Reno Investments Providing the Highest Returns

There is no question that renovations can be a complex and time-consuming. That is why it is important that renovations are looked at on an individual basis to determine the best areas to invest in to ensure you get the highest return when you sell your home.  You – as a homeowner – want to ensure that any improvement you make to your home will add as much value as possible.

According to the Appraisal Institute of Canada, the renovations that provide the best return on resale are typically cosmetic improvements, such as painting and decorating, where there is limited capital outlay.  However, when it comes to cosmetic renovations, homeowners should take caution to not overly personalize the renovations because it could adversely affect the property’s function or market appeal to the general public.

Also very important to note is the actual quality of work completed.  The savvy home purchaser now notices when work is not done well.  Whether or not you are planning to sell your home, you should ensure that the work done is satisfactory, adheres to the local building codes and is done to completion.

When homeowners decide to renovate, they usually take one of two approaches. Some homeowners decide to renovate simply because it is something they've personally wanted, for example a pool or a skylight in the bathroom, which doesn't typically yield high return on investment.  Other homeowners take the “investor” approach – perhaps replacing old countertops, cabinets or the roof, for the specific purpose of increasing the overall market value of their home.

To read more click on the link:  http://homeinspectionnetwork.ca/renoreturns/