The end of last year and the beginning of this year saw some serious renovation hysteria gripping the province. There were a ton of rebate and incentive programs, and whether homeowners were claiming energy-efficiency rebates or government tax credits for renovating to stimulate the economy, the renovation industry in Canada saw a rise of around $4 billion over much of 2009 when compared to other years.
There are a few home renovation perks still available, but they’re either winding down, near the end of their qualifying period or soon to be cancelled. However, one of the best reasons to renovate always has been and still is to boost a home’s value. Currently, renovations are more valuable than ever because they can also improve the aesthetic appeal of a home, not to mention energy and resource savings. Curb appeal renovations were the most valuable renovations for 2009 with regards to the return on the investment, and nothing is hotter than going green to save money on energy bills.
If you plan on moving within the next few years, renovating to increase your space or add another room might not be as practical. However, overhauling the kitchen and bathroom can be a big selling point and provide a return of up to 100% of your initial investment. Smaller changes like interior and exterior painting can also provide a similar -sized return.
When renovating, consider implementing healthy housing principles. It’s the perfect opportunity to do so, and all healthy housing means is creating a home that is geared towards energy-efficiency, water-conservation, indoor air quality and sustainable materials. This can be as simple as installing EnergyStar appliances or choosing different types of materials that don’t contain volatile chemicals and are safe for the environment.
Despite the current lack of government benefits and those that are soon to disappear, if it’s financially feasible for you, renovating can boost your home’s value in several different ways by appealing to buyers’ wants.
