When deciding on what type of renovation to undertake and how much to spend, consider how your future “resale” value will be impacted. Not all renovations are a smart idea and actually can reflect negatively on your eventual selling price. Most people think that renovating will automatically guarantee an increase in property value. Not so. You obviously want to appeal to the greatest number of buyers when deciding on what should be renovated.
If you are looking to sell your home quickly, the cheapest and best return for your dollar is to spend a little on interior paint.
The Appraisal Institute of Canada’s top 14 renovation projects with average potential payback are:
- Painting and decor, interior 50-100%
- Kitchen renovation 75-100%
- Bathroom renovation 75-100%
- Painting, exterior 50-100%
- Window/door replacement 50-100%
- Roof single Replacement 50-80%
- Furnace/heating system 50-80%
- Fireplace addition 50-75%
- Basement renovation 50-75%
- Flooring 50-75%
- Building a deck 50-75%
- Recreation room addition 50-75%
- Constructing a garage 50-75%
- Central air conditioning 25-75%
Top 8 upcoming renovation trends:
- Main-floor laundry room
- Ground-floor home office
- Hardwood flooring upgrade in kitchen
- Installing a jacuzzi or whirlpool bath
- Built-in Kitchen appliances
- Addition of kitchen cooking island
- Non-neutral interior paint colours
- Home theatre room
Lowest Payback Potentials:
- Landscaping (25-50%)
- Interlocking paving (25-50%)
- Building a fence (25-50%)
- Asphalt paving (20-50%)
- Adding a swimming pool (10-40%)
- Installing a skylight (0-25%)
As a general rule, forget about the luxuries and keep the renovations general and suitable to the neighbourhood and surrounding homes.
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