Back in November I wrote a blog post explaining how it is that home renovations don’t necessarily earn good “investment returns.” Rather, the decision to remodel comes down to whether you’re renovating for profit or renovating for lifestyle. More often than not, you can’t do both (unless you have a time machine and can travel back to pre-2008).
Bottom line is that if you’re not clear on the cost-vs-result equation, don’t even think of going near that wall with a sledgehammer. And maybe stay away from Reality TV …and the hardware store too. Instead, spend some time getting smart about home renos. Talk to contractors. Learn about the local real estate market. Crunch some numbers.
If that feels too overwhelming, here’s an easy-peasy head start: my friends at Jackson Real Estate Appraisals Ltd. in Edmonton invited me to share their newly updated 2013 Home Renovation Guide, which you can download for FREE below.
While the numbers quoted in this Guide are based on the Edmonton market, this document still offers an excellent overview of what you can expect to pay for home renovations AND how much money you can realistically expect to recoup later, should you decide to sell.
If you haven’t done this kind of research before, I can guarantee one thing: you will be surprised by the numbers.
Read ’em and … weep.