Halifax Home Appraisal A Must…Before Your Next Renovation!

Posted by Robert Harris

September 7, 2008

by Robert Harris

Whether you are thinking about selling your home right away or staying for a while, any planned renovations should be made with an eye to maximizing your property’s resale value.

You can save yourself a lot of time, expense and needless worry by engaging the services of an experienced Halifax home appraisal professional. They will determine the current value of your home prior to renovation and then provide a reliable, unbiased assessment of the property’s projected value.

Don’t be surprised by the answers you hear. As a rule, the return on investment will depend on the location of the property, the type of renovation planned, and the value of your home as compared with others in the area. If your home’s value is above the average for your neighbourhood, the return will be lower. Conversely, if your home is below the average market value, expect a higher payback.

According to the Appraisal Institute of Canada’s 2004 Home Renovation Survey, the following home renovations offer the greatest potential return on investment:

1. Bathroom Renovation

2. Kitchen Renovation

3. Painting - Interior/Exterior

Here are some projects and their projected average payback value ranges:

Top four greatest payback potentials

* Bathroom renovation (75-100%)

* Kitchen renovation (75-100%)

* Interior painting (50-100%)

* Exterior painting (50-100%)

Ten average pay back potentials

* Roof shingle replacement (50-80%)

* Furnace/heating system (50-80%)

* Basement renovation (50-75%)

* Recreation room addition (50-75%)

* Installing a fireplace (50-75%)

* Flooring (50-75%)

* Constructing a garage (50-75%)

* Window/door replacement (50-75%)

* Building a deck (50-75%)

* Central air conditioning (25-75%)

Six lowest payback potentials

* Landscaping (25-50%)

* Interlocking paving (25-50%)

* Building a fence (25-50%)

* Asphalt paving (20-50%)

* Adding a swimming pool (10-40%)

* Installing a skylight (0-25%)

Although return on investment should always be taken into consideration, the long term enjoyment you and your family will get from the renovation should not be over looked.

For a reliable, unbiased analysis of your home renovation plans, contact an experienced Halifax home appraisal professional. The time, expense and heart ache saved could be well worth the price!

About the Author:

Halifax Home Experts offers comprehensive insights, tips, advice on a wide range of Halifax home appraisal topics, delivered by an experienced Halifax home appraiser.

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