Ralph Moss Limited

SMART MONEY MOVES

Renovations that pay

Renovations to your home can add to its beauty and to your enjoyment. And in today's flat real estate market, the right renovations can add value to your home. So before you knock down a wall or dig up the backyard, consider the following:

• A swimming pool might increase your use and enjoyment of your home, but it's unlikely to add to the resale value. In fact, because of the maintenance involved, a swimming pool will probably make your house more difficult to sell.
• Don't expect to add value to your house by finishing the basement as a recreation room. Buyers have their own ideas of how they want the basement finished.
• Kitchen upgrades such as new or refinished cupboards, or a central island, generally increase the resale value of your house by about 90% of what the renovations cost. Extra windows, doors, or a deck can return an average of about 70% of cost.
• A second bathroom adds value and convenience to your home, providing you don't build it in the basement. Potential buyers will be looking for an ensuite, not a trip down to the basement.

YOUR MOVE. If you're even thinking of selling, ask your real estate agent for advice well in advance. After an inspection, he or she can give you specific suggestions on what improvements will make your house more saleable and help you get the price you want.