Home Renovations
August 25, 2022Reverse Mortgage and Investments
August 31, 2022
- Kitchen Renovations – kitchen renovations, such as kitchen counter upgrades, are among the top three renovations with the highest return on investment in 27 of the 31 housing markets. These renovations typically have a home improvement return on investment between 75 and 100%.
- Paint – if you’re looking for an inexpensive way to increase your home’s value, a fresh coat of paint ranks as one of the best ways. Painting was chosen as one of the top three renovations in 18 of the 31 housing markets, including in Toronto and a 60% return on investment. The most important thing is the painting must be done neatly and professionally, in colours that aren’t too crazy! 😲
- Renovated bathroom – a bathroom makeover can be one of the best renovations in terms of return on investment –generating a 62% return on investment. It was one of the top three renovations in 17 of the housing markets, including both Toronto and Vancouver.
- Flooring – new flooring was considered to be one of the top three renovations for return on investment in 14 of the housing markets. If the flooring is done professionally and enhances the look of the home, it can have a return on investment of between 100 and 150%! The secret to a fabulous floor is not so much the material as it is the quality of installation, so maybe we’ll leave it to the professionals? 😉
- Basement – a finished basement was chosen as one of the top three renovations for return on investment in five of the housing markets. AND, you don’t even have to give the basement a complete makeover. If you’re wondering how to add value to your home without extensive renovations, remember that anything that will save the next owners money over time, such as ways to prevent a flooded basement, should be at the top of the list. This type of renovation typically has a 75% return on investment.
