Living through a pandemic has really changed how we Canadians view home renovations. According to the RE/MAX 2021 Renovation Investment Report, over half of us have spruced up our homes in the past year. Interestingly, only 16% did it to boost their home’s market value, but nearly 60% still kept an eye on the potential return on investment.
 
When you’re getting your home ready for sale, it’s important to invest in updates that align with current trends and help your home stand out in the competitive real estate market. If your home has been your haven for many years, you might not notice its little flaws, but they can be deal-breakers for potential buyers. Let’s dive into the top home renovations that can ensure a solid return on your investment.
 
Paint
It's amazing how a simple coat of paint can transform a house. In a RE/MAX study, painting was listed as one of the top three renovations for return on investment in 18 out of 31 housing markets, including Toronto. It's a cost-effective way to give your home a fresh, new look, and it's something you can even do yourself. Consider hiring a professional painter for the best results – they can help choose the right colors and ensure a quality finish. A good paint job might not seem like a glamorous makeover, but it can breathe new life into your home, much like choosing the right outfit enhances your appearance.
 
ROI: Expect about a 60% return on investment for painting.
 
Budget: Around $10,000-$15,000 for a 2,000-sq.-ft. home.
 
Good “Bones”
Nothing deters a sale like structural issues. In today’s market, homes with solid foundations and intact roofs are highly valued. Ensure your roof, windows, gutters, drains, and foundation are in top condition. Upgrades like vinyl windows or a new roof can significantly boost your home's value. Prospective buyers are reassured by homes that have been well-maintained and safeguarded against leaks and floods.
 
ROI: Long-term savings renovations can draw returns around 75%.
 
Budget:
 
Vinyl windows: Around $15,000 for a 2,000-sq.-ft. home.
Roof replacement: $8,000 to $10,000.
Foundation waterproofing: $60-$80/linear foot.

Doors & Hardware
Don't underestimate the impact of new doors and hardware. Upgrading interior doors, front doors, lock-sets, and adding stylish mouldings can significantly enhance your home's appeal. Quality is key here, so invest in good materials and skilled workmanship.
 
ROI: Smaller projects yield around a 50% return.
 
Budget:
 
Front door with lock-set: $2,500.
Interior doors: $250 per door.

Countertops
Updating your kitchen countertops is a surefire way to add value. You don’t need a full-scale kitchen renovation; just swapping countertops and appliances can make a big difference. Stone countertops like granite or quartz and stainless steel appliances can modernize your kitchen without a huge price tag.
 
 ROI: Kitchen updates typically bring a 75-100% return.
 
Bathroom
A revamped bathroom can significantly boost your home’s value. Think luxury touches like frameless glass showers, high-end vanities, or stylish tiles. Start by identifying the focal point in your bathroom and renovate around that.
 
ROI: Bathroom makeovers average a 62% return.
 
Budget: Generally between $5,000 to $15,000.
 
Flooring
Good flooring is crucial. It’s one of the most used parts of any home, and new flooring was among the top three renovations for return on investment in several markets in the RE/MAX study. Whether it’s hardwood or laminate, ensure a professional installation for the best look. However, it's generally advisable to avoid carpeting, as many buyers view it as a dust and odor magnet.
 
ROI: You could see a 100-150% return, depending on the flooring choice.
 
Budget:
 
Hardwood: $4 to $6 per sq. ft. (plus $2 installation per sq. ft.)
Laminate: $1 to $3 per sq. ft. (plus $1.50 installation per sq. ft.)
Even if selling isn’t in your immediate plans, it’s wise to consider renovations that can offer a high return on investment. By updating key areas of your home, you can enjoy a more comfortable living space now, and be ready to capitalize in a seller's market when the time comes.

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today!

Source: Michael Cowling, Photo Source: RE/MAX