These days you can’t surf the TV without seeing a program about home renovations; we’re the renovation generation! It’s enticing to believe that you could be one of those ordinary homeowners who transforms their living space into a decorator’s dream – whether to enjoy with friends and family, or to boost the home’s value before selling.
Before you start shelling out money, think about the reasons why you want to renovate. Do you want to increase the comfort and enjoyment of your home because you’re planning to be there for the foreseeable future? Do you want to spruce up your old kitchen to avoid lowball offers when you sell your house later this year? Or maybe a little of both? If you're planning to sell, your priorities will likely be different than if you're planning to stay for a few years. It can be difficult to recoup the full cost of renovations so you may want to focus on those that have the highest payback potential.
The Appraisal Institute of Canada’s RENOVA website is an interactive guide to help you determine the payback value of home improvements. For the next five weeks, we’ll share the top renovations that pay off for Canadian homeowners according to RENOVA!
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