{"id":3757,"date":"2017-08-23T11:30:47","date_gmt":"2017-08-23T15:30:47","guid":{"rendered":"https:\/\/viacapitaledumontroyal.com\/?p=3757\/"},"modified":"2019-08-27T14:36:05","modified_gmt":"2019-08-27T18:36:05","slug":"expanding-your-property","status":"publish","type":"post","link":"https:\/\/viacapitaledumontroyal.com\/en\/expanding-your-property\/","title":{"rendered":"Expanding Your Property: At What Cost and Why?"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/Hx17aELfU-g\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p class=\"p1\">This week on <a href=\"https:\/\/www.facebook.com\/lesorangespressees\/\"><span class=\"s1\">Les Oranges Press\u00e9es on CIBL<\/span><\/a>, we\u2019re talking about property expansions by way of additional floors or new basements. This kind of renovation is increasingly common, but it\u2019s always best to get informed before taking on such a sizeable task.<\/p>\n<p class=\"p1\"><em>Zoning<\/em><\/p>\n<p class=\"p1\">Although the majority of neighborhoods in Montreal authorize expansions, certain districts regulate these types of renovations. For example, <a href=\"https:\/\/www.facebook.com\/leplateaumontroyal\/\">the<span class=\"s1\"> Plateau Mont-Royal borough<\/span><\/a> applies a tax equivalent to 10% of the land value. For a property of $150,000, that means a sum of $15,000 must be paid to the borough.<\/p>\n<p class=\"p1\"><em>Costs<\/em><\/p>\n<p class=\"p1\">According to architect <a href=\"http:\/\/www.guideperrier.com\/\"><span class=\"s1\">Yves Perrier<\/span><\/a>, owners must plan $175 per square foot for the addition of a new floor. This value can vary depending on the type of work to be done, and may even increase up to $200 per square foot. Whether it\u2019s adding a floor or a new basement, home expansions are always an expensive investment. That said, one positive aspect is that costs are returned without fail at the time of resale since new additions increase property values.<\/p>\n<p class=\"p1\">These new additions represent much more than a simple expansion\u2014they are the perfect opportunity for architects to put their expertise to work, providing homeowners with a new and improved lifestyle. This massive investment is worthwhile not only in terms of profits but also because it creates a new living space for the current family and all future owners.<\/p>\n<p class=\"p1\">Home expansions often occur with the arrival of a new family member. However, real estate market prices can deter families from purchasing new and larger properties. A simple solution is to extend a floor or design a basement. The fact that many families have carried out such expansions, and haven\u2019t moved since goes to show how advantageous these large investments can be!<\/p>\n<p class=\"p1\">Between adding a floor or digging a basement, there is no one expansion better than the other. It really all depends on personal needs. In both cases, the best advice is to keep a natural light in mind, that is to say, to take advantage of the construction work and open up the space to let in as much light as possible. Buyers are fond of this type of renovation, which will in turn balance out the costs of the work done!<\/p>\n<p class=\"p1\">Join us every week for a new feature and follow us on ou<span class=\"s2\">r<\/span> <a href=\"https:\/\/www.facebook.com\/ViaCapitaleMontRoyal\"><span class=\"s1\">Facebook page<\/span><\/a><span class=\"s2\">!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This week on Les Oranges Press\u00e9es on CIBL, we\u2019re talking about property expansions by way of additional floors or new basements. This&#8230;<\/p>\n","protected":false},"author":321,"featured_media":3135,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[270,236,313,238,235,252,271,262],"tags":[330,287,331],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Expanding Your Property: At What Cost and Why? - VIA Capital<\/title>\n<meta name=\"description\" content=\"This week on Les Oranges Press\u00e9es on CIBL, we\u2019re talking about property expansions by way of additional floors or new basements.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/viacapitaledumontroyal.com\/en\/expanding-your-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Expanding Your Property: At What Cost and Why? 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