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There are additional variables to think about when you’re promoting your house. For occasion, if you’ve lived in your home for at least two of the 5 years preceding the sale, you don’t should pay taxes on the primary $250,000 of profit. Married couples don’t need to pay taxes on the first $500,000 of profit.

Many homeowners have extra space they could need to convert into rental suites, similar to an unused basement, or a garage that could be converted into a laneway home. Historically, the value House & Home Improvement news of renovating, combined with municipal purple tape, has made this each tough and expensive. You come home from the grocery retailer with an armful of fresh fruit, but lo and behold—there’s no spare fridge or counter area available.