Consider renovating instead of moving
 If you already own a home and you're thinking about moving
and buying another home, you may want to think about renovating
your existing home. Of course, it all depends on why you
want to move.
However, if you like the area in which you're living and
the only reason you're thinking about moving is that your
home doesn't meet your requirements, renovating may be a
more practical and cost-effective solution.
Over the last several years, with stock market performance
weak, many people have turned to their homes as a source
of investment, putting money into renovations which they
feel will add value to their homes. From their point of view,
this is one investment with a sure pay-off, if not financially
at least in the increased enjoyment of their home.
The following is a list of typical renovations that can
have a positive impact on the value of your home. According
to the findings of the Appraisal Institute of Canada in its
national 1999 Renovations and Home Value Survey, some renovations
will result in a higher average pay-back (or dollars returned)
at the time of sale:
- Interior painting and decor (73%)
- Kitchen (72%)
- Bathroom (68%)
- Exterior painting (65%)
- Flooring upgrades (62%)
- Window/door replacement (57%)
- Main floor family room addition (51%)
- Fireplace addition (50%)
- Basement renovation(49%)
- New furnace or heating system (48%)
Real estate experts suggest you avoid renovations which
increase the value of your home significantly beyond other
homes in your area. If you do, you probably won't recover
the full value of your expenditures.
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