When planning renovation we often wonder what part of our cost could we eventually recover when we sell.
It is important to remember that in majority of cases we plan renovation for our own comfort and enjoyment. Our home, however, is not only our shelter, but also our investment. Therefore we should plan the renovation carefully, and spend our money wisely.
| Deck addition | 104.2% |
| Siding replacement | 98.1% |
| Bathroom addition, mid-range | 95% |
| Attic bedroom | 92.8% |
| Bathroom renovation, upscale | 92.6% |
| Bathroom renovation, mid-range | 89.3% |
| Window replacement, upscale | 87% |
| Window replacement, mid-range | 84.8% |
| Bathroom addition, upscale | 84.3% |
| Family room addition | 80.6% |
| Major kitchen reno, upscale | 79.6% |
| Basement renovation | 79.3% |
| Master suite, upscale | 76.9% |
| Master suite, mid-range | 76.4% |
| Major kitchen reno, mid-range | 74.9% |
In the United States a report was issued on the percentage of money spent on renovation that is recovered when selling the property. These percentages for 2003 are shown in the table.
It is apparent that upscale renovations raise the value of the residence more. While preparing a renovation budget and making the decisions, we must take into consideration that the amount that is not recovered will depend on the total expenditure. We should also keep in mind that the location of our residence is the most important factor in establishing its market value, therefore a careful approach should be taken in an effort to avoid 'overimprovement'.
It is always a good idea to discuss your renovation plans with your Realtor, who should be able to offer you advice regarding your particular case.
