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September 21st, 2019 
Heather Fuller
Broker, CRA

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"Should you sell or should you stay?"  This is the question posed by a popular television renovation programs.

As your family grows you may consider whether to renovate your existing home or buy a larger one.  Often it is a decision based on whether or not you wish to go through the disruption of a project, either large or small, as well as the cost of the anticipated project.  But even if you decide to stay put and renovate your home, you might like to know how much of a return on your investment you could realize.

The Appraisal Institiute of Canada has recently updated its RENOVA project which estimates the payback from typical home renovation projects.  Remember that these are typical figures, based on the experience of appraisers, and may vary significantly depending on your location and general market conditions.  It is always wise to get an updated opinion of value of your home after you have completed these renovation projects.

According to the latest RENOVA survey of appraisal members, here are the top twenty-five projects.  To calculate the potential return on your potential renovation investment, click on the RENOVA link.

      1.     Bathroom
 2.     Kitchen
 3.     Interior painting
 4.     Basement
 5.     Basement recreation room addition
 6.     Fireplace installation
 7.     Flooring and carpeting
 8.     Door and window replacement
 9.     Exterior siding
 10.     Furnace replacement
 11.     Garage addition
 12.     Central air installation
 13.     Roof shingle replacemet
 14.     Deck addition
 15.     Driveway paving (concrete)
 16.     Home theatre room addition
 17.     Landscaping
 18.     Fencing
 19.     Walkway (interlocking brick)
 20.     Driveway (interlocking paving)
 21.     Driveway (asphalt)
 22.     Whirlpool tub
 23.     Swimming pool
 24.     Skylights

Another online community for home design enthusiasts, Houzz, rates the top 10 home improvement projects it expects to see in 2012.  Click on the link to see photos of their home improvement projects in Toronto.

      1.     Kitchen
2.     Bathroom
3.     Living room
4.     Bedroom
5.     Exterior
6.     Dining room
7.     Family room
8.     Landscaping
9.     Children's area
10.     Entryway


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