Well the Canadian Real Estate Association stated in their press release today February 17th, 2010 that they are satisfied with the Bank of Canada announcement regarding the new banking rules for purchasing a home and obtaining a mortgage as an invest property that is not your primary residence.
Good, great, lets move on to the home owners who are downsizing and will have the cash to make a transaction or want to obtain the best price for their home. I coin the phrase my downsizers to right sizing but it really should be my Right Sizers who understand it is time to down size! To attract a buyer renovations are important to make your house show perfect, move in condition and to obtain that "ah ha" moment for any potential buyer walking through your front door.
According to the Appraisal Institute of Canada the following list of home renovations and the potential, not absolute but potential % gain of your costs into the project you will obtain back in your asking price of your home.
Top 4 payback potentials
Bathroom 75-100%
Kitchen 75-100%
Exterior Painting 50- 100%
Interior Painting 5-100%
Top 8 Average payback potentials
Furnace replacement 50 - 75%
Recreation room 50-75%
Flooring 5- -70%
Construction of a Garage 50-75%
Building a deck 25-75%
Central air conditioning 25 - 75%
Roof shingling replacement 25 - 75%
Lowest payback potentials
Landscaping 25-50%
Interlocking brick walkway 25-50%
Building a fence 25-50%
Installing a whirlpool tub 0-50%
Adding a swimming pool 0-25%
Zoomerang is a magazine dedicated to senior issues and appeals to Zoomers, a trendy word but if you are over 50 years of age and you are contemplating scaling down you are a Zoomer, therefore give me a call as I have the skills to assist you in making that downsize to right size move.
Chat later- Cabins2castles - Kim
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