A home renovation is an investment. Understanding the value of your renovation is a good first step. Do you want to increase the selling price? Are you planning on staying put and enjoying the renovations for many years to come? Are you maintaining your property value by keeping your home in tip-top shape? Understand why you’re renovating.
Refer to the below lists of top renovations from the Appraisal Institute of Canada to better understand how your renovation project contributes to the overall value of your property.
Top 5 Renovations with Highest Return on Investment (ROI)
When renovating to sell, keep in mind that the quality of materials and workmanship should be consistent with the location of your home. Paint with colours that appeal to a wide market. Look to update lighting and plumbing fixtures, countertops and flooring.
Top 5 Renovations with Highest Enjoyment Value
- Basement Finishing
- Sunrooms and Additions
- Decks and Fences
You may want to make your home more comfortable and functional for your lifestyle. For instance, if your family is expanding, instead of moving you can add more room with a finished basement or addition.
Top 5 Renovations to Maintain Property Value
- Replacing the roofing
- Updating the heating and cooling system
- Replacing windows and doors
- Updating electrical (panel, wiring, sockets, fixtures)
- Repairing structural defects
Home repair is essential to protecting your greatest investment. Therefore, if your home is in need of repair, don’t procrastinate. For instance, a leaking roof is only going to get worse. If ignored, it will lead to interior water damage and mold issues. Regular, seasonal maintenance of these systems is also a very good idea.
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