The Appraisal Institute of Canada has developed RENOVA,... http://t.co/uUPoHqv8
The Appraisal Institute of Canada has developed RENOVA, an interactive web-based guide to the value of home improvements. RENOVA is designed to give consumers a better idea of the return on investment they can expect for a variety of home improvements. RENOVA does this by providing a payback value range derived from the cost of the improvement expressed in dollars. For example, a homeowner might indicate that he or she is considering spending $10,000 on remodeling the kitchen. RENOVA will then provide a payback amount of between x and y dollars for that particular renovation. Homeowners can choose from among the 20 most popular renovation improvements, identified by a survey of AIC members.
Our goal in developing RENOVA was to determine, in the informed opinion of Canada's professional real property valuers, what effect home improvement projects have on the value of resale houses.
RENOVA also ranks the renovation trends, in terms of which provided the highest payback potential.
Consumers should be aware that RENOVA is a guide, which provides ranges. Home values and returns on renovation investments are dependent on so many factors such as the location of the property, i.e. province, rural/urban, the neighbourhood and notably important is the quality of workmanship and materials. For a comprehensive valuation of your home and or renovation project, an accredited member of the Institute should be consulted for a cost-benefit valuation. An AIC valuator can identify the value of your home prior to the renovations being undertaken and provide a projected valuation based on your anticipated renovation plans. Homeowners could save themselves a lot of time, expense and heartache by calling an appraiser first, even before the designer, contractor and architect.
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