Maximizing your Return On Your Investment
Your ready to put your house up for sale and reap some of that equity you’ve built up. Before you do, take a look around. There are some steps you can take that will maximize your return.
Let’s look at the return on investment (ROI) you may see from the Appraisal Institute of Canada, looking at more popular home renovations.
- Kitchen & bath renovations provide a return on investment of about 75 to100 per cent,
- A fresh coat of paint, inside and out about 50 to 100 per cent.
- Reno the basement, build a garage, and replace doors and windows and you should see about 50 to 75 percent return.
- You will get a lower rate of return (25 to 75 per cent) putting a new roof on, or installing central air conditioning, and replacing the heating system. But REALTORS report more and more often clients are commenting on old furnaces & hot water tanks, and noticing the roof if its showing its age. So what you lose on ROI, you may gain on a faster sale.
- Don’t bother installing skylights, whirl pool tubs, and swimming pools. Statistics show these rarely return on the investment.
- Expect the unexpected. When you tear out, you will find surprises that a coat of paint or a carpet just won't hide. Don't ignore them.
- Unless you are licensed in the trade or at the very least, very experienced, hire the professional for plumbing, electrical, and structural changes.
- For the Do It Yourselfer, have fun with the demolition, that's the best part anyway.
Credit for some of the information above.
For more information on fixes that pay click here.
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