Halifax Nova Scotia Real Estate
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Selling Your Home: 1999 Renovations and Home Value Survey
The below study was developed in 1999, however it is still relevant for today and for the Halifax real estate market.
According to the study (1999 Renovations and Home Value Survey) by the Appraisal Institute of Canada (AIC), a fresh coat of paint on interior walls returns an average 73 percent payback. So, a $1,500 paintjob could be expected to increase a home's selling price by $2,625 (a $1,125 profit).To maximize salability ensure that your new decor is modern and tasteful. Choose shades of white and tame versions of popular colours. Steer away from too many personal touches and custom work if you plan to re-sell. It is unlikely that your investment will be recouped and it may prevent the quick sale of your home. Also, try to keep renovations in harmony with the fashion of your neighbourhood.
The kitchen and bathroom are key areas to focus your renovation attentions. With average paybacks of 72 and 68 percent respectively, new fixtures, cabinets and tiles could be well worth the money and/or time and effort.