Top 10 Home Renovations
This is a very well written post. I think this includes questions that many home sellers are just dying to know about. I have a very close friend who is about to sell her father's home and I am just going to have to send her a copy of this.
One of the most frequently asked questions that I come across when speaking to homeowners is: "What are the renovations/improvements that will bring me the most return on my investment?"
After much research, reading tons of articles and also being in the real estate field helping Sellers and Buyers in Ottawa for many years, I've compiled the following list of information on the Top 10 Home Renovations.
There is always a slight difference of opinion on the return to the homeowner. But basically, the TOP 10 remain fairly close regardless of whose survey the information has come from or which article you chose to read. There's a great chapter in The Canadian Home Find Seller's Guide which is dedicated to this topic, as well as a closer view of which renovations actually increase the value of a seller's home.
1 - Painting and decor, interior - 74%
2 - Kitchen renovations - 71%
3 - Bathroom renovations - 69%
4 - Painting, exterior - 64%
5 - Flooring upgrades - 61%
6 - Window/door replacement - 59%
7 - Main floor family room addition - 50%
8 - Fireplace addition - 50%
9 - Basement renovation - 49%
10 - Furnace/heating system replacement - 46%Homeowners also are curious to know the expected return of their selected home renovation. Here's an approx. range of return:
- Exterior Paint (60% - 100%)
- Interior Paint (75% - 100%)
- Bathroom Renovation (80% - 100%)
- Kitchen Renovation (80% - 100%)
- Furnace/Heating System Upgrade (60% - 85%)
- Roof Shingle Replacement (60% - 75%)
- Basement Renovation (50% - 75%)
- Recreation Room Project (50% - 75%)
- Install a Fireplace (50% - 75%)
- Flooring Upgrade (50% - 75%)
- Window/Door Replacement (50% - 75%)
- Build a Deck (50% - 75%)
- Construct A Garage (50% - 75%)
- Install Central Air Conditioning (25% - 75%)
- Build a Fence (25% - 50%)
- Interlocking Paving (25% - 50%)
- Landscaping (25% - 50%)
- Asphalt Paving (20% - 50%)
- Add A Swimming Pool (0% - 25%)
- Install a Skylight (0% - 25%)Remember that many home renovations may improve your quality of life, but they may not increase the value of your home or be appealing to potential buyers when it comes time to sell it. The basic factors of value are still in full effect when it comes to pricing. The above information including the Top 10 Home Renovations can be extremely helpful ff you are considering renovating your home this year. A few other suggestions is to make sure you research your project carefully to ensure you are making a wise financial decision, are able to do the job, have your pricing done accurately, and are getting the most bang for your buck!
Which renovations or improvements do you plan on doing to your home this year?
(Thanks to the following sources for their throught provoking articles and great information: The Appraisal Institute of Canada - The Canadian Home Seller's Guide - The National Association of Remodelling Industry)
