Renovations

Home renovations not only improve the quality of life for homeowners, they very often increase the value of the home. You can increase the value of your biggest investment – while you enjoy your improvements every day. Before you choose a renovation project, then, it’s worthwhile to consider what the impact will be on the appraised value of your home – in case you ever want to sell. The Appraisal Institute of Canada (www.aicanada.ca) has a good idea on which renovation projects can maximize the value of your home – and which ones just don’t pay, financially.

To check on the estimated payback, visit the RENOVA section of the Appraisal Institute’s website, which has an interactive web-based guide to the value of home improvements. RENOVA is designed to give you a better idea of the return on investment you can expect for a variety of home improvements. You simply input the amount you plan to spend on one of the 25 listed renovation types, and you’ll receive an estimate of the effect this home improvement project may have on the value or resale of your home. Even if you are renovating for personal reasons only – to improve the liveability of your home - it just makes good sense to understand how that investment might payback in the value of your home.

Many Canadians are taking advantage of incredibly low mortgage rates to refinance their mortgages and some of their equity for a renovation project or two.