Whether you plan to sell your home immediately or stay put for a while, you’ll want any renovations undertaken to have maximum impact on your property’s resale value.
To save yourself a lot of time, expense and heart ache, you should consult a Halifax home appraisal professional. They will provide an objective, unbiased home renovation cost-benefit valuation that details the potential return on investment you can expect for different types of renovations.
Don’t be surprised by the answers you hear. As a rule, the return on investment will depend on the location of the property, the type of renovation planned, and the value of your home as compared with others in the area. If your home’s value is above the average for your neighbourhood, the return will be lower. Conversely, if your home is below the average market value, expect a higher payback.
According to the Appraisal Institute of Canada’s 2004 Home Renovation Survey, the renovation projects offering the highest potential payback are as follows:
1. Bathroom Renovation
2. Kitchen Renovation
3. Painting – Interior/Exterior
Here are some projects and their projected average payback value ranges:
Top four greatest payback potentials
* Bathroom renovation (75-100%)
* Kitchen renovation (75-100%)
* Interior painting (50-100%)
* Exterior painting (50-100%)
Ten average pay back potentials
* Roof shingle replacement (50-80%)
* Furnace/heating system (50-80%)
* Basement renovation (50-75%)
* Recreation room addition (50-75%)
* Installing a fireplace (50-75%)
* Flooring (50-75%)
* Constructing a garage (50-75%)
* Window/door replacement (50-75%)
* Building a deck (50-75%)
* Central air conditioning (25-75%)
Six 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%)
While return on investment is very much a key consideration, stop and consider the long term enjoyment you will get from the improvements undertaken.
For an objective, unbiased valuation of your home renovation project, contact a qualified Halifax home appraisal professional. The time and expense saved, and the resulting peace of mind, is worth its’ weight in gold!
Author: Robert HarrisThis author has published 2 articles so far.