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RENOVA
Mike Pyman
RENOVA introduces a new home improvement tool.
The Appraisal Institute of Canada has developed RENOVA, an interactive web-based guide to the value of home improvements. RENOVA is designed to give consumers a better idea of the return on investment they can expect for a variety of home improvements. RENOVA does this by providing a payback value range derived from the cost of the improvement expressed in dollars. For example, a homeowner might indicate that he or she is considering spending $10,000 on remodeling the kitchen. RENOVA will then provide a payback amount of between x and y dollars for that particular renovation. Homeowners can choose from among the 20 most popular renovation improvements, identified by a survey of AIC members.
Their goal in developing RENOVA was to determine, in the informed opinion of Canada''s professional real property valuers, what effect home improvement projects have on the value of resale houses.
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