Renovation and Financing Resources
Advance planning is the key to successful renovations. There are many things to consider when renovating different areas of a house. Not all areas of a home are created equal when it comes to the actual return on renovation investments.
Before renovating, it’s important to assess the condition of your home to determine if there are any significant underlying problems that must be addressed before or during your planned renovation project.
Best Return on Renovation Investment
Depending on your homes layout and location a creation or renovation of a basement suite will create the most revenue. This will also help for resale value.
A gourmet kitchen tops the list of “dream renovations” for most Canadians, and that’s also where they tend to spend the most renovation dollars (with bathroom renos coming close behind in popularity). According to the Appraisal Institute of Canada (AIC), homeowners are probably making the right decisions on where to spend their money; kitchens and bathrooms are at the top of the list for renovations most likely to provide a return on the money invested (returning 75% to 100%).
CMHC expects that renovation spending will continue to register positive gains, with spending at $56.7 billion in 2010 and $58.4 billion in 2011.
Hiring a Contractor
CMHC (Canadian Mortgage and Housing Corporation), Canada’s government backed mortgage insurance company has some really good information on this.