What is considered a major renovation for the tax rebate program?

One of the ways that home owners can apply for a HST rebate is to renovate their home substantially, but many of them do not know exactly what this entails and whether or not this could help them qualify for a home renovation tax rebate. To this extent, here is what you need to know about this entire process:

What qualifies as a substantial renovation?

In order to qualify for this rebate, at least 90% of your residence should be renovated to some extent. For instance, if you just bought a house that is not in a very good shape and you choose to take it down and build a new one using its structure; that would qualify you for a tax rebate. However, if you only build a small addition such as a sun room, you will probably not be able to qualify for this program.

 

Is there a way to measure the amount of renovating I do?

Of course there is. You can measure the square footage of the walls and floors to the entire surface of the home or you can compare the number of rooms renovated to the total number of rooms in the home. This will help you make an idea on whether or not you can qualify for this type of rebate. Of course, a safer way to know would be to ask a dedicated mortgage company that can also guide you along the way and offer you some clear instructions on how much you can renovate and what you can leave in its previous condition.

 

Will building a home addition improve my chances of getting a home renovation tax rebate?

In order to qualify for this type of rebate, the renovations much be made to an already existing structure, so even if you build a home addition that doubles the existing space, the only eligible renovations will be the ones done to the existing structure. However, a home addition could help you qualify for the HST housing rebate, so if this is something that you might prefer, as opposed to renovating the entire home, you should certainly consider it.

 

Where can I find help?

If you think you might need further help regarding this matter, the best thing that you can do is to contact someone who specialises in this field and can offer you proper guidance. Professional brokerage firms can not only offer you guidance on the extent of your renovation work, but also take care of the entire paperwork involved and manage the entire application process. This way you can rest assured that you will not have any problems along the way and increase your chances of obtaining a tax rebate of up to $30000.

 

To conclude, if you are planning to do major renovations to your home, you should also take advantage of the tax rebate program and possible recover a part of your investment. Even though you will have to renovate over 90% of your home, if you were planning to do this anyway, this is a great way to obtain an excellent return on your investment.