Rick White Sutton Group West Coast Realty

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5 Home Renovation Projects To Consider

* Renovating for personal enjoyment and comfort is different from doing the work for resale.

* So why aren't kitchen and bath remodels big winners when it comes to recouping your investment?

* Be cautious about taking on labor-intensive projects, lie kitchens and baths

* Simple is better when it comes to renovating for re-sale.

* Consider more complex and higher priced projects if you are planning stay put for tthree or more years.

* Pay attention to these five tips if your goal is to boosting resale value and seeing return on your renovation dollars

 

 

* Beefing up your attic insulation, but from a purely cost-benefit

* One of the best home improvements that you can make

* Some reports, calculate that you will see a 107 percent return on your attic insulation project.

* You will also see a difference in your home utility bills in the interim

2. Replace your front door

* Average cost: $1,500 to $2,500

* An automatic win when it comes to curb appeal

* A new front door will return about 90 percent of its value in sales price.

* The most popular replacements are stately stone veneer models and sensible steel doors.

* A welcoming and attractive front entrance can be a winning feature with potential buyers

3. Install new vinyl siding

* Average cost: $12,000

* Probably not the project you want to tackle just before you sell your home unless your existing siding is a real eyesore.

* It only returns about 80 percent at resale, although excellent compared to a major kitchen remodel at just 65 percent.

* A neutral taupe or beige with dark shutters, for example, disguises dirt and still looks elegant. 


4. Upgrade your garage door

 

* Average cost: $2,300 to $3,000

* Upgrading your garage door delivers about 80 percent of its cost when you sell your home.

* Garage doors with plenty of windows tend to do a little better than those without.

* Use one of the new remodeling preview apps to get an idea of what different doors before buying. 


5. Switch to hardwood floors


* Average cost: $5,000 to $6,000

* Upgrading your carpet or laminate floors to hardwood flooring can return between 78 and 91 percent of the cost

* Keep in mind that engineered wood products don't fare nearly as well real wood.

*  Look for a universally appealing finish, and keep in mind that oak is a perennial favorite among homebuyers. 

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First Time Home Buyers' Program

The First Time Home Buyers' Program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax.

If one or more of the purchasers don’t qualify, only the percentage of interest that the first time home buyer(s) have in the property is eligible.

For example, if you qualify and purchase a property with a fair market value of $400,000 with a person who doesn’t qualify you would still qualify. If you owned a 60% interest in the property, 60% of the tax amount would be eligible for the exemption.

Do I Qualify?

To qualify for a full exemption, at the time the property is registered you must:

  • be a Canadian citizen or permanent resident
  • have lived in B.C. for 12 consecutive months immediately before the date you register the property or filed at least 2 income tax returns as a B.C. resident in the last 6 years
  • have never owned an interest in a principal residence anywhere in the world at any time 
  • have never received a first time home buyers' exemption or refund

and the property must:

  • be located in B.C.
  • only be used as your principal residence
  • have a fair market value of:
    • $475,000 or less if registered on or before February 21, 2017, or
    • $500,000 or less if registered on or after February 22, 2017
  • be 0.5 hectares (1.24 acres) or smaller

You may qualify for a partial exemption from the tax if the property:

Find out the amount of your exemption if you qualify.

Foreign entities and taxable trustees are not eligible for the exemption. If you are an individual who doesn’t qualify because you are not a Canadian citizen or permanent resident, but you become one within 12 months of when the property is registered, you may apply for a refund of the property transfer tax.

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