Selling Your Home: 1999 Renovations
and Home Value Survey
According to the study (1999 Renovations and Home Value
Survey) by the Appraisal Institute of Canada (AIC), a fresh coat of
paint on interior walls returns an average 73 percent payback. So, a
$1,500 paintjob could be expected to increase a home's selling price
by $2,625 (a $1,125 profit).
To maximize salability ensure that your
new decor is modern and tasteful. Choose shades of white and tame versions
of popular colours. Steer away from too many personal touches and custom
work if you plan to re-sell. It is unlikely that your investment will
be recouped and it may prevent the quick sale of your home. Also, try
to keep renovations in harmony with the fashion of your neighbourhood.
The kitchen and bathroom are key areas
to focus your renovation attentions. With average paybacks of 72 and
68 percent respectively, new fixtures, cabinets and tiles could be well
worth the money and/or time and effort.