Thinking of renovating this summer? According to the Appraisal Institute of Canada, here are the renovations that pay off the most.
- Kitchen and Bathroom – Expect an increase in house value of 75% to 100% of the cost of the renovation
- Painting inside and outside – 50% to 100% of the cost can be recouped
- Exterior Changes (Landscaping, interlocking, fence etc.) – 25% to 50% of the cost
- Swimming pool – 10% to 40% of the cost
Renovations are a great way to customize your home to meet your personal style, however the payback you get on your renovations depends on many factors. These factors include what work is done, the quality of the work, the location of the property and what province and city you live in. For example, some sellers in Toronto are finding the payback on renovations like painting and upgrading a kitchen upwards of 200% of the cost to renovate.
For Tips on choosing smart renovations check out this quick list http://bit.ly/1rr68vc