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Top Home Renovation Tips for Better Resale Value

Kitchen

Up to half of your life can be spent in the kitchen, make it priority for the renovation plans. The Appraisal Institute of Canada suggests that the average amount spent on a kitchen renovation is 10-15% of the value of the home. However, if you plan to live in the home for more than 5 years, it is suggested that the amount spent on the renovation should be 15-25% of the value of the home. As a result, a well renovated kitchen can produce a 44% better return on investment than average.

Things to consider when renovating the kitchen:

-a functional and effective space

-sensible storage

-granite countertops as they are resistant and elegant

-quality appliances and labor

 

Bathroom

A study from Canada’s top real estate companies found that a well-designed bathroom can produce a 56% better return on investment than average.

Things to consider when renovating the bathroom:

-a spa-like setting

-luxuries like a whirlpool tub

-large master ensuite

 

Walls & Flooring

A home that is move-in ready is desired by many buyers. Renovated floors can produce a 22% better return on investment than average. Also, simply repainting walls can produce a 29% better return on investment than other trendy renovations.

Things to consider when renovating floors and walls:

-have hardwood or tile flooring throughout, if possible. If not throughout, then the main areas.

-ensure the flooring flows smoothly from room to room and compliments cabinetry & baseboards

-paint walls with warm and neutral colors

 

*Don’t forget about the federal government's home-renovation tax credit:

http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhmrnvtn-eng.html

This is a program, where if you are eligible, you can receive a tax rebate of as much as $1,350 if you invest up to $10,000 in renovations on your home. The eligibility period is after January 27, 2009, and before February 1, 2010.

 

We wish you all the best in your renovations!

 

Sue & Sarah

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