Renovating Mississauga home/condo for resale
When it comes to home renovations, one plus one does not
necessarily equal two. The money invested in improving your home
will not always translate into an equivalent return in the selling
price of your home. However, with planning it is possible to both
increase the saleability of your Mississauga home/condo and even
profit from your home renovations.
Renovations do not have to be extensive or expensive to earn a high
rate of return. In fact, one of the cheapest and simplest
improvements yields one of the highest paybacks. According to a
study by the Appraisal Institute of Canada (AIC), a fresh
coat of paint on interior walls returns an average 73 percent
payback. The Appraisal Institute of Canada has developed
RENOVA, an
interactive guide to the value of home
improvements. The guide can give consumers some idea of the
return on investment for a variety of home improvements, i.e.; payback value
range derived from the cost of the improvement expressed in dollars.
As a member of
National Association of Green Agents and Brokers (NAGAB), Amit
can help you retrofit your existing homes that will save energy, lower utility bills, improve environment, lower
your ecological footprint and receive energy saving government grants or incentives.
These green friendly home improvements will also yield a solid
return when you will sell your home.
To maximize saleability ensure that your new décor is modern and
tasteful. Choose shades of white and tame versions of popular
colours. Steer away from too many personal touches and custom work
if you plan to re-sell. It is unlikely that your investment will be
recouped and it may prevent the quick sale of your home. Also, try
to keep renovations in harmony with the fashion of your
neighbourhood.
The kitchen and bathroom are key areas to focus your renovation
attentions. With average paybacks of 72 and 68 percent respectively,
new fixtures, cabinets and tiles could be well worth the money
and/or time and effort. The AIC's study highlighted the top ten
renovations and the average rate of return:
- Interior painting and décor - 73%
- Kitchen renovation - 72%
- Bathroom renovation - 68%
- Exterior paint - 65%
- Flooring upgrades - 62%
- Window/door replacement - 57%
- Main floor family room addition - 51%
- Fireplace addition - 50%
- Basement renovation - 49%
- Furnace/heating system replacement - 48%
For Royal
LePage's report on ROI on home renovation, visit Amit's Blog.
Call Amit, if you are thinking to renovate to sell your Mississauga home or condo. With his background in interiors, Amit
can show his clients, areas of their property that could benefit
from smart renovations to increase home's value and
saleability.
Amit can guide you when it comes to receiving government grants
for energy conservation programs of Peel region.
|
