Investing in Your Home

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As housing prices fluctuate and more people are deciding to stay in their homes instead of sell, you may be wondering what are the best renovations to make on your home that will add the most value. You can have the best of both worlds by getting to enjoy all the benefits of the new upgrades while also knowing it will help with future selling potential. There are particular renos that will add value, which are helpful to know before deciding on a renovation to improve the look or comfort of your home. 

Let’s take a look at the interior and exterior renos and the return on investment (ROI) for each according to the National Association of Realtors. These figures are based on homes in the USA, but we feel that they are a close reflection of our Canadian housing market. 

When you think about a reno inside your home, what are the top areas that come to mind? The most popular options are kitchens, bathrooms and floors. Here are some of the top interior renos and their corresponding return on investment (ROI).

Interior Renovation ProjectReturn on Investment (ROI)
Refinish hardwood floors147%
New wood floors118%
Upgrade insulation100%
Basement conversion to living area86%
Closet Renovation83%
Complete Kitchen Renovation75%
Bathroom Renovation71%
Kitchen upgrade67%
Adding a new bathroom63%
Adding a new primary bedroom suite56%

Exterior renovations are not only beneficial to curb appeal, they are often practical and help with the energy efficiency of your home. Here are the top renovations:

Exterior Renovation ProjectReturn on Investment (ROI)
New roofing100%
Garage door100%
Fiber cement siding86%
Vinyl siding82%
Vinyl windows67%
Wood windows63%
Steel front door63%
Fiberglass front door60%

If cosmetic upgrades are not in your budget or you feel overwhelmed with cosmetic choices, many savvy homeowners are looking beyond the cosmetic and are concerned with the age and condition of the HVAC systems, foundation and gutters as well as updated electrical or plumbing. The return on investment for these items may be more difficult to calculate, they often lead to savings over time and are still a great investment for your home. 

As Real Estate Agents, we are in hundreds of homes every year, and we have seen so many successful renovation projects that have absolutely added value to them. We hope this is helpful if you are thinking about a renovation. Want to learn more? Ask us today what renovation would be best to make your home your happy place!

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About The Author
Julia Robertson

Julia is the administrative backbone of the LIFE Real Estate Group. With a long history of office management and an attention to customer service, Julia provides the highest level administrative support to the LIFEreg team. Among her many contributions, her responsibilities include social media and marketing. Her strong design knowledge is an asset to the team and she loves consulting clients with staging needs and preparing homes for sale.

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