Adding Value to Your Property

Adding Value to Your Property

Top 5 Renovations with
the Highest Return on Investment

  • Kitchen
  • Bathroom
  • Repainting Interior / Exterior – completed in tones with wide-ranging market appeal
  • Updating Décor – lighting and plumbing fixtures, counter tops, replacing worn flooring (vinyl or carpets) or refinishing hardwood floors
  • Decluttering – removing all excess items to showcase the features of your home

Top 5 Renovations with
the Highest Enjoyment Value
  • Basement finishing
  • Garages
  • Sun rooms / Additions
  • Decks / Fences
  • Landscaping
Top 5 Renovations to Maintain Worth
  • Replacing the roofing
  • Updating the heating / cooling system
  • Replacing windows & doors
  • Updating electrical (panel, wiring, sockets, fixtures)
  • Repairing structural defects

Helpful Tips Before you Begin

Understand the reasons why you are renovating
  • Do you want to increase the value of your home or enjoy the renovations for years to come? Or both?
Think about your personal needs and wants
  • How much do you want to spend? And how long do you plan to live in your home? If you are thinking more in the short-term, smaller, and more economical improvements may be your best bet. Start with a fresh coat of paint, update lighting, improve the curb appeal, declutter, etc.
  • Keep in mind the condition of the item you are renovating. For example, if you are replacing  builder quality maple cabinets with custom designed cabinets  (because that is your preferred style), the changes may not increase the value of your home as much. To appeal to a wider number of prospective purchasers, ensure the renovation blends in with the overall style and design of your home.
Careful of over-improvements
  • Consider your neighbourhood and the expectations of buyers in the area when planning your project. For example, renovating your kitchen at a cost of $50,000 in an area where homes generally do not exceed $300,000, may not provide the best financial return on your investment. 
  • Replacing the roof cover, updating heating / cooling systems, and replacing windows / doors as they near the end of their life expectancy is always a great idea.
Source: Appraisal Institute of Canada