The results of the Renovation and Home Value Survey conducted annually by
the professional association show that common home renovation projects can
improve a house's "marketablility," should the home owner choose to sell.
Renovating the kitchen and bathroom, and painting are still the best ways to
maintain value in a house. A dollar for dollar payback on home renovation
projects will not flow to owners should they sell the home, the appraisers
caution. Renovations should be done with the idea of holding rather than
adding value.

Ten renovation projects which are considered to have the best potential for
maintaining value include kitchen renovations; followed by bathroom
renovations; interior painting and decor; exterior siding; addition of a main floor
family room; finished basement; landscaping; addition of energy efficient
features; improved ventilation; and addition of a separate living unit.

It is financially wise for any home owner considering renovations to consult
with an independent professional real estate appraiser prior to starting
renovations. An independent professional real estate appraiser is able to give
the home owner the opportunity to make an informed decision; prior to
investing a large amount of capital.

Finally, decisions on which renovation projects to do depend on three factors,
appraisers say, doing a quality job, choosing a project that is appropriate for
your market and your neighbourhood, and finishing it for a reasonable cost.

The Appraisal Institute of Canada is the national association for professional
real estate appraisers in Canada. Appraisers with the CRA and AACI, P. App
designations are relied upon by lenders, business, private companies and
homeowners, as well as governmental departments and judicial tribunals to
project an informed opinion on the value of property.

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