Thursday, 25 April 2013

Home Reno's

Canadians are investing in home improvements like never before. According to an Ipsos-Reid survey two thirds (2/3) of homeowners intend to do home renovations this year. If you are renovating for your own sake, you should try to assess the post project to increase the value of your home in case you ever want to sell.
Every year the Appraisal Institute of Canada surveys its members to compile a list of renos that yield the best return on investment. And each year it is refurbished kitchens and bathrooms that are on top of the payback list 75-100% of the money spent on these projects can be recovered upon re-sale, that being said it doesn't hold true if the renovations are in really bad taste.

If you are renovating in order to sell, you should plan for changes that will meet the needs of a majority of potential buyers. It should be fashionable and in line with current trends, at the same time though beware of passing fads. A house that is nice on the inside will sell for a slightly higher price and generally will sell faster.

Also bear in mind that if your house exceeds the average market value in your neighborhood, your renos will not give you great return. Also keep in mind that the amount spent on a reno should be relative to the value of your home. ie you would not spend $30,000 on a bathroom in a $1000,000 home.

Percentage Recovered Upon Resale

Kitchen upgrade.....75-100%
Bathroom upgrade.....75-100%
Interior painting.....50-100%
Roof replacement.....50-80%
Furnace replacement.....50-80%
Doors and windows.....50-75%
Install hardwood floors.....50-75%
Garage (new) ....50-75%
Fireplace (gas or wood)....50-75%
Central Air conditioning....50-75%
Finished basement....50-75%
Asphalt driveway 20-50%

7 Hot Home Improvement Trends

Home theatre
Hardwood floors in kitchen
Laundry room on main floor
Whirlpool bath
Built-in kitchen appliances
Office on the main floor
Kitchen Island

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