Renovations are like Art, some people might like them, and some people will not. Make sure you do it right, or the you could actually decrease the value of your house.
This is how: When an educated buyer walks into a house, and they don’t like the renovation, and they know they have to re-do or demolish the renovation, that is an added cost. Take for instance a basement, if your basement is not finished, it just needs to be finished. If the basement is finished badly, then it will cost more money to demolish the basement and then start from that point. The same scenario goes for the whole house.
Percentage recovered upon resale
Kitchen upgrade: 75% to 100%
Bathroom upgrade: 75% to 100%
Interior painting: 50% to 100%
Roof replacement: 50% to 80%
Replacement of furnace or heating system: 50% to 80%
Expansion (addition of family room): 50% to 75%
Doors and windows: 50% to 75%
Deck: 50% to 75%
Installation of hardwood floor: 50% to 75%
Construction of a garage: 50% to 75%
Fireplace (wood or gas) 50% to 75%
Central air conditioning: 50% to 75%
Finished basement: 50% to 75%
Wood fence: 25% to 50%
Interlocking paving stones on driveway: 25% to 50%
Landscaping: 25% to 50%
Asphalt driveway: 20% to 50%
Pool: 10% to 40%
Skylights: 0% to 25%
Here are some hot renovations trends this year to think about:
– Home theatre
– Hardwood floor in kitchen
– Laundry room on main floor
– Whirlpool bath
– Built-in kitchen appliances
– Office on the ground floor
– Kitchen island
stats taken from homeatstyle.com
Since I started selling Real Estate, I always hear from people wanting to buy or sell, I’m waiting for the market to go down. If you live in Toronto, Vancouver or Alberta, you are going to have to pay more money to get a house or property.
What’s Driving this market? Its simple, the interest rates are low. While prices are climbing and regulations are getting really tough, the people that have equity already and have good credit and a good paying job are capitalizing on their good fortunes. The rich get richer.
The market will not go down until the interest rates go significantly higher and make it impossible for these do-gooders to stop qualifying for a second property.
We also now have a lower dollar and lower gas rate. Cheaper oil, and lower dollar are contributing to attracting foreign dollars and investment again in the country. All this is leaving Canada as an attractive place to invest, and invest significantly in Real Estate they are.
My professional advice is that if you are thinking about investing or buying a property, do it now, so you can start seeing the investment go higher and stop waiting it out on the side lines while other people are making money. The markets not going down anytime soon, get your head out of the gutter.
Selling Your House in the digital time, is exciting and it could be an invitation for theft.
Even if agents who do not do extra advertising to your property most likely will be all over the internet by the time the listing hits mls.
Without knowing it, your agent probably opts in to allow other agents with feeds on their website to advertise the listing. That is why if you’ve listed your house in the last two years, chances are that other agents have the top spot on google when you search your address. Google is a paid service so the more a person pays for advertising the more their ads will get above yours or your agent.
There is a way to opt out of this but that really is counter productive. You want the most exposure you can, while it is putting a target on your house for theft, it is putting a target on your house for a buyer. That is what you need. So take all the necessary precautions, and be safe!