Best Bang Per Reno $
Renovations
*What renovations will give me the greatest return when selling my property?
According to the Appraisal Institute of Canada's 2004 Home Renovation Survey**, the "Top three" pay back renovations are:
- Bathrooms (75% to 100%)
- Kitchens (75% to 100%)
- Interior and Exterior Painting (50% to 100%)
Ten "Average" pay back renovations are:
- Roof shingle replacement (50% to 80%)
- Furnace Heating System (50% to 80%)
- Basement renovation (50% to 75%)
- Recreation Room addition (50% to 75%)
- Fireplace installation (50% to 75%)
- Flooring (50% to 75%)
- Constructing a garage (50% to 75%)
- Window and Door replacement (50% to 75%)
- Building a deck (50% to 75%)
- Central Air Conditioning (25% to 75%)
Six "Lowest" pay back renovations:
- Landscaping (25% to 50%)
- Interlocking Pavers (25% to 50%)
- Building a fence (25% to 50%)
- Asphalt Paving (20% to 50%)
- Adding a swimming pool (10% to 40%)
- Installing a skylight (0 to 25%)
Top Trends in home renovation in 2004 are:
- Home Theatre Room
- Hardwood Flooring in the Kitchen
- Main Florr Laundry Room
- Use of non-neutral interior paint colours
- Insatlling a jetted bath
- Built-in Kitchen appliances
- Ground Floor Office
- Addition of Kitchen Island
As this information is taken from a national survey, it should be viewed directionally. Payback will depend not only on the renovation undertaken, quality, fit and finish, but is also relative to a comparison of similar homes in the neighbourhood.
*Excerpt from a Royal LePage web article: http://www.royallepage.ca/CMSTemplates/AskRLP/Selling/SellingTemplate.aspx?id=101
**Visit the AIC site where you can access a nifty renovation pay back calculator where you can estimate the pay back potential of various renovation options at http://www.aicanada.ca/e/findappraiser_home.cfm?
The information contained herein is believed to be accurate. No warranty or guarantee is expressed or implied. Not responsible for errors or ommissions. Not intended to cause or induce breach of an existing Ageny agreement.
Anita Schmitt, REALTOR Royal LePage Northshore