What Your Home Improvement Renovations Are Really Worth
When considering a Home Improvement Reno, there are 2 very important factors to evaluate when deciding your budget:
#1. Value to you
Enhancing your home with a home improvement renovation may offer more value than money can provide. A beautiful outdoor living area to entertain on, a finished basement for the children to play, or that dream bathroom to help you unwind, all may contribute to a quality of life factor that only pride of home ownership can offer. This decision to renovate is based more on emotional factors and desires vs a healthy return on investment. For this type of decision, base your renovation and choice of materials on what matters to you: tumbled stone vs ceramic tile, a deep jacuzzi tub vs an inexpensive shallow fibreglass one, etc. The dollar value in this renovation will come from the years of pride and enjoyment.
#2. Return on Investment - Resale Recovery
Despite what the trendy home flipping television programs show, not all home improvement renovations and home upgrades will give you a large return on investment. Infact, more so than not, most home renovations give you very little return on your investment. Very rarely does a $10,000 home improvement renovation get you a $20,000 return. When considering a home renovation or upgrade for resale purposes, keep all costs in check and splurge only on the necessities.
The following information is a range of the 20 most common home improvement renovations identified by a survey of the Appraisal Institute and verified by a survey of Kitchener Waterloo Home Owners through KWContractor.com. The goal of the survey was to determine, in the informed opinion of home improvement professionals real property values, and what effects these renovations have on the value of a home’s resale.
Please note: Home values and returns on renovation investments are dependent on so many factors such as the location of the property, i.e. rural/urban, the neighborhood and notably important is the quality of workmanship and materials.
Home Improvement Renovation Recovery
Basement Renovation
50 - 75%
Bathroom Renovation
75 - 100%
Install Central Air
25 - 75%
Recreation Room
50 - 75%
Adding a Fireplace
50 - 75%
Flooring Upgrade
50 - 75%
Furnace / Heating Upgrade
50 - 80%
Kitchen Renovation
75 - 100%
Landscaping
25 - 50%
Exterior Paint
50 - 100%
Interior Paint
50 - 100 %
Inground Swimming Pool
10 - 40%
Window / Door Replacement
50 - 75%
Roof Shingle Replacement
50 - 80%
Build a Deck
50 - 75%
Construct a Garage
50 - 75%
Build a Fence
25 - 50%
Install a Skylight
0 - 25%
Interlocking Driveway
25 - 50%
Asphalt Paving
20 - 50%
About Author
Handy Manson is a Licensed Contractor turned 'self professed' internet geek. With the help of a few colleagues at zfactor communications, Handy created a local, Kitchener Waterloo Home Improvement Internet Directory; KWContractor.com. As a fully licensed carpenter and Home Improvement Contractor, Handy has over 20 years experience in several trades.
Source: ArticleTrader.com
|
|
