Appraisers say renovation is the key to maintaining home value

The Renovations and Home Value Survey conducted annually by the Appraisal Institute of Canada shows that common home renovation projects can improve a houseʼs marketability should the owner choose to sell. Renovating the kitchen and bathroom and painting are still the best ways to maintain home value.

A dollar for dollar payback on home renovation projects will not flow to owners should they sell the home, the appraisers caution. Renovations should be done with the idea of holding rather than adding value. Ten renovation projects which are considered to have the best potential for maintaining value include kitchen renovations; then bathroom renovations; interior painting and decor; addition of a main floor family room; finished basement; addition of energy efficient features; improved ventilation; exterior siding; and addition of a separate living unit. It is financially wise for any home owner considering renovations to consult with an independent real estate appraiser prior to starting renovations. An independent appraiser is able to give the home owner the opportunity to make an informal decision prior to investing a large amount of capital.