Renovation of houses is generally divided into two situations:

One is for self-occupation; buying an old house, knocking it down and rebuilding; designing according to your own preferences and needs, selecting materials, and ensuring the quality of the house , the total cost is lower than the market price of new houses;

The second is for investment, and reconstruction is to increase the value of the property. The market price of the built new houses is high, and you can earn hundreds of thousands by selling them again. The high level is to change the land use, such as building townhouses or commercial buildings on the roadside, and the profit may be millions.

In the field of renovating luxury homes, there is a wise saying: "Location, location, location." People with real investment awareness will consider future trends rather than the static market in front of them. Just like playing chess, some people look at one move, some look at two moves, and some people look at a dozen moves.

Extended information:

Renovation requires application for permission:

Provincial and municipal governments have competent departments at all levels and complete laws and regulations in urban planning and construction. .

If the provincial government has laws clarifying land use. The municipal government has corresponding management departments such as Planning Department and Building Department, which are managed in accordance with regulations such as "MasterPlanning Act", "Zoning by Laws", and "Ontario Building Code".

To demolish and rebuild, you must apply to the government. Of course, renovation must also comply with regulations, so you need to obtain a Building Permit from the BuildingDepartment.

In Canada, ZoningBy Laws has clearly stipulated the Density (floor area ratio), Setback (distance from the red line), and Height (height) of each plot, so this information is very important for renovation.

Reference source: Baidu Encyclopedia-Renovation Project