Saturday, June 16, 2018     Hilda Campbell      Home Renovations and Maintenance

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I am often asked how much of a “payback” specific renovations give. Certain renovations provide a much greater rate of return than others. Not surprisingly, kitchens and bathrooms offer the biggest return on investment. Other renovations may not provide a huge payback, but can certainly help sell a house. If you don’t plan on moving for a long time, renovate to suit your taste and lifestyle. If, however, you plan to move within a few years, it is important to ensure the renovations are properly, professionally done and the renovations will be suitable to a large pool of buyers.  If you are unsure what renovations to undertake call a real estate professional for advice. In the meantime, I hope the following list will help:

*Percentage recovered upon resale:

Kitchen upgrade: 75% to 100%

Bathroom upgrade: 75% to 100%

Interior painting: 50% to 100%

Roof replacement: 50% to 80%

Replacement of furnace or heating system: 50% to 80%

Expansion (addition of family room): 50% to 75%

Doors and windows: 50% to 75%

Deck: 50% to 75%

Installation of hardwood floor: 50% to 75%

Construction of a garage: 50% to 75%

Fireplace (wood or gas) 50% to 75%

Central air conditioning: 50% to 75%

Finished basement: 50% to 75%

Wood fence: 25% to 50%

Interlocking paving stones on driveway: 25% to 50%

Landscaping: 25% to 50%

Asphalt driveway: 20% to 50%

Pool: 10% to 40%

Skylights: 0% to 25%

Keep in mind that the amount spent on renovations should be relative to the value of the house. For example, a $25,000 bathroom does not belong in a $100,000 house (chances are you won’t be able to find a house at that price, but you get the drift).

Also, if you do plan on moving in the near future, some minor updates can make a big difference.

  • Sanding and re-staining dated or worn kitchen cupboards and replacing kitchen hardware can go a long way.
  • A fresh coat of paint in a neutral tone gives a home a fresh and clean look. Don’t bother with expensive paint. A bargain brand can be just as good as its more expensive counterpart and the new homeowners may want to personalize to their own taste after they move in anyway.
  • Depending on the season, plant flowers in the garden and have planters outside the front door.
  • Replace inexpensive or outdated light fixtures.
  • Replace both interior and exterior doorknobs.

Any questions or comments? I welcome the feedback.

If you're thinking about selling your home, please contact me and I'll be happy to help you find what you've been looking for. 

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