Best ROI on Renovations For Real Estate Resale

But if you've had any thoughts of selling in the next few years, you might want to think about which renovations will most increase the value of your property when it comes time to put it on the real estate market.

Here are the top three renovations for return-on-investment at resale of the property, according to the Appraisal Institute of Canada:

1. Painting & Decor - 73%

Painting is a great ROI because it's a relatively low-cost item, but makes the property looks much better. I've been involved with painting in both do-it-yourself situations and by hiring a professional painting company.

While painting is "simple", it's not easy. On the contrary, it can be a lot of hard work to do it right. Do-it-yourself (DIY) can save you a lot of money, because a significant portion of the cost of professional painting is labour (as with anything). But you better be ready to pay in cost of time and hard work.

If you don't have the time, energy, or know-how to do it yourself, consider hiring a professional painting firm like Pinstripe Painting - a local company I have seen great results from.

2. Kitchen - 72% ROI

Kitchens are always a winner for ROI on a renovation - but of course, only when done correctly. Again, DIY can save you money, but you should make sure that you have the required skills. Consulting a professional design company really can provide superior results, because they know all the materials and options available. A good designer also has experience laying out a kitchen in an appealng manner. Finally, is also one of the places where you may want to try to select the best materials you can afford, rather than going for the cheapest options.

3. Bathroom - 68% ROI

Bathrooms are the other big winner when it comes to specific rooms to renovate. An ugly or badly out-of-date bathroom can be such a turn-off. Priority should be given to the main bathroom and the master bath - it always strikes me as odd when the best bathroom in the house is in the basement. And again, you should be aiming for the best design and materials.

The Rest Of The Top 10

4. Painting, exterior - 65%
5. Flooring upgrades - 62%
6. Window/door replacement - 57%
7. Main floor family room addition - 51%
8. Fireplace addition - 50%
9. Basement renovation - 49%
10.Furnace/heating system replacement - 48%

Remember that these are upgrade renovations that can increase the value of the property. There are also some things, especially regular maintenance items, that have no significant ROI but still need to be done. But more on that next time.

If you have any questions about renovations and the best options for your property when it comes time to put it on the real estate market, or any other real-estate related questions, please call me at 905-512-4069 or email Jeff@JeffSellsHomes.ca