renovation costs Archives - Page 2 of 2

Tax tips: How to claim your income property renovation costs

2 03, 2018

Tax tips: How to claim your income property renovation costs

By Vaughn at Flipside Homes|2018-03-15T17:19:12-07:00March 2nd, 2018|Investment Properties|

It is important to know the dos and don’ts of income property renovations. You cannot maximize the return on your investment property without considering taxes. That is why, in preparation for tax season, we are giving you our tips on how to claim the costs of your income property renovation. Our top tips on how to claim the costs of your income property renovation 1. Know what you can claim When it comes to taxes, it is important to know what you are able to claim. One of the main categories you can use to claim the costs of your income property renovations is capital expenses. What are capital expenses? According to the Canada Revenue Agency, they are “renovations and repairs that extend the useful life of your property or improve it beyond its original condition”. For example, if you

Renovating a home with a secondary suite – What you need to know

2 02, 2018

Renovating a home with a secondary suite – What you need to know

By Vaughn at Flipside Homes|2018-01-22T11:18:53-08:00February 2nd, 2018|Renovation Tips|

Secondary suites have become all the rage in Vancouver, partly in response to the city’s skyrocketing housing prices. However, renovating your home to include a secondary suite can be a complicated process. Before you undertake such a renovation, it is important to consider what is required - and decide if a secondary suite is right for you. Legal versus illegal secondary suites While there are many illegal secondary suites in the city, we do not suggest taking this route. Instead, we encourage you to focus on creating a legal secondary suite, protecting yourself against costly fines and renovations down the road. If you have already bought a home with a secondary suite and have discovered it is illegal, there are options available to you. Before taking any action though, it is best to call a professional for advice about how

Why you should plan your Vancouver home renovation now

20 01, 2018

Why you should plan your Vancouver home renovation now

By Vaughn at Flipside Homes|2017-12-16T01:03:29-08:00January 20th, 2018|Renovation Tips|

January may feel like it is better suited to resolution making than planning your Vancouver home renovation. In fact, while most people begin thinking about renovations in the spring or early summer, the earliest weeks of the year are the ideal time to plan your Vancouver home renovation. Here is why. The advantages of planning your Vancouver home renovation now Construction may still be a long way off, but Vancouver home renovations start long before the first swing of a hammer. Planning is best done months in advance, to prepare for hiring crews, obtaining any necessary permits, and finalizing your renovation design. These pre-renovation details need to be completed in order to ensure that your project starts on time, or even early. If you are planning to sell your home after the renovations, finishing on time or early can allow

Home renovations Vancouver: 8 tips for a successful remodel

11 11, 2017

Home renovations Vancouver: 8 tips for a successful remodel

By Vaughn at Flipside Homes|2017-10-24T15:47:21-07:00November 11th, 2017|Renovation Tips|

It’s time to transform your space into an inviting, updated home that suits your family’s lifestyle with a home renovation. To get the most from your renovation, we compiled eight tips to make your project successful. Know when to DIY it There are some minor cosmetic renovations that you could do yourself: update the light fixtures, upgrade the hardware and fixtures in your kitchen and bathrooms, add a fresh coat of paint and install new window coverings. Simple changes like these are perfectly DIY-able! They’ll save you the cost of labour, can be done by almost anyone, and don’t take much time to complete. Know when NOT to DIY But knowing when not to DIY your renovation is just as important! Tasks that are more involved, potentially dangerous or frustrating for those who have limited experience are best left