“Whether it’s a new kitchen or upgrading your outdoor space, home renovations are a worthwhile investment, as you and your family will enjoy the new space, in addition to the potential increase to the overall property value.” “Properties that are turnkey with modern finishes spend less time on the market,” says Heddle.Įven if you’re not planning to sell, there are lots of reasons to consider upgrading your home. The survey found prospective sellers have been less inclined to renovate their homes prior to listing since the onset of the pandemic, largely because it’s been a seller’s market.Īs the market shifts, some may want to consider a different approach. And exterior projects? An outdoor entertaining space or landscaping could increase a property’s value by about 10 per cent, while a pool could increase a home’s value by just six per cent. Window replacements can increase the value of a home by 13 per cent and interior painting can increase its value by 12 per cent. “In today’s market, investing in a basement apartment can greatly increase the value of a home, largely because it can help offset mortgage costs with a rental unit or appeal to newcomers looking for multigenerational homes,” Heddle says. Each has the potential to increase a home’s value by an average of 15 per cent. A bathroom renovation ranked second, with the potential to increase a home’s value by an average of 16 per cent.īasement renovations followed at third (finished basement) and fourth (basement apartment). On average, it has the potential to increase a property’s value by 20 per cent. They may not remember the size of the bedrooms or the colour of the walls, but they will remember the kitchen.”Īccording to Royal LePage’s Return on Investment survey of real estate professionals across the country, a kitchen renovation is the most worthwhile home improvement project. “When a potential buyer views a home for the first time, the one thing that will stand out – for better or worse – is what the kitchen looked and felt like. “Kitchen renovations typically yield the greatest return on investment, as this space is most frequently used and is perceived as the gathering place and the heart of the home,” says Mike Heddle, broker and team leader, Royal LePage State Realty in Stoney Creek. It’s often been said that the kitchen is the heart of the home so it’s no surprise that it offers the biggest bang for your buck when it comes to home upgrades. This advertisement has not loaded yet, but your article continues below.
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