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moneysense.ca, 20/04/10
Pre-sale renovations not worth the effort
Remodeling your home is a waste of money.
Current issue:
While many homeowners looking to sell think that fine-tuning and renovations will score them a sale, The Financial Post is warning this isn’t the case.
Instead of launching a full-scale remodel on your home, experts are suggesting only the most basic of improvements. A quick paint job — and only where absolutely required — is about as far as you need to go.
In its 2009 report, The National Association of Realtors found that, on average, homeowners are only getting back US$638 for every US$1,000 that they put into home improvement projects. The only smart renovation investment out there seems to be an insulated steel entry door. Installing one will get you US$1,289 for your US$1,000 spent.
moneysense.ca, 20/04/10
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That's good to know, hope that is true. I recently bought, got no bargain and I had to do renos, what I cud afford anway. Badly needed paint job inside so that cost 2 almost 3 grand. Toilets definitely needed to be replaced, $800 for 2 also had to hv carpet ripped out of bathroom replaced with lino $500, finally the water tank was over 20 yrs old definitely had that replaced. Real Estate agent said I shud hv hardwood floors in living area, hv kiten remodeled. Scary thing is if I got those things done which I can't afford anyway wud I get all that back? So I am glad to hear that I don't hv to do major renos to sell. The seller certainly didn't do anything.
Yes but if u were in another city other then Toronto it might not hv been to your advantage to make the renos. Also consider that some people cannot do their own renos so they hv no other option but to hire someone. Is it really worth it to get those renos done. The buyer is looking for the best deal so if houses in the area are selling for less then they may decide on the house that has not had many renos done if any. U hv to be sure u get yr money back and more..