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(NC)-Home renovation can sometimes be costly. And with any purchase or investment, homeowners want the best bang for their buck when it comes to renovating their homes. But home renovations don't always have to break the bank. There are a variety of cost-effective renovations that can improve the comfort and value of your home, even if you're on a budget.
The Appraisal Institute of Canada has developed RENOVA, a web-based guide that provides homeowners with the average return on investment for a number of home renovations . By entering the cost of a particular project, homeowners can find the percentage of initial investment that they can expect to get back. When it comes to renovating, your investment may go a long way with some projects providing a return of up to100 per cent of your renovation cost!
According to RENOVA, the following renovations have high payback ranges:
• Bathroom renovation (75-100 per cent)
• Kitchen renovation (75-100 per cent)
• Exterior or interior paint (50-100 per cent)
• Window/door replacement (50-75 per cent)
• Recreation room project (50-75 per cent)
• Basement renovation (50-75 per cent)
While many renovations can help increase your home's worth, it's beneficial to know how to add value to your projects. For example, when renovating a basement consider upgrading your insulation. Ensuring you have sufficient insulation helps reduce heating and cooling costs to help you save money. Consider installing PINK Fiberglas® Batt Insulation as its high thermal performance helps keep your home warm in the winter and cool in the summer. If you're able to insulate your basement to the recommended industry minimum R-value of 24, you may qualify for a government grant of up to $1,000 available through the ecoENERGY initiative.
Whether you are renovating alone or working with a contactor, PINK Fiberglas® Batt Insulation is easy to install and helps bring added value in energy-savings to your home. For more information about the energy-saving benefits of insulation visit www.owenscoring.ca. For more information on how to qualify for an ecoENERGY government grant, visit www.ecoaction.gc.ca.
www.aicanada.ca/renova
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Credit: www.newscanada.com