Renovate or Move?
If you find yourself wondering what it would be like to have a larger kitchen,
an extra bathroom or just your own private space away from the kids, you are probably
wrestling with the dilemma - should we renovate or just move?
It is never easy to uproot your family and move to a new home, especially if you
have settled in and grown comfortable where you are. This is why we are often tempted
into over-improving our homes instead of just moving to something that meets our
changing needs. While it is difficult to separate emotions and memories from financial
considerations, it is often helpful to step back and look at what sort of return you
get when investing in a major renovation.
The Appraisal Institute of Canada's most recent Renovation & Home Value Survey
lists the top 20 best and worst resale renovations. In a poll conducted annually, 200
appraisers nationwide are asked to rank renovations by their return on investment.
The results are summarized as a percentage of the money spent on each renovation that
a homeowner can expect to recoup when they finally move.
2007 Home Improvement Cost Estimates by Carson Dunlop & Associates.
The following costs are intended as ballpark estimates for repairs and/or
improvements to a typical three bedroom home. Our experience has shown that actual
contractor quotations can vary by as much as 300%. Naturally, the quality of
workmanship and materials will influence costs. The complexity of the job,
accessibility and even economic conditions can also alter actual costs.
Home improvement cost estimates chart is courtesy of:
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