Canada's housing market hit a boiling point last year as homebuyers clambered for real estate in regions with significantly more demand than supply. But now that homeowners and buyers alike are
Planning to renovate your home? Here’s what you need to know to maximize your return on investment.
Dated: May 5 2022
If you’re working on a home improvement project – whether for you to enjoy, or in preparation to put your property on the market – you may be interested to know which renos will give you the most bang for your buck.
A kitchen renovation is the most worthwhile home improvement and has the potential to increase the value of your property by 20%, according to a recent survey of Royal LePage experts.
“A kitchen is perceived as the gathering place and the heart of the home,” said Mike Heddle, broker and team leader, Royal LePage State Realty. “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. They may not remember the size of the bedrooms or the colour of the walls, but they will remember the kitchen.”
Highlights from the national release:
- Royal LePage professionals say, on average, bathroom renovations can increase the value of a home by 16%
- Finished basements and basement apartments have the potential to increase a home’s value by 15%, according to survey results
- Outdoor entertaining space and landscaping have the potential to increase a property’s value by an average of 10%, according to respondents
- For Canadians looking for general guidance on where to invest in their home renovation projects, 87% of surveyed experts recommend interior renovations
Click here for a copy of the survey results
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