As the residential housing market becomes increasingly competitive, more and more homeowners are investing in renovation before listing their home for sale.

The recent introduction of the Federal Government’s new $2.5 billion Home Renovation Tax Credit (HRTC) program will now provide Canadians with added incentive. The program allows for a 15 per cent tax credit on eligible renovation expenditures such as work performed or goods purchased between January 27, 2009 and February 1, 2010. A credit of up to $1,350 per household can be claimed for the 2009 tax year on renovations including upgrades to bathrooms and kitchens, the installation of new flooring or carpeting, and replacing a furnace.

By utilizing the new program to make necessary upgrades, homeowners can maximize the value of their properties. A recent RE/MAX survey found that the most value-added upgrades for today’s purchasers include:

• Updated kitchen cabinetry
• Hardwood flooring
• New windows
• An open-concept living area
• A finished basement

After location and price, condition is one of the most important factors in the sale of a home. Many buyers are willing to pay more for a home that does not require major upgrades. To determine if you are Fit to Sell, consult your RE/MAX realtor, Mike Bussiere.

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