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Best return on renovations

The housing market can be exciting. Friends say you should move; buy something more. Why? You like your house. It’s your home and has been for a while. The thought of moving does not sit well in the pit of your stomach.

Maybe remodeling is in your immediate future? You’ll still be where you love – except it will look new and updated.

But where to start?

Before you start knocking down walls and ripping out windows, step back. Be aware which renovations are more likely to work in your favour over the long haul. Regardless, be prepared that the work may drain the life force out of your savings or home equity line of credit.

Based on data gathered by the National Association of the Remodeling Industry in the US, the following is a guideline. Each situation will be different – but not necessarily the exception.

Adding an additional bathroom or a gas or electric fireplace will likely recoup more than 90% of your monies. Surprisingly enough, a major renovation to your home’s master bathroom may ultimately yield a 70% return. Surprised? A complete remodeling of your kitchen falls into the same category – and these are two of the best utilized rooms in most homes.

A new asphalt roof while keeping you safe from the elements falls down to a 60% return. Good news, if you consider a new steel-type roof – this may actually appreciate!

The worst offender? A swimming pool.

Now you at least have an idea. Remember, with the real estate market being what it is, housing prices will likely continue to increase in the long term.

Mary Bateman is your trusted single resource for all kinds of housing options in Barrie and Simcoe County. A professional real estate agent with considerable expertise and knowledge of the residential market, she is ready to work for and with you. Call Mary Bateman today at RE/MAX Chay Realty Inc. at (705) 722-7100 or toll free (866) 606-2429. Get to know Mary at www.marybateman.com or on Facebook. A convenient call or a click away.

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Please contact my directly at either of the numbers listed below. If I'm unavailable please leave a message and I WILL call you back. Thank you.

Email: [email protected]

Barrie: (705) 722-7100

Toll Free: (866) 606-2429

 

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