I thought I would run this question by you guys:
I have a friend that has a $400K, 1956,1100sq ft bungalow home in one of the better streets in Thorncliffe.
They are looking at either knocking it down or renovating it and creating a much better bungalow home at about 1500sq ft with about an investment of $150k to $250K to do it.
They dont plan on moving for many years but the concern is... is this not smart to do this in this area or will the investement pay off when it is time to sell in 10-20 years? He is worried he will have a house that should be worth $600K but the area can't bear it right away in case for unseen reasons it has to be sold and he could lose a lot of money.
Your thoughts please
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