You probably don’t need to be told that home ownership may represent one of the biggest endeavours in any person’s life.
You may be in for a rude shock if you watch a lot of television and have an idealistic picture of what home ownership looks like. There’s some work involved, there are rules to follow, and you may not be able to afford an insta-worthy mansion on a basic salary. These are some of the myths of home ownership.
Myth #1: I can renovate as I wish
Your house, your way
Homeowners cannot indiscriminately renovate their houses. Changes and modifications made to housing units are subject to building codes, township regulations, and zoning guidelines. Care should also be taken to ensure that your renovation does not obstruct or cause inconvenience to your neighbours, as according to the law.
You can always design your renovations in accordance to your dreams, but if the renovations don’t adhere to the standards of the Uniform Building By-Laws (1984), you may have your renovations demolished and the costs billed to you by City Hall.
All home improvements add value
Home improvements do not add value on a dollar-for-dollar basis as the utility of renovations is subjectively perceived by others. Transforming most of your first floor into a wet bar or a home gym might sound appealing to you, but others might not approve of the lifestyle or may view the renovations unfavourably.
If you are planning to sell the home, any improvements should take into account the needs of your prospective house buyers. Traditionally safe improvements are kitchen remodels, conversions of extra space into additional rooms, and new front doors.