August 17, 2009 - Cost-effective renovations might be an urban legend, since it's hard to determine what defects will actually provide a return. However, the trick is to think outside the box and know that repairing items for longevity and durability will increase property value.

Here, we've dug deep to identify five key problems that some might feel are deal breakers when buying or selling a property, but ironically, may also be the cheapest and easiest to fix, according to Trevor Welby-Solomon, VP of Technical Training, Support and Development at Pillar to Post. 
  
Often times, patching up some of the damages revealed in a pre-listing inspection can allow you to list the property for a higher price and sell faster. If you're in the market to buy, or if you're already a property owner, a home inspection might uncover a few must-have fixes that can minimize property management issues, garner a premium in rents and also grant you tenants that stay for the long term.  

Surface water management
"As a contractor I get a lot of calls for basement leaks and foundation damage," says Marshall McCarroll, president of Dale Construction Ltd, Toronto. "Many leaks are repaired quickly and cheaply by re-sloping the grade around the house to lead the water away."
  
There is not always the need for machinery to change the grading to slope away from the home. A simple task you could perform is to fill the soil where it has eroded and create a slope away from the home. Remember not to get the soil level closer than 6" to 8" below the exterior wall finish. 
  
DIY: approximately $80
Contracted service: approximately $500

For a complete list of top renos and how to fix them, pick up a copy of the September issue of CRE, currently on newsstands