Renovating you home for re-sale.

A lot of people feel that when the time comes to sell the home they must go out of their way to do a bunch of renovating. Remember small repairs "YES". Unless it's a major issue to be dealt with it's the small things that get noticed. General appearance both inside and out are important but one can go too far.
Real estate experts suggest that you avoid undertaking renovations which increase the value of your home significantly beyond that of other homes in your area, particularly if there are similar new homes nearby. If you do, you probably won't recover the full value of your renovation expenditures. A lot of appraisers caution that a dollar for dollar payback on home renovation projects will not flow to owners should they sell the home and that renovations should be done with the idea of holding rather than adding value just for resale. But if you feel you must do some renovating try to avoid cost over runs and shoddy workmanship. This can be done by getting in touch with various pre-screened contractors.

So where does one spend the money? Where does one get the biggest bang for his/her buck? Well according to a recent study (1999 Renovations & Home Value Survey) by the Appraisal Institute of Canada (AIC), a new coat of paint on the interior walls will return on average a 73% return on your dollar. So, as an example a $1,000 paint job could increase a home's selling price by $1,730 (a $730 profit).
Below is a small table of approximate returns on your money.

1. Interior painting and décor - 73%
2. Kitchen renovation - 72%
3. Bathroom renovation - 68%
4. Exterior paint - 65%
5. Flooring upgrades - 62%
6. Window/door replacement - 57%
7. Main floor family room addition - 51%
8. Fireplace addition - 50%
9. Basement renovation - 49%
10.Furnace/heating system replacement - 48%

Renovating you home for just enjoyment.

For those who are looking to add enjoyment in living in their homes, plus added value the top ten renovation projects which are considered to have the best potential for maintaining value include:

1. Kitchen renovations
2. Bathroom renovations
3. Interior painting and decor
4. Exterior siding
5. Addition of a main floor family room
6. Finished basement
7. Landscaping
8. Addition of energy efficient features
9. Improved ventilation
10. Addition of a separate living unit.

In Canada or Northern climates outside work such as decks and patios are a big hit for buyers. A small 12X20 cedar type or even treated deck can add up to thousands in value on the home. Also in these areas upgraded insulating and even a small heated garage / workshop will add not only enjoyment but value.