There is a great deal of thought, energy, time, and money that goes into buying a new home.
Any expense you can think of adds up fast. From realtor fees to lawyers to the actual furniture you need, the entire process can be overwhelming.
There are also several additional costs first-time buyers may not have been aware of prior to house hunting, such as the land transfer tax.
Are you curious about what transfer tax is and how it works? Here is a quick overview.
When it comes to buying a home or condo in Ontario, buyers must pay a land transfer tax. Unfortunately, buyers in Toronto must also pay the Toronto land transfer tax, which has doubled recently.
The cost of your land transfer tax is dependent on a percentage of the home’s value. Therefore, the more expensive the home, the more tax you are entitled to pay.
The real estate is incredibly expensive as it is. The average price of a detached home in Toronto is valued at 1 million dollars. In Toronto, you are not just paying for the cost of the home itself. You are also paying a location premium.
With the cost of living, it can be challenging to find a home that has all you need. Especially when it comes to having a good space for family activities or an office for work, you will want all the room you can get.
Working from home can be great! You are able to abandon the dreaded commute, spend more time with family, participate in hobbies and even sleep in longer if you choose.
However, if all your family members are also working from home, your space can start to feel cramped. Home offices are very in-demand.
Yet, typical home offices require additional square footage which can be very costly if you are thinking of renovating to add more space.
That’s where the Abode comes in!
Abode units are only 108 sqft (9’x12’) – which is the traditional size of an average home office or spare bedroom.
You typically do not require a permit, and well-appointed turn-key Abode models are available from the mid $40k.
If you are in need of more space and want to avoid the hefty land transfer tax, the team at The Abode have got you covered.
Whether you want to use your Abode as a home office, fitness studio or hangout space, the sky’s the limit and it’s only steps away.