Today In The World Of Halifax Home Appraisal
Question: I am considering selling my Halifax home and am wondering what renovations would improve its’ marketability. What do you recommend?
Answer: Before undertaking any renovation projects, you should consult a Halifax home appraisal professional. They will be able to will provide an objective, unbiased, home renovation cost-benefit valuation. They will identify the value of your home prior to the renovations being undertaken and provide a projected valuation based on your renovation plans. You could save yourself a lot of time, expense and heartache by calling an appraiser first, even before the designer, contractor and architect.
Keep in mind, the answers may surprise you. In many cases, the payback will depend not only upon the renovation itself, but also upon the comparison between your house and others in the area. If your home’s value is above the average market value in your neighborhood, you can expect a relatively low payback on renovations. But if your home’s value is below the average market value, you can expect a much higher payback.
According to the Appraisal Institute of Canada’s 2004 Home Renovation Survey, the following renovation projects provide the highest potential payback for homeowners.
1. Bathroom Renovation
2. Kitchen Renovation
3. Painting - Interior/Exterior
Here are some projects and their projected average payback value ranges:
Top four greatest payback potentials
* Bathroom renovation (75-100%)
* Kitchen renovation (75-100%)
* Interior painting (50-100%)
* Exterior painting (50-100%)
Ten average pay back potentials
* Roof shingle replacement (50-80%)
* Furnace/heating system (50-80%)
* Basement renovation (50-75%)
* Recreation room addition (50-75%)
* Installing a fireplace (50-75%)
* Flooring (50-75%)
* Constructing a garage (50-75%)
* Window/door replacement (50-75%)
* Building a deck (50-75%)
* Central air conditioning (25-75%)
Six lowest payback potentials
* Landscaping (25-50%)
* Interlocking paving (25-50%)
* Building a fence (25-50%)
* Asphalt paving (20-50%)
* Adding a swimming pool (10-40%)
* Installing a skylight (0-25%)
Although the payback potential is an important consideration, the long-term enjoyment of a renovation done well should also be taken into account.
For a comprehensive valuation of a home and/or renovation project, contact a Halifax home appraisal professional. Remember, you’re hiring a professional you can trust. They work for only one person…you. They will determine the market value of any house or property so that you know the true value of what you are buying or selling. Appraisal reports prepared by members of the Nova Scotia Real Estate Appraisers Association must include the appraiser’s name and registration number.