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Ben Sage, Moving Woodstock

Expected Return on Investment of Renovations, according to AIC.

Posted on September 12, 2013 by Ben Sage in Ben Sage, Hardwood, Investment Real Estate, Moving, Property Value Woodstock, Real Estate, remax woodstock, Staging, Woodstock Homes, Woodstock Investment

Is your family growing?  Thinking you’ll be ready to upgrade in a year or three?

Thinking of buying a home that needs refurbishing and potentially flip it for a profit, or hold it as a rental?

Or are you downsizing – the kids moved out, you’re left with a big three or four bedroom home when you could really benefit from a smaller place, with fewer empty bedrooms, less bathrooms to clean, and smaller lawn to cut?

Either way, you’ve likely considered “fixing it up to sell.”  Why wait until it’s time to sell in order to renovate your kitchen?  Why not do it now, enjoy it, and then sell it when you’re ready?

From the appraisal institute of Canada, here is the average percentage recovered for upgrades to a home:

(keep in mind that wear-and-tear and changing styles/style decisions can influence the return on several of these investments)

  • Paint – 100% or more
  • Kitchen Upgrade – 75 – 100%
  • Bathroom Upgrade – 75 – 100%
  • Roof Shingle Replacement – 50 – 80%
  • High Efficiency Furnace – 50 – 80%
  • Replacing Old Windows – 50 – 75%
  • Deck – 50 – 75%
  • Hardwood Flooring upgrade – 50 – 75%
  • Adding Central Air Conditioning – 50 – 75%
  • Finishing your basement – 50 – 75%
  • Interlocking Paving stones on Driveway – 25% to 50%
  • Inground Pool – 10 – 40%
  • Skylights – 0% – 25%

If you’re thinking of performing any of these renovations, give me a ring.  I have lots of experience with clients who have performed different renovations, with varying results.  I have also been involved in several of my own renovation projects, and seen the results for myself.  I am also keenly aware of some of the dangers associated with providing information like this, such as expecting a huge return on a massive kitchen reno with stainless appliances, travertine tiles, and granite countertops, in a neighbourhood where vinyl flooring, arborite counters, and black appliances would have achieved maximum value.

I am not a designer, but from a cost/analysis point of view, I am more than happy to provide real-world advice on the return of your potential investments.

 

 


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