and I can help you navigate this strategy and help review your current mortgage to see how we can unlock equity to work for you.
Interested in how I get paid? Check out this blog post where I detail how mortgage brokers get paid in Ontario