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Money Monitor: Home renovations with the best financial, emotional return for owners
Experts suggest homeowners looking for the best return on investment might find the biggest bang for their buck on smaller projects like replacing a garage door. Statistics Canada says Canadians spent about $6.3 billion on residential renovations in August 2019 alone. Some projects offer more of an emotional return than financial, according to a report from the Appraisal Institute of Canada. Finishing a basement, adding a garage, building sun rooms, decks or landscaping a yard offer some of the highest enjoyment value. People often choose to spend tens of thousands on renovating a basement for additional living space, a better play area for kids or a space for extended family to stay when visiting. Senior appraiser, Dan Brewer, says buyers tend to pay a little more for homes with finished basements than those without. Pauline Aunger, former president of the Canadian Real Estate Association, says dollar-for-dollar returns tend to come from smaller tweaks. Swapping kitchen hardware, installing new light fixtures or removing outdated decor, such as wallpaper, can help. Aunger says kitchens and bathrooms, on the other hand, often don't boost the sale price by the cost of the renovation. Some additions like hyper-personalized design choices or less-common features that can be expensive to maintain can dissuade buyers or push them to make a lower offer. Clayton DeKorne, chief editor of construction focused JLC Group, says exterior renovations tend to have the highest rate of return each year.
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The Canadian Press
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10/24/2019 3:22:00 PM