Tuesday, December 2, 2008

Home Improvement Values

2008 will go down in history as a year that started as a Gold Rush and ended up making us anxious for the year to end. At this time of year and with the doom and gloom wind blowing around us, let's just read a good book, take some courses to learn something new, and surround ourselves with friends and family that will put a smile on our faces and make us feel good inside.

If you are thinking of buying in the prestigious Lorne Park check out the information on my web site regarding this great community. As well, Churchill Meadows is a family community with elegant and fine homes that are newer. Newer schools and a great new community centre make it appealing to many new home buyers because this community offers freehold townhomes and semi-detached that appeal to many first-time home buyers. The community of Sheridan Homelands is well known throughout Mississauga. There are schools that are within walking distance from most of the neighborhood and many parks for organized baseball and soccer during the season.

With 2009 just around the corner, we can start to think about our spring projects. As I sit here and look out my window and see snow/rain and clouds making things dreery, I take a few minutes and think about the landscaping, the garden, and the repairs that I may have to to the home when the warmer weather is back. These would include hanging older windows and doors, possibly a new roof, maybe remodelling a bathroom or kitchen. You may think about finally finishing that basement to give yourself extra room for your family. Many times I suggest to my clients, or prospects, that if you are considering listing your property it is a good idea for me to come by and just make suggestions as to how to improve your property in the least expensive way to make it more appealing to today's buyer. Also, if you are considering selling within the next year, then I think it's a good idea to get these suggestions so that you can do improvements, or repairs, at your leisure instead of having to delay that time for a FOR SALE sign to go onto your property. As you can tell by the tone of this letter, I do work more with buyers as a buyer's agent and first-time buyers.

I did some research regarding the renovations that will give you the greatest return when selling your property. Of course, you may disagree and other agents will have their own opinion. I got this information from the Appraisal Institute of Canada's 2004 Home Renovation Survey.

The top three renovations that get you the most money are:

  1. Bathrooms -- 75% to 100% return
  2. Kitchens -- 75% - 100% return
  3. Interior and exterior painting -- 50% to 100% return. Of course this is the least expensive thing to do.

Other renovations and their average rate of return (the value they add compared to what they cost) include:

  • Replacing roof shingles -- 50% to 80%
  • Replacing the furnace and heating system -- 50% to 80%
  • Renovating the basement -- 50% to 75%
  • Adding a recreation room -- 50% to 75%
  • Installing a fire place -- 50% to 75%
  • Up-grading flooring -- 50% to 75%
  • Building a garage -- 50% to 75%
  • Replacing windows and doors -- 50% to 75%
  • Building a deck -- 50% to 75%
  • Installing central air conditioning -- 25% to 75%

Well, the above information should keep you busy researching what you would like to do to your home for a couple of months anyway. You may decide not to do anything except wait for the warm weather. That's fine, too.

Do you want to know what your house is worth? Let's share a cup of coffee and talk about the market.

Contact Betty Bartusevicius to chat or for more information at 905.828.3434 or directly at 416.427.1875.

Re/Max Realty Specialists Inc., Brokerage

Contact me by email: http://www.bettybart.com/AgentProfile/contactme.cfm

I can help you save time and money by shopping smarter:

There is no time like the present to begin your investigations into a property purchase or sale that will lead to sound decision-making.

Experience is not expensive; it is Priceless.

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