Saturday, April 2, 2022 / by Melissa Vike
Now that Spring is here, you may be thinking about making some home improvements to maximize your investment. Whether you’re looking to stay in your home or sell it, there are some home renovations that pay off on the resale market.
According to a 2021 RE/MAX Canada report, more than half of Canadians renovated their home for personal enjoyment. According to a survey, 3 in 10 Canadians renovated to enhance their lifestyle while another 3 in 10 renovated to maintain their home. Lastly, 16% of Canadians said they renovated to increase the market value of their home in order to sell within in the next one to three years.
Regardless of their reasons for renovating, 59% of Canadians said they always consider the return on investment that a renovation will have on their home’s market value.
TOP 9 HOME RENOVATIONS
1. Kitchen – 93.5% of RE/MAX brokers said kitchen renovations give the best ROI, including new or updated cabinets, countertops, and appliances.
2. Bathroom – 61.3% of RE/MAX brokers identified bathroom renovations as a great high-return renovation. Minor upgrades help give the area a clean, modern look while also increasing the value of your home without great expense or inconvenience.
3. Paint – 58% of RE/MAX brokers said a fresh coat of paint is the simplest and cheapest investment that gives the home an instant refresh.
4. Flooring – 45.2% of RE/MAX brokers said new flooring is a popular upgrade among homebuyers. Homebuyers largely prefer hardwood or tile over carpets.
5. Finished basement – 16.1% of RE/MAX brokers said finished basements are a great selling feature on the resale market. In fact, any renovations that add livable square footage to a home are always in demand. A lower-level family room, home office, an extra bedroom or bathroom in the basement can all give your listing a significant boost at the offer table.
6. Outdoors/landscaping – 12.9% of RE/MAX brokers said outdoor projects can provide good ROI. Depending on the scope of the project, this could be one of those low-investment, high-return upgrades that pay off on resale.
7. Roof – 12.9% of RE/MAX brokers said roofing was a good option to invest some renovation dollars before listing a home for sale. New roof tied in sixth place with outdoor projects and landscaping.
8. Open-concept floor plan – 9.7% of RE/MAX brokers said redesigning a home with an open-concept floor plan can pay off. Removing wasteful walls and halls can instantly modernize an older home and make it live larger than its actual square footage would otherwise allow.
9. Windows – 6.5% of RE/MAX brokers said new windows earn higher offers on the resale market. Buyers will appreciate the tens of thousands of dollars that new windows will cost, so having these replaced before listing can benefit both buyer and seller.
Which renovation(s) would you choose to increase your home’s market value?