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Potential Recoverable Value

Before undertaking renovations, did you consider the potential recoverable value? You renovate first and foremost for yourself, but perhaps also to resell, now or in the near future.

When you renovate, especially if you are planning to recoup part of your costs when you sell, try not to go overboard. Why? So your house doesn’t stick out like a sore thumb from the rest of the neighbourhood.

When your renovations are completed, the value of your property should not be more than 20% higher than the average for your neighbourhood. If you exceed this amount, don’t expect to recover all your costs when you sell.

You probably know that renovations don’t all have the same impact on the resale value of your home. Some renovations are a little more striking than others.

Potential Return on Investment for Renovations1
Renovation Approximate Recovery Rate of Sums Spent
Kitchen 75% to 100%
Bathroom 75% to 100%
Interior paint 50% to 100%
Heating system replacement 50% to 80%
Re-roofing 50% to 80%
New doors and windows 50% to 75%
Basement refinishing 50% to 75%
Family room addition 50% to 75%
Hardwood flooring 50% to 75%
Fireplace (wood or gas) 50% to 75%
Deck 50% to 75%
New garage 50% to 75%
Central air conditioning 25% to 75%
Landscaping 25% to 50%
Interlocking paving 25% to 50%
Wooden fence 25% to 50%
Swimming pool 10% to 40%
Skylight 0% to 25%

 

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1. Source:
Appraisal Institute of Canada.