Potential resale returns on various home improvements
Posted on May 24, 2009 by Norm Fisher, Royal LePage Vidorra
People are often curious about how certain home improvements will affect the value of their homes. The chart of percentages displayed here presents some findings compiled by the Appraisal Institute of Canadafrom their 2008 membership survey. It is intended to give the homeowner a very general idea of the potential that certain improvements have in adding value to your home.
Central air conditioning
New windows and doors
New exterior siding
Addition to dwelling
Energy efficient features
Improvements that are commonly found in the area the home is located in will almost always deliver the highest returns.
Renovations in homes that have a lower market value when compared to other homes in the area generally see a higher return from home improvements.
Poorly done renovations have a smaller upward impact on the home's value, and can actually have a negative affect on property value.
Renovations done on a home that is generally in poor repair overall have a minimal impact on its market value.
It's rare that renovations recover their full cost in added value. Home owners should understand that there is some value associated with enjoyment of the improvement.
Not all improvements are created equal, even those that might fit in the same category. For instance, in a bathroom renovation a "spa type shower will add roughly 36% of it's cost, while a Jacuzzi or whirlpool type tub recovers approximately 65% of its cost.
Licensed in 1993, Norm brings a wealth of experience to TeamFisher. He has worked in every imaginable capacity including sales agent, office manager, team leader, broker and now, broker/owner. Norm has written a weekly review of the Saskatoon real estate market for more than 650 consecutive weeks which may make him the most consistent industry blogger in the world.Less...
Licensed in 1993, Norm brings a wealth of experience to TeamFisher. He has worked in every imaginable capacity including sales agent, office manager, team leader, broker and now, broker/owner. Norm has written a weekly review of the Saskatoon real estate market for more than 650 consecutive weeks which may make him the most consistent industry blogger in the world.
Norm is known for his passion for technology and can most often be found exploring and experimenting with the next big thing in real estate marketing. He was the first Saskatoon real estate agent to promote a home online and has been an early adopter of new technologies ever since. “Everything about this business has changed over the past 20 years, and it will happen again in the next ten. An open mind and a curious attitude are all that’s needed to continue to find new ways to serve our clients by delivering a faster, smoother, worry-free transaction,” says Norm.
In his spare time, Norm enjoys Crossfit and cycling, some years accumulating over 2,000 kilometres on the road. He’s a strong supporter of the Royal LePage Shelter Foundation and enjoys raising funds by joining fun, fitness-related initiatives like the Grouse Grind for Shelter. In 2015, he trekked the Peruvian Andes to Machu Picchu. In 2017 he walked the southern highlands of Iceland across mountains, sand, snow, ice, lava fields and forest for seven days. Collectively those initiatives raised over a million dollars for Canadian women's shelters.
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