Pre-sale renovations not worth the effort - MoneySense

Pre-sale renovations not worth the effort

Remodeling your home is a waste of money.

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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.

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