We have recently been fielding questions from homeowners that relate to the HST referendum and the upcoming Federal Election.
Below are a couple questions that we have been asked and our responses. We hope this helps clarify a few points and encourages homeowners to move ahead with their renovations before pending changes drive the cost of home renovations up.
Should I wait until after the HST referendum to renovate, and will I save money if we revert to the PST/GST system?
For a variety of reasons, we expect the price of renovations to increase if we revert to the old system. Going back to a dual tax system will create additional administrative costs, which will result in price increases for most products. We suggest completing your purchase prior to the referendum to help reduce your renovation costs.
Should I wait to see if the Federal government creates a new home renovation rebate program?
You should always consider the cost of waiting when making a decision like this. How much more enjoyment will you get out of your home by renovating now? What would you pay for that increased level of comfort and peace of mind? If you're planning to sell your home in that time frame, how much will the value of your home increase if you renovate now? What if a rebate or grant is never created? Plus, keep in mind that the LiveSmart BC program is now available and can help you receive thousands in tax-free grants. You can even receive your grants before paying a dime through our deferred payment program!
We totally understand the concerns and questions that homeowners have. Where there is uncertainty, the common tendency is to wait. However, we believe that waiting may actually end up costing Greater Vancouver homeowners more money in the long run. Naturally, if you have any questions or concerns, please contact us and we'll do our best to provide you with all of the information you need to make an informed home renovation decision.
