Appraisal Institute of Canada: How To Value Your Renovations
By The Appraisal Institute of Canada at AICanada.ca
AIC, The Appraisal Institute of Canada, has published a booklet called “How to Value Your Renovations” that provides valuable insight on how to measure payback on your home renovations and the top 5 renovations with the highest return on investment in each category. Here’s what they had to say:
Payback on Renovations is measured three ways
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The value of increasing the selling price of your property
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The value of enjoying the renovated space
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The value of maintaining the worth of your property
Top 5 Renovations with the Highest Return on Investment
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Kitchen – renovation or update with quality of materials and workmanship consistent with the area Bathroom – renovation or addition with quality of materials and workmanship consistent with the home and the area
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Repainting Interior / Exterior – completed in tones with wide-ranging market appeal
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Updating Décor – lighting and plumbing fixtures, counter tops, replacing worn flooring (vinyl or carpets) or refinishing hardwood floors
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Decluttering – removing all excess items to showcase the features of your home.
Top 5 Renovations with the Highest Enjoyment Value
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Basement finishing
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Garages
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Sun rooms / Additions
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Decks /Fences
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Landscaping
Top 5 Renovations to Maintain Worth
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Replacing the roofing
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Updating the heating / cooling system
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Replacing windows & doors
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Updating electrical (panel, wiring, sockets, fixtures)
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Repairing structural defects
Replacing the roof cover, updating heating/cooling systems and replacing windows/doors as they near the end of their life expectancy is essential.
Maximizing Your Return On Investment:
How much you spend on improvements should depend, in part, on how long you plan to live in your home. If you are thinking shorter-term, smaller and less-expensive improvements may be your best bet to recover your investment. Think: fresh coat of paint, updating lighting, improving the curb appeal, decluttering, etc. These items can give your home an updated feel with a limited budget. For the highest return on your investment, ensure the workmanship is of good quality and the materials are consistent with other homes in the area.
Related Posts:
Appraisal Institute Of Canada: Tips to Make Your Renovations a Success
Kitchen Renovation Saves & Splurges
5 Ways to Maximize ROI on A Kitchen Renovation
Bathroom Renovation: Where To Save and Where To Splurge
5 Ways to Increase The Value of Your Home With Paint
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