Are You Fit to Sell?
Home renovations can influence the resale value of your home
As the residential housing market becomes increasingly competitive, more and more homeowners are investing in renovation before listing their home for sale.
The recent introduction of the Federal Government’s new $2.5 billion Home Renovation Tax Credit (HRTC) program will now provide Canadians with added incentive. The program allows for a 15 per cent tax credit on eligible renovation expenditures such as work performed or goods purchased between January 27, 2009 and February 1, 2010. A credit of up to $1,350 per household can be claimed for the 2009 tax year on renovations including upgrades to bathrooms and kitchens, the installation of new flooring or carpeting, and replacing a furnace.
By utilizing the new program to make necessary upgrades, homeowners can maximize the value of their properties. A recent RE/MAX survey found that the most value-added upgrades for today’s purchasers include:
Updated kitchen cabinetry
An open-concept living area
A finished basement
After location and price, condition is one of the most important factors in the sale of a home. Many buyers are willing to pay more for a home that does not require major upgrades. To determine if you are Fit to Sell, consult GREG-SHIRLEY-STEVE HAMRE at RE/MAX Metro City in Ottawa. www.weknowottawa.com