California Foreclosure

Whether you are thinking about selling your home right away or staying for a while, any planned renovations should be made with an eye to maximizing your property’s resale value.

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.

Don’t be surprised by the answers you hear. As a rule, the return on investment will depend on the location of the property, the type of renovation planned, and the value of your home as compared with others in the area. If your home’s value is above the average for your neighbourhood, the return will be lower. Conversely, if your home is below the average market value, expect a 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 thorough, objective valuation of your planned renovation, contact an experienced Halifax home appraiser. The peace of mind that comes with knowing they work for only one person…you, is well worth the expense!