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2yr Special for low ratio ONLY.....2.49%

To Renovate or Not to Renovate

In Canada, the Appraisal Institute has selected projects that their “specialists” feel offer the best potential for “payback” when selling. According to them, the average potential payback for different renovation projects is as follows:

       - interior painting and décor – 73% of cost recovered 
       - kitchen renovation – 72% 
       - bathroom renovation – 63% 
       - exterior painting – 65% 
       - upgrading flooring – 62% 
       - replacing windows or doors – 57% 
       - main floor family room addition – 51% 
       - fireplace addition – 50% 
       - basement renovation – 49% 
       - furnace/heating system replacement – 48%

The Ontario branch of the Appraisal Institute also produced some interesting numbers. Average potential payback for renovations when a house is sold:

       - kitchen – 78% 
       - bathroom – 71% 
       - interior painting – 74% 
       - exterior painting – 63% 
       - main floor family room addition – 55% 
       - central air conditioning – 52% 
       - new heating system – 50% 
       - new windows – 48% 
       - finishing the basement – 49% 
       - landscaping – 35% 
       - energy efficient features – 33%

The numbers display some trends. It’s obvious that some rooms are better to work on than others. Work done to kitchens and bathrooms are the clear winners from amongst the surveys. The rule of thumb is that the kitchen should be renovated if it is more than 20 years old and the bathroom should be renovated if it is more than 40 years old.

In working on kitchens or bathrooms, it is worth considering just how much renovation is necessary, since, as we’ve seen earlier, you probably won’t get all your money back. Kitchen renovations generally start at about $10,000 – with the sky being the limit depending on your taste and the quality of what you install. Full kitchen renovations usually involve replacing the cabinets, flooring, countertops and appliances. Bathrooms generally cost no less than $5,000 to do, although that number can increase dramatically if you have to relocate plumbing and wiring (and if you have expensive taste with regard to fixtures).

Call me today and let’s get started.

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(Click on Lindsey's contact information above to visit her website)