Everybody has a different reason to renovate.
For some, it comes down to updating the style and for others it's all about functionality and energy efficiency.
Renovations are a great way to increase the resale value of your house and
make it more comfortable for your family.
The amount of money you can save with a renovation depends on what type of
renovating you do. Many even pay for themselves, when you factor in what you
can save on heat, electricity and water.
According to the Canadian Mortgage and Housing Corporation, the best returns
on renovation investments come from the kitchen and bathroom.
Renovators can recover between 75-100% with a kitchen or bathroom overhaul.
Painting (exterior or interior) is the next-best bet with an average return
between 50-100%.
Pool or skylight renovations projects offer a low return on your investment.
Homeowners can only expect to recover about 10-40% of a pool and up to 25%
of a skylight.
To help you decide which renovations are right for your home, CMHC and the
Appraisal Institute of Canada have developed a list of popular renovations
and the returns each offers:
- Roof shingle replacement: 50-80%
- Furnace and heating systems: 50-80%
- Basement: 50-75%
- Adding a recreation room: 50-75%
- Installing a fireplace: 50-75%
- Flooring: 50-75%
- Constructing a garage: 50-75%
- Window and door replacement: 50-75%
- Building a deck: 50-75%
- Installing central air conditioning: 25-75%
- Landscaping: 25-50%
- Interlocking paving: 25-50%
- Building a fence: 25-50%
- Asphalt paving: 20-50%
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