To give yourself peace of mind, while saving you time and expense, consider consulting with an experienced Halifax home appraiser. They will conduct a reliable, unbiased home renovation cost benefit analysis that takes into account your homes current value against the projected value of your renovation plans.
Keep in mind, the answers may surprise you. In many cases, the payback will depend not only upon the renovation itself, but also upon the comparison between your house and others in the area. If your home's value is above the average market value in your neighborhood, you can expect a relatively low payback on renovations. But if your home's value is below the average market value, you can expect a much higher payback.
According to the Appraisal Institute of Canada's 2004 Home Renovation Survey, the following renovation projects provide the highest potential payback for homeowners:
1. Bathroom Renovation
2. Kitchen Renovation
3. Painting - Interior/Exterior
Here are some projects and their projected average payback value ranges:
Top four greatest payback potentials
* Bathroom renovation (75-100%)
* Kitchen renovation (75-100%)
* Interior painting (50-100%)
* Exterior painting (50-100%)
Ten average pay back potentials
* Roof shingle replacement (50-80%)
* Furnace/heating system (50-80%)
* Basement renovation (50-75%)
* Recreation room addition (50-75%)
* Installing a fireplace (50-75%)
* Flooring (50-75%)
* Constructing a garage (50-75%)
* Window/door replacement (50-75%)
* Building a deck (50-75%)
* Central air conditioning (25-75%)
Six lowest payback potentials
* Landscaping (25-50%)
* Interlocking paving (25-50%)
* Building a fence (25-50%)
* Asphalt paving (20-50%)
* Adding a swimming pool (10-40%)
* Installing a skylight (0-25%)
Although return on investment should always be taken into consideration, the long term enjoyment you and your family will get from the renovation should not be over looked.
For a reliable, unbiased analysis of your home renovation plans, contact an experienced Halifax home appraisal professional. The time, expense and heart ache saved could be well worth the price!
