Home Renovation Tax Credit - put it to work in Selling your house!
By now most people will have heard about the HRTC – Home Renovation Tax Credit from the Federal government. For 1 year only till Feb 2010, there is a taxable rebate for home renovation projects up to a maximum of $1350. In today's uncertain climate, we are in a Buyer's Market and sellers must be competively priced and have an attractive home to be successful. Renovating your home can help sell your property quickly and the HRTC can certainly help.
What renovations will give me the greatest return when selling my property?
The top three renovations that get you the most money* are:
- Bathrooms (75 to 100% return)
- Kitchens (75 to 100% return)
- Interior and exterior painting (50 to 100% return)
*Appraisal Institute of Canada's 2004 Home Renovation Survey
Other renovations and their average rate of return (the value they add compared to what they cost) include:
- Replacing roof shingles (50 to 80%)
- Replacing the furnace and heating system (50 to 80%)
- Renovating the basement (50 to 75%)
- Adding a recreation room (50 to 75%)
- Installing a fire place (50 to 75%)
- Up-grading floors (50 to 75%)
- Building a garage (50 to 75%)
- Replacing windows and doors (50 to 75%)
- Building a deck (50 to 75%)
- Installing central air conditioning (25 to 75%)
For more information on getting the best return on your Bathroom renovations, check out this episode of RLP TV: http://www.discoverwasaga.com/HomesAuthenticated.aspx?tabid=163206
To learn more on the HRTC please go to:
http://www.budget.gc.ca/2009/pdf/pamphlet-depliant3-eng.pdf
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