A GUIDE TO GETTING THE MOST OUT OF YOUR HOME RENOVATIONS.
One of the questions Real Estate Agents hear most often is, "What renovations should I do to increase curb appeal and the sale price of my house?"
Contrary to common belief, putting in a new bathroom at 25k doesn't translate into a 25k rise in your homes sale price. Yes, of course, there are renovations that will get you a higher ROI (return on investment) just like there are exercises that will net you better results but it's not often you get 100% of the investment back.
And yes, there are a handful of variables that will dictate how much increase in your home's value you can expect, like: the quality of the renovation, the appeal to the average buyer, the current state of your home before the renovation, how the reno fits into the aesthetic of the rest of the home as well as what your neighbour's homes are selling for.
Here is a list that shows the biggest bang for your renovation bucks!
- Kitchen Upgrade: 75 – 100%
- Bathroom Upgrade: 75 – 100%
- Interior Painting: 50 – 100%
- Roof Replacement: 50 – 80%
- Replacement of Furnance or Heating System: 50 – 80%
- Doors and Windows: 50 – 75%
- Deck: 50 – 75%
- Installation of Hardwood Floor: 50 – 75%
- Central Air Conditioning: 50 – 75%
- Finished Basement: 50 – 75%
- Wood Fence: 20 – 50%
- Landscaping: 25 – 50%
- Pool: 10 – 40%
- Skylights: 0 – 25%