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Renovations That Pay...And How to Avoid the Ones That Don't!

Increasing numbers of clients are undertaking renovations as a way of enhancing their substantial home investments and making them more saleable in the future.  Studies show that home renovation is now a $21.6 billion industry in Canada.  Most home owners revoate to improve their living conditions, or to improve the value of their homes.  Some renovate to sell.

 

If you are considering renovating, then you may want to choose home improvements that help you get a better price if and when you sell.  Invite me to your home for a Room-by-Room Reivew and coaching ideas.

 

Renovations That Pay:

1. Kitchen:  New cabinets, flooring, countertops & appliances can be costly but buyers look for updated kitchens.  Typically, you will regain a large percentage of your kitchen renovation expenses upon resale.  Even minor facelits such as refacing cabinets, new countertops or new hardware will pay off in a faster sale at a better price. Best bets are light neutral colours, plenty of cabinet and counter space and new lighting fixtures.

 

2. Bathrooms:  Upgrading an existing bathroom with new light fixtures, toilets, sinks and tubs if outdated colours, cabinerts, countertops, and bathroom hardware are likely to pay off in both value and saleability.

 

3.  Flooring:  Installing new carpets, laminates or hardwood will take years off an older home, breathing new life into it.  Best bets are neutral tones that will suit anyone's furniture.

 

4.  Evergy Savers:  If your windows are drafty, unsightly or single-payne windows, then consider replacing them with new double payne vinyl windows.

 

Renovations That May Not Pay:

1.  Over-improvements:  Add the costs of your proprosed remodeling projects to the current market value.  If the total would now be more than 20% over the average homes in your area, then you probably won't recover your expenses when you sell.

 

2.  High Cost/Low Value Improvements:  It's great to have a hot tub or a swimming pool to take a dip in on a summer day or to relax in after a long day at work.  But not every buyer wants such luxuries, and some are hesitant to buy a home with high-maintenance cost features.  However, you may decide that the cost is woth the enjoyment.

 

3.  Extravagant Interior Design:  When doing any renovation project, if you go for gold fixtures, baroque chandeliers or unique decorating fixtures, the average buyer will not pay the extra money or will bypass the unique designs or decorating.

 

Renovation Pay-Back Formula:

  Canada          United States
Kitchen Upgrades  75-100% 98-108%
Bathrooms 75-100% 73-81%
Built-in Media Center  62%  
Interior & Exterior Painting  50-100%  
New Furnace or Heating System  50-80%  
Roof Shingle Replacement 50-80%  
Extra Fireplace 50-75% 50%
Flooring 50-75%  
Finished Basement 50-75%  
Adding a Garage 50-75%  
Deck 50-75%  
New Windows/Doors 50-75% 57%
Addition of Family Room 51%  
Landscaping 45%  
Addition of Separate Living Unit  42%  
Energy Efficient Features 39%  
Home Office Conversion 35% 65-77%
Central Air Conditioning 25-75%  
Fencing 25-50%  
Upgrade Landscaping 25-50% 31%
Pool 10-40% 31%
Vinyl Siding   55-84%
Hardwire Security System   58%
Glassed in Porch   54%
Screened Porch   48%
Gazebo   48%
Hot Tub   41%
Tennis Court  

34%

Sauna   7%

 

Upcoming Trends for Renovation Projects:

  • Main Floor Laundry Room
  • Hardwood Flooring Upgrade on Entire Main Living Area
  • Built-in Kitchen Appliances
  • Non-Neutral Interior Paint Colours
  • Home Theatre Room
  • Granite or Other Hard Surface Countertops
  • Ground Floor Home Office
  • Soaker Bathtub Separate From Shower
  • Addition of Kitchen Bar Stool Island
  • "Smart" House Wiring
  • Skylights
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