A home renovation of any size has many benefits. Not only will you enjoy your spruced-up space today, but you will benefit from your investment in the future. As you consider updating your home, you may be wondering which renovations have the highest return of investment (ROI) – especially given the increase in material costs.
We have done the research for you and compiled a list of the best interior renovations as recommended by
Canadian Real Estate Agents.
Your home’s floor is likely to see the most wear and tear. For this type of renovation, installation may be just as, if not more, important than the material chosen. For example, your beautifully chosen hardwood panels may look terrible if there are gaps and lifting. Alternatively, budget-friendly laminate flooring may look stunning if installed perfectly.
When all is said and done, return of investment can vary from 100 – 150%. If your flooring budget is $5,000, you may increase the value of your home by $10,000 - $12,500.
A bathroom remodel can elevate the aesthetic of your home. Updating your bathroom might include new tiles, countertops and fixtures. You may also consider upgrading your shower to something that is both decadent and energy efficient.
How ever you choose to enhance your washroom, the return on investment is typically 62%. For example, if your washroom remodel expenses are $7,000, your home’s value increases by $11,340.
A new paint job throughout your home might not be the most dramatic of renovations – but do not underestimate the power of a fresh coat of paint. It can be helpful to select a professional painter who will properly pre-treat your walls, assist in selecting the ideal colour palette and apply the appropriate finish for the space.
The return on investment is generally 60%. For a $4,000 investment, you can increase the sale value of your home by $6,400.
And finally, the interior renovation that most Canadian Real Estate Agents agree as having the highest potential for return of investment is a kitchen remodel. This project can be a big undertaking and might involve upgrading appliances, refacing cabinets, and replacing countertops.
Depending on the choices made, homeowners can expect to see a 75 – 100% return on investment. For a kitchen remodel budget of $20,000, you can expect to see a home sale value increase of $35,000 - $40,000.
Looking for more help deciding which project to tackle first? Continue reading on how home renovations can affect your home insurance.