Five renovations that pay off: #2 Bathroom reno offers good return

Although it is certainly possible to over-invest in bathroom renovations, they are among the most reliable renovations in terms of boosting the overall value of your home. If your home has fewer bathrooms than others in the neighbourhood, then a bathroom addition should be a top priority. A smart bathroom reno should return 75% to 100% according to the Appraisal Institute of Canada.

 

Always consider, of course, that your renovations should be in keeping with the rest of your home – and that your home should be compatible with your neighbourhood. A glamorous spa bathroom, for example, might be entirely out of place in the overall style of your home – and also not something a new buyer is likely to pay for when buying a home in your neighbourhood.

 

Popular mid-range renovations could include installing modern, matching showerheads and faucets, an attractive new sink and a fresh coat of paint. Sleek new baths and showers can also provide excellent returns – although renovations that require drastic plumbing changes could dramatically decrease the odds of a good return on your bathroom reno investment.

 

Bathroom renovations can be very disruptive, which is why so many buyers appreciate moving into a new home with upgraded bathrooms.

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Today’s Bank of Canada rate hold announcement marks almost four straight years that the key benchmark rate has remained unchanged, since September 8, 2010. Great news if you have a variable-rate mortgage or home equity line of credit; the prime rate stays at 3%.

 

The announcement noted that “the risks to the outlook for inflation remain roughly balanced, while the risks associated with household imbalances have not diminished.” With these considerations, the Bank is maintaining its monetary policy stimulus, and remains neutral with respect to the timing and direction of the next change.

 

The next rate-setting day is October 22nd.

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Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.