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.
Renovating or updating your kitchen will typically give you your money back when sell your home.
Updated bathrooms add value and appeal to your home. An added bathroom is also likely to increase sale-ability.
Repainting is one of the most effective ways to improve your home's appeal.
Update décor such as lighting, plumbing fixtures, counter tops and flooring.
Remove excess items to showcase the features of your home. Finish incomplete projects.
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.
Finishing the basement adds living space to gather, play and work.
Adding or organizing a garage can provide space for vehicles, toys and other stuff.
Sun Rooms/ Additions
Adding an addition to your home increases living space, but the value added seldom equals the cost of construction.
Decks and Fences
Decks and fences improve outdoor spaces and safety for family and pets.
Expensive landscaping may add little financial value, but a poorly maintained yard can adversely affect buyer appeal.
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.
A roof near the end of it's life (between 15 and 25 years) may become a hindrance to a sale.
Furnace and A/C
Replacing older heating and cooling equipment increases energy efficiency and lower's fuel and maintenance costs.
Windows and Doors
New windows are more energy efficient, easier to clean and require little maintenance.
Homes built before 1975 may have issues with aluminium wire, non-grounded circuits or knob-and-tube wiring.
Repairing a structural defect may be costly, but will only bring a property up to a normal standard.
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