Maximizing Return On Your Renovation Dollars
From your home’s market value and understanding the needs of potential buyers, to your own dreams for your home, all should be considered when deciding what renovation to sink your teeth into.
When it comes to renovating our homes, we all have ideas about what we’d like to do. Some have visions of sipping champagne while soaking in a new hot tub, or lounging by a sparkling pool in the backyard. Others would rather sink their savings into kitchen fit for a gourmet chef or the newest chic hardwood flooring. But if you consider your home an investment, as most Canadian do, taking the time to discover which renovation will give you the best return on your investment, will be time – and money - well spent. Indeed, not all renovations can be painted with the same brush when it comes to value.
The Verdict? Deciding which is the best for your home can’t be done simply by referring to a laundry list of “the latest” renovation trends. Discovering what renovation will provide you with the most value comes from analyzing a variety of factors, from the price and location of your home to who you are targeting as buyer
Buyers were asked to rank home renovations in terms of their relative value and importance. Return on investment (ROI) is shown as an average percentage of the amount paid for renovation. Keep in mind these percentages are not absolute, dollar-for-dollar payback expectations, but should instead be used as a gauge for how attractive certain renovations are: