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Renovating a Home
Your Money's Worth ? |
Over time, the money you save on heat, light and water by making your home more energy efficient may actually pay for the upgrades. Safety also pays. Insurance companies often decrease premiums when you improve wiring or fire prevention and improve or add a security system.
On the other hand, you can overdo a good thing. If you plan to move within a few years, is the renovation worth it? Will it pay to put on an expensive new addition when your house is in an area of more modest homes?
Payback Range of Typical Renovations
Top Four Greatest Payback Potential
Bathroom renovation (75 – 100%)
Kitchen renovation (75 – 100%)
Interior painting (50 – 100%)
Exterior painting (50 – 100%)
Ten Avenage Payback 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%)
Information provided by the Appraisal Institute of Canada, 2006.
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Don has answers to your questions and more professional tips to make your real estate transaction more pleasurable.
Call or e-mail Don or click on "Ask Your Own Questions."
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Surfing the Real Estate Board's web site or MLS.CA and found a house that you like but doesn't give you the civic address. Don can also help. Just fill out his Would like an address form, please !
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