TIPS TO CHOOSING "SMART" HOME RENOVATIONS

Many homeowners are interested in knowing the “smartest” household renovations to make to receive a good return on their investment. Although there are many variables that affect the value of a home, the Appraisal Institute of Canada offers these general tips to homeowners and sellers.

I can help you determine which renovations or upgrades are most worthwhile.

Return on Investment

These are the Top 5 renovations with the highest return on investment. The increase to your home's market value will generally be greater than the cost to complete these items.

Kitchens

Renovating or updating your kitchen will typically give you your money back when sell your home.

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Bathrooms

Updated bathrooms add value and appeal to your home. An added bathroom is also likely to increase sale-ability.

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Painting

Repainting is one of the most effective ways to improve your home's appeal.

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Decorating

Update décor such as lighting, plumbing fixtures, counter tops and flooring.

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Declutter

Remove excess items to showcase the features of your home. Finish incomplete projects.

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Enjoyment Value

These are the Top 5 renovations with the highest enjoyment value. These improvements will increase your home's market value, but not as much as it cost to complete them.

Basements

Finishing the basement adds living space to gather, play and work.

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Garages

Adding or organizing a garage can provide space for vehicles, toys and other stuff.

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Sun Rooms/ Additions

Adding an addition to your home increases living space, but the value added seldom equals the cost of construction.

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Decks and Fences

Decks and fences improve outdoor spaces and safety for family and pets.

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Landscaping

Expensive landscaping may add little financial value, but a poorly maintained yard can adversely affect buyer appeal.

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Maintaining Value

These are the Top 5 renovations to maintain the value of your home. Completing these items will not increase your home's market value, but not doing them will adversely affect a sale.

Roofing

A roof near the end of it's life (between 15 and 25 years) may become a hindrance to a sale.

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Furnace and A/C

Replacing older heating and cooling equipment increases energy efficiency and lower's fuel and maintenance costs.

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Windows and Doors

New windows are more energy efficient, easier to clean and require little maintenance.

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Electrical Updates

Homes built before 1975 may have issues with aluminium wire, non-grounded circuits or knob-and-tube wiring.

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Structural Repairs

Repairing a structural defect may be costly, but will only bring a property up to a normal standard.

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