Renovations
Payback On Renovation Is Measured In 3 Ways:
- The value of increasing the selling price of your property
- The value of enjoying the renovated space
- The value of maintaining the worth of the property
Top 5 Renovations with the Highest Return on Investment:
- Kitchen - renovation or update with quality of materials and workmanship consistent with the area
- Bathroom - renovation or addition with quality of materials and workmanship consistent with the home and the area
- Repainting Interior / Exterior - completed in tones with wide-ranging market appeal
- Updating Décor - lighting and plumbing fixtures, counter tops, replacing worn flooring (vinyl or carpets)or refinishing hardwood floors
- Decluttering - removing all excess items to showcase the features of your home
- With increased housing prices, suites are moving into the Top 5 Category
Top 5 Renovations with the Highest Enjoyment Value:
- Basement finishing
- Garages
- Sun rooms / Additions
- Decks / Fences
- Landscaping
Top 5 Renovations to Maintain Worth:
- Replacing the roofing
- Updating the heating / cooling system
- Replacing windows & doors
- Updating electrical (panel, wiring, sockets, fixtures)
- Repairing structural defects
Replacing the roof cover, updating heating/cooling systems and replacing windows/doors as they near the end of their life expectancy is essential.
Source: Appraisal Institute of Canada
