Last week we got all our permits in order so we could legally start work on the duplex. The construction permit ended up costing about $600 and the permit to remove one of the civic numbers was $58.
Removing the civic number to officially make it into a single family home ends up being a smart move since if we ever decide to sell the house we won’t have to pay capital gains tax. Selling a duplex requires paying the extra tax because it’s assumed you’re making money off of at least one rental unit in the building. Spending $58 on the permit ends up saving you tons of money in the long run.
With all the permits in place, the only obstacle in our way was not actually owning the building. There was a little snafu with the dates we had picked for the notaries. According to new laws, the notary must have at least three days in which they hold on to all funds before releasing them to a seller. That means when we sold our house on the 25th of June, there was no way that we would have the money to buy our new house on the 27th. This caused some turmoil since we were only informed about it the week before everything was supposed to happen.
In the end it all worked out. The only thing we had to do was push the purchase date from the 27th to the 2nd of July, though this did annoy the woman who was selling us the duplex.
We signed the papers yesterday and are now the proud owners of a fixer-upper in Verdun. Within the next week we plan to start with demolishing the upstairs kitchen and getting an engineer in to make sure we can tear down that wall on the first floor between the bedroom and the kitchen to create our open-concept living space.
Stay tuned for some chilling “before” pictures!