| When the time comes for more or better house than | | | | individual basis. |
| you have now, some people will decide that renovation | | | | Painting and Decorating |
| or adding on to your existing house is the least | | | | If you decide to paint some out of the ordinary colours |
| expensive solution. Once this has been decided your | | | | bear in mind that you will likely be re-painting in neutral |
| next decision will be what kind of renovations to make | | | | tones at resale time. |
| that will bring you top dollar at resale time. | | | | Exterior Paint |
| Before you start knocking down walls it is a good idea | | | | The same can be said for exterior painting, although I |
| to first of all check your neighborhood. Do you have | | | | did once sell a home painted in purple on the exterior |
| the most expensive house in the area? If the answer | | | | which attracted multiple offers. However that was |
| is yes then all that money you spend on renovations | | | | located in the funky Beaches neighborhood of Toronto |
| may not necessarily come back to you at resale time. | | | | which serves as a good example of how location can |
| If on the other hand you have the least expensive | | | | affect value. |
| home in the neighborhood you should be able to look | | | | Kitchen |
| forward to recouping your renovation investment | | | | Again stick to neutral colours. Those nice shiny |
| provided you do not over-renovate and the quality of | | | | lacquered red cabinets you love so much will not |
| materials along with workmanship is good. You should | | | | appeal to everyone and will shrink the size of your |
| know that not everything you decide to renovate or | | | | potential buyers at resale time. Granite counter-tops |
| replace will deliver a dollar for dollar return, not to | | | | and high end stainless steel appliances are very nice, |
| mention a profit, at resale time. | | | | but if they are not the norm in your neighborhood do |
| A breakdown of specific renovations along with their | | | | not expect the next buyer to want to pay extra for |
| average percentage return is available from the | | | | them. |
| Appraisal Institute of Canada. The following is a list of | | | | Bathrooms |
| their findings, but remember it is strictly a guide. The | | | | Renovated bathrooms are high on every buyers list of |
| numbers will be greatly affected again by location, | | | | must haves, be they first time buyers or seasoned |
| workmanship and quality of materials | | | | home owners. Unless you are in an upscale |
| - Painting and Decorating 73% | | | | neighborhood, functional and neutral are going to bring |
| - Kitchen 72% | | | | you top dollars at resale time. If you have the space a |
| - Bathroom 68% | | | | separate shower stall is always appreciated by many |
| - Exterior Paint 65% | | | | new home buyers. A main floor two piece powder |
| - Flooring 62% | | | | room is also a desirable addition that will deliver returns |
| - Window/Door Replacement 57% | | | | to you at resale time. At the end of the day however |
| - Family Room Addition 51% | | | | you will be living in the house, so try to do renovations |
| - Fireplace 50% | | | | and updates that are going to make your life more |
| - Basement 49% | | | | comfortable and enjoyable for the time you intend |
| - Furnace/Heating 48% | | | | calling the place home. |
| Let's take a closer look at some of these on an | | | | |