Return on your Renovations

November 21, 2007 · Filed Under Home Maintenance and St. John's Real Estate 

To renovate or not to renovate? This is a common question most home owners ponder. Both exciting, and at times, overwhelming, make sure you do your research so you can fully enjoy and capitalize on your renovation.

Assess the reason for your renovation. If one of your objectives is to increase the value of your home, it is always beneficial to have an understanding of the different types of renovations that will provide you with the most return on your investment.

The four greatest payback renos are potentially:

• Bathroom Renovation (75-100%)
• Kitchen Renovation (75-100%)
• Interior Painting (50-100%)
• Exterior Painting (50-100%)

The ten average payback potentials are considered to be:
• 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 are considered to be:
• 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 potential return on investment is a factor to consider when renovating, it is key to consider how the renovation will enhance your lifestyle and overall enjoyment of your home.

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