Renovations Add Value
The following is a list of typical renovations that can have a positive impact on the value of your home. According to the findings of the Appraisal Institute of Canada in its national 1999 Renovations and Home Value Survey, some renovations will result in a higher average pay-back (or dollars returned) at the time of sale:
- Interior painting and decor (73%)
- Kitchen (72%)
- Bathroom (68%)
- Exterior painting (65%)
- Flooring upgrades (62%)
- Window/door replacement (57%)
- Main floor family room addition (51%)
- Fireplace addition (50%)
- Basement renovation (49%)
- New furnace or heating system (48%)
Real estate experts suggest that you avoid undertaking renovations which increase the value of your home significantly beyond that of other homes in your area, particularly if there are similar new homes nearby. If you do, you probably won't recover the full value of your renovation expenditures.
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