Which renovations increase house value

The Times of London Business section has just published up-to-date statistics on how people did when they renovated their home.

It's quite astonishing - the only renovations which actually increase value more than they cost are painting and decorating.

So most renovations are only worth doing if you are planning to stay in the house for an extended period of time and will get that much value out of the renovations yourself. It could be very worthwhile to have an extra bathroom in your home, even though you will probably lose $5000 in cash terms by making the renovation.

Although these numbers are English, they do apply - in relative terms - to Canada as well. Renovation/reconstruction in most cases just doesn't pay. On the other hand, if by renovating you are able to postpone a move for five years you are saving substantially on moving and closing costs.

When you do move, hopefully you'll be able to make a better move.