While some homeowners plan to sell & move up to a bigger property, we are seeing more people decide that buying a new home isn’t that feasible (or even necessary) given the hectic market conditions recently, so they are deciding to renovate instead!
Renovating your current property allows you to get that same “new-home” feel without having to move!
Unfortunately not at all renovations are equal in their return on investment & some can actually end up having very little-to-no return! A study by the Appraisal Institute of Canada highlighting the Best & Worst performing renovations is listed below so you can help yourself avoid costly mistakes in the future!
TOP LEVEL RETURN RENOVATIONS
- Major kitchen upgrades ~ 75-100%
- Major bathroom upgrades ~ 75-100%
MID-LEVEL RETURN RENOVATIONS
- Interior &/or Exterior Painting ~ 50-100%
- Finishing Your Basement ~ 50-80%
- Adding a Family Room ~ 50-75%
- Installing Hardwood Flooring ~ 50-75%
LOW-LEVEL RETURN RENOVATIONS
- Installing a Swimming Pool ~ 10-40%
- Paving your Driveway ~ 20-50%
- Installing Skylights ~ 0-25%
Sell Seller Listing Renovation Investment Green
For the full list of renovation returns, check out the Appraisal Institute of Canada’s RENOVA tool below