Curious about the value of your upcoming home improvement project? Or what type of payback will you get from that $20,000 kitchen reno? Check out this interactive guide called RENOVA put together by The Appraisal Institute of Canada (AIC). Designed with the intention of giving consumers a better idea of the type of return they can get from a variety of home improvement projects; as the AIC site states the “goal in developing RENOVA was to determine, in the informed opinion of Canada’s professional real property valuers, what effect home improvement projects have on the value of resale houses”. This guide is a great resource for those of you that want to start in on a project. There are over 20 different renovations to choose from including; building a deck, building a fence, kitchen renovations, bathroom renovations and installing new windows and it’s really easy to use. You simply put in the projected value of what the project is going to cost, hit calculate, and in return get a return on investment figure in dollar value. For example, here is the results for a $10,000 bathroom renovation;
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| The following value is an estimate only of the effect this home improvement project may have on the value or resale of your home. Click “Save to Notepad” to keep a summary total of all your calculations. |
So if you’re thinking about starting in on a project and would like to have an idea of where your money is best spent, check out this tool, it’s a great place to start.