In 2017, Canadians will spend upwards of $71 billion improving our homes. That’s more than $5,000 per household. And there’s no sign this is going to change anytime soon. There is also no indication that the Kincardine and Port Elgin areas are anything different than these national trends. With the income and age demographics of our area these statistics should perform well in our neighborhood.
This year, if you’re looking to increase the value of your Bruce County home but are unsure what home improvements to make, think curb appeal.
According to a recent report from Remodeling magazine, curb appeal projects, such as changes to windows, siding and doors, lead to a higher return on investment (ROI) than interior improvements. It supports the generally held opinion that today’s home buyers, while still enthusiastic about the bells and whistles, want to ensure their home is structurally sound with all systems functioning efficiently.
The Appraisal Institute of Canada agrees "The top five renovations associated with maintaining the value of your home" are:
- replacing roofing:
- updating the HVAC system;
- replacing windows and doors;
- updating electrical panels, wiring, sockets and fixtures; and
- making structural repairs.
In its 2017 Cost vs. Value Report, Remodeling compares the average cost of current improvement projects with their value at resale, based on the experience of real estate professionals.
The projects chosen include a basement remodel, an entry door that was replaced with 20 gauge steel and the addition of stone veneer. All of the 29 projects tracked returned on average 64.3 cents per dollar spent.
Among the trends, the higher return of curb appeal projects and of projects that required the replacing of windows, doors, etc. Replacement projects generally scored higher than renovation projects; the ROI of replacement totalled 74% and of renovations was 63.7%.
Those who want to tackle an interior project might do well to consider a basement renovation, providing it’s done well; a high-end basement reno was perceived as high value, returning 7.4% more than the same project last year, while a mid-range basement improvement project only increased in value by 3.3% over the previous year.
While not tracked specifically in their study a worthwhile improvement project that returns well on its investment in the Kincardine and Port Elgin areas is installing a wired-in generator. The extra feeling of safety and security during our uncertain winters goes a long way to improving your property chances of becoming the Buyer’s next Happy Place.
At the end of the day, improving our Kincardine and Port Elgin area homes is always a good idea. Just remember that it never hurts to be smart about what to do first and when.
For more information, contact Morrison MacKenzie at mo@MoResold.ca or 519-389-7153.
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