realtylinkonline

July 2002

Renovations that work

Most REALTORS® agree, the key to a successful renovation is planning. Whether you want to add more space, spruce up the décor, modernize, or simply put in money where you are most likely to get a good return, staying focused on your goal is important.

When you are in the midst of renovations, it's easy to get sidetracked and put in more changes, and more money, in areas that may not be as necessary.

Painting tops the list as the best way to add value to your home. A fresh coat of paint inside and out makes your home look clean, fresh and well maintained. Kitchen and bathroom renovations also add value to your home.

Adding a large in-ground pool may be great for your family in the heat of summer, but it will add little value to your home when you sell it. In fact, a large pool may make your home harder to sell.

According to the Appraisal Institute of Canada, renovation projects that offer the best potential return on your investment include:

1. Interior painting and decorating.
2. Kitchen renovations.
3. Bathroom renovations.
4. Exterior painting.
5. Flooring upgrades.
6. Window/door replacement.
7. Main floor family room addition.
8. Fireplace addition.
9. Basement renovation.
10. Furnace/heating system replacement.

For any renovation you do, make sure your plans meet zoning bylaws and fire regulations. Your builder/contractor may be able to help you here, but it's best to check yourself. You don't want a surprise later.

Also, carefully check the references of any contractors and trades people you hire. Ask your friends and neighbours for recommendations and check with the Better Business Bureau. Draw up a contract with each of your trades people that specifies the work they will do and the price they will charge. Make sure you are aware of, and approve, any changes. Again, you don't want a surprise later.