Realtors Insight

Why Renovate? Everyone has a different reason for wanting to renovate. Sometimes it?s the simple need for a change. Other times, the motivation is more practical. If you wake up one day with a puddle in the basement and a water-stained ceiling, you know you have to act fast. Or you maybe only renovating to sell your home. What ever the reason you need to ask ?Is my renovation practical?? While maintenance renovations aren?t really a choice ? they?re part of owning a home and protecting your investment- lifestyle renovations and even some retrofit plans may not be practical or do-able.

Be clear about your expectations. Learn when to draw the line between what?s desirable and what?s essential. Almost any renovation will add to, or at least protect, the equity in your home, but kitchen and bathroom renovations and painting normally provide the greatest payback when you sell. If your property taxes and insurance premiums go up, the increase is usually small.

Before you renovate ask yourself: will you get 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, your 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 or more modest homes.

TOP FOUR GREATEST PAYBACK POTENTIALS

·Bathroom renovation (75 ? 100%)

·Kitchen renovation (75 ? 100%)

·Interior painting (50 ? 100%)

·Exterior painting (50 -100%)

TEN AVERAGE 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 (50 -75%)

Before you start renovating take your time in making decisions. Always think about what you want, practicality of the renovation and re-sale of the home. Even if you are not planning on selling, needs and lifestyles change and you may be selling sooner than you think.