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hottesthomes .ca Making the Right Renovation for Your Home If your home has become outdated, uncomfortable for your growing family or too expensive to maintain, you may be thinking of renovating. But where do you start and what is the best reno for your money? Of course, getting the right advice is an important step in making the best decision ­ you can always count on your financial planner, mortgage specialist and Realtor to help, and consulting a design professional on what to do, and how, is important to ensure the greatest return on your investment. While your specific needs play the biggest role, it's also important to keep in mind what future buyers may want. Here are a few things to consider: Make sure you are clear as to why you're renovating Before you go too far, consider why you're renovating as this will influence your budget and design decisions. Be careful to draw the line between what's desirable and what's essential. Whether your plans are to enhance your family's lifestyle, retrofit mechanical systems or for maintenance and repair, there are many benefits including increased market value, comfort, convenience and aesthetic appeal. Choose renovations that deliver the highest possible return While most improvements increase the resale value of your home, the extent to which they retain value differs. Fortunately, renovations with the biggest payback are usually the ones you're likely to want too. The top renovations for return on investment include: RENOVATION RETURN ON INVESTMENT* Kitchen 75% - 100% Bathroom 75% - 100% Interior/Exterior painting 50% - 100% Shingles 50% - 80% Furnace/heating system 50% - 80% Basement renovation 50% - 75% Recreation room addition 50% - 75% Installing a fireplace 50% - 75% Flooring 50% - 75% Window/door replacement 50% - 75% Building a deck 50% - 75% (*Source: Appraisal Institute of Canada) Homeowners insurance can be your MOST VALUABLE POSSESSION. thom@hottesthomes.ca Real Estate Professional OFFICE 905.877.5165 DIRECT 416.524.6530 Keep future marketability in mind A strategic approach to renovations means thinking about future salability. The cost of some updates can be lower than the first price reduction in the selling price of your home. · The more recent the improvement, the higher the return on investment. · Even if your renovations don't recoup their entire cost, they often help your home sell faster. · If your home's market value is above average for your neighbourhood, expect a relatively low return on renovations and vice-versa. · It can pay to bring your house in line with what other homes offer in your neighbourhood. A home reno done right can bring a great deal of satisfaction and comfort to your family and increased value. There are many resources available to help you in the process, including your professional SALES REPRESENTATIVE Realtor. Thom Gallagher is a Professional Realtor® with Johnson Associates Real Estate Ltd., Brokerage. For more information on this article or to discuss buying or selling a home, call Thom at 416-524-6530 or visit 247 GUELPH ST., GEORGETOWN www.hottesthomes.ca. Mike Francis, Agent 123 Main Street South · Georgetown, ON L7G 3E5 Bus: 905-877-9652 · mike.francis.qg7g@statefarm.com LIKE A GOOD NEIGHBOUR, STATE FARM IS THERE. · mike@mikefrancis.ca Providing Insurance and Financial Services ® P048100CN State Farm Fire and Casualty Company Canadian Head Office, Aurora, Ontario 02/05 Brady Atkinson Proudly Serving Halton & Peel 905-875-9594 www.benchmarkhomeinspections.ca , Floor and Home The One Store For Your Perfect Floor 26 Guelph St., Downtown Georgetown www.carpetone.ca http://carpetonegeorgetown.goldbook.ca M08001936 An Independently Owned & Operated Corporation Dominion Lending Centres Homestead Financial, #11711 Catherine Evel, Lic. # 905-877-9896 HEE E H . Ph: 905-690-6834 Cell: 905-741-2110 Fax: 905-690-4493 email: catherine.evel@dominionlending.ca http://www.catherineevel.ca 905 703 7609 28 S CALL TODAY FOR : s AIR CONDITIONERS s FURNACES s HUMIDIFIERS Canada's Leading Home Inspection Company s INSTALLATION s SERVICE s MAINTENANCE . . s GAS LINES FOR ALL YOUR RESIDENTIAL HVAC NEEDS. W W W. G E O R G E T O W N H E AT I N G . C A i d e r o a d s o f halton hills Call today to speak with an Accredited Mortgage Professional SUMMER · 2012