When planning to renovate your house you may wonder what part of the cost could you will eventually recover when you sell.
In majority of cases, of course, people plan renovation for their own comfort and enjoyment. A home, however, is not only a shelter, but also an investment. Therefore you should plan the renovation carefully, and spend your money wisely. It is particularly important to consider the location and market value of a renovated home in the neighbourhood, to avoid 'overimprovement'.
If the renovation is being done as a preparation before listing the house for sale, one of the least expensive and easiest things to do is painting. Paint job in neutral colours makes the house look fresh and appealing.
Renovated kitchen and baths attract buyers, but such renovation carry a significant cost, and, while it will speed up the sale, you should not count on recovering the money spent on the work.
The following table lists approximate cost of renovations and the percentage of the cost recovered from the sale.
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Interior painting
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$1,500 and up
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100% or more
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Kitchen renovation
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$10,000 and up
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79%
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Bathroom renovation
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$6000 and up
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75%
|
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Basement bathroom addition, modest
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$6,000
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75%
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Adding a family room
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$35,000 and up
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75%
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Roof replacement
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$2.75 - $18 per sq.ft.
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50% to 80%
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Adding a skylight
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$4,000
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68%
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Window replacement
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$40 - $120 per sq.ft.
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50% to 75%
|
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New deck
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$1,000 and up
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50% to 75%
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Hardwood floors
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$10 and up per sq.ft.
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50% to 75%
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Interlocking stones on driveway
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$8 - $16 per sq.ft.
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25% to 50%
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Adding a swimming pool
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$25,000 and up
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10% to 40%
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Lighting also plays an important role when selling a house, makes your home look attractive and improves your mood while you reside there. Replacing old, unattractive light fixtures with new should be fairly high on the renovation list. New light fixtures vary greatly in price, but don't have to be very expensive to be attractive.
