RETURN ON INVESTMENT OF HOME RENOVATIONS PERCENTAGE RECOVERED UPON RESALE Kitchen upgrade Bathroom upgrade Interior painting Roof Replacement Replacement of furnace or heating system Expansion (addition of family room) Doors and windows Deck Installation of hardwood floor Construction of a garage Fireplace (wood or gas) Central air conditioning Finished basement Wood fence Interlocking paving stones on driveway Landscaping Asphalt driveway Pool Skylights
75% to 100% 75% to 100% 50% to 100% 50% to 80% 50% to 80% 50% to 75% 50% to 75% 50% to 75% 50% to 75% 50% to 75% 50% to 75% 50% to 75% 50% to 75% 25% to 50% 25% to 50% 25% to 50% 20% to 50% 10% to 40% 0% to 25%
Source: Appraisal Institute of Canada The Appraisal Institute of Canada has developed RENOVA, a web-based guide to the value of home im-provements, to assist consumers in making decisions about the return on investment they can expect for a variety of home improvements. Homeowners can choose from among the 20 most popular renovation improvements. RENOVA also ranks the renovation trends, in terms of which provide the highest payback potential. Go to: www.aicanada.ca Focus on completing renovations that a buyer would likely choose to do. Buyers generally focus on kitchens and bathrooms, as well as living and storage space. Since bathroom and kitchen remodelling can be very disruptive, having these updated before their home purchase is very appealing to buyers. If you’re considering remodelling the kitchen, keep the project in line with the style and quality of the rest of the house. Even if you can’t do a full kitchen renovation. there are upgrades that can help increase the value: granite countertops, new flooring and appliances, and new sink and plumbing hardware.