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Home Owner Tips, Upgrades and Maintenance General information on what to do with your new home. Garden, yard, driveway, basement finishing, and everything in between.


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  #31  
Old 2009-05-01, 03:20 PM
oakvillehomeowner oakvillehomeowner is offline
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Quote:
Originally Posted by Fitdiculous View Post
we're on the fence to have a full frameless glass shower ... it's quite pricey from the builder, but is it possible to do afterwards? if so, would be be a ton cheaper? worth it?
usually quite easy - just have your builder leave a marble threshold on the floor/wall where you want the glass to go. cost - it'll be cheaper than having your builder do it. call a glass place (ie: mirror interiors) to get a price quote.
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  #32  
Old 2009-05-15, 04:28 PM
Bostonguy Bostonguy is offline
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Even though most upgrades can be done cheaper after the closing, i have been thinking about something. Say i decided to spend $30,000 in upgrades "ADDED on to the mortgage" so i can pay it spread out over 25 year mortgage. Now say i plan to move again in say 5-10 years, that would mean that i never really paid the full{or half} of $30,000 in upgrades, only a prorated version.

"If and only if you don't plan on staying long term in the house, would it be wise to add on the total{some builders allow it} , rather than paying "upfront" to outside contractors.

I plan and hope that i will live in my new house for the next 20 years atleast. To set the record straight, i will be doing stuff like floors after closing....MUCH cheper than the builders prices.
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  #33  
Old 2009-05-15, 05:36 PM
Hobbes Hobbes is offline
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My builder forced me to put my upgrades on the selling price. I would've preferred not to.

I think the only time putting the upgrades on the mortgage makes sense would be if you needed to borrow the money for upgrades, or if you think you can get a better rate of return on the $30K then the mortgage rate. (in which case you would be better off with minimum downpayment and longest amortization).

Otherwise, hold back $30K from your downpayment, essentially adding the $30K to your mortgage. Pay the $20K it would cost for the upgrades after the fact and pocket $10K!!!
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  #34  
Old 2009-05-19, 10:28 PM
Fingers Fingers is offline
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Just a reminder -- even if a particular upgrade is the same price with the builder as it is after closing, that if you do it after closing, you can claim it as a tax deduction under the new home renovation program.
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  #35  
Old 2009-05-19, 10:59 PM
waikiki waikiki is offline
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You save the PST if you put it on your mortgage or pay the builder with cash for the upgrades. I only saw gst added to the upgrades that we got.
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  #36  
Old 2009-05-20, 06:54 AM
Fingers Fingers is offline
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You save the PST if you put it on your mortgage or pay the builder with cash for the upgrades. I only saw gst added to the upgrades that we got.
Really? We have to pay 11.3%. I guess it depends on the final sale price of your home.
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  #37  
Old 2009-05-20, 08:15 AM
waikiki waikiki is offline
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Originally Posted by Fingers View Post
Really? We have to pay 11.3%. I guess it depends on the final sale price of your home.
OK. I should have said that upgrades for new homes under 400K are pst exempt.
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  #38  
Old 2009-05-20, 08:21 AM
Fingers Fingers is offline
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OK. I should have said that upgrades for new homes under 400K are pst exempt.
Can you clarify? Is that base price? And at what point do your upgrades become taxed at 11.3%? Our base price was $393,900 plus $4k lot premium. And we have a $10K design centre bonus. Are we getting hosed?
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  #39  
Old 2009-05-20, 08:58 AM
waikiki waikiki is offline
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Quote:
Originally Posted by Fingers View Post
Can you clarify? Is that base price? And at what point do your upgrades become taxed at 11.3%? Our base price was $393,900 plus $4k lot premium. And we have a $10K design centre bonus. Are we getting hosed?
Sorry but I do not know the details since it did not apply to us.

Here's a link with some contact numbers that can maybe answer your questions.
http://www.rev.gov.on.ca/english/taxes/rst/index.html
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  #40  
Old 2009-05-23, 11:37 PM
noordinaryotter noordinaryotter is offline
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Fingers, not sure how helpful it is to you, but we're paying 5% GST on upgrades. Our base purchase price was $329,900, and our final purchae price is about $390,000.
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