Several of my selling clients from last year are now enduring the process of substantial renovations on "older" properties they purchased, and a few are bravely confronting the process of building from scratch. All of them chose their options after not really finding houses offering that "modern contemporary" feel that many builders sadly seem to be missing here on the north shore.
Naturally many of the questions regarding building versus renovating we dealt with during the purchase proceadure. However, plans can evolve and renos can grow! So it's important to know just exactly when does a reno essentially become a new build in the eyes of planning and more importantly the tax man...the implications are huge!
The following article from BuyRIC.com is extremely helpful.
"New homes built from the foundation up to the final finishing stages are not the only homes that are considered “new” in British Columbia. A “new home” can also be a newly reconstructed building, or more specifically – “substantially reconstructed” – according to the Homeowner Protection Act of BC." Full article here
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