Reputable and well-known real estate firm, Royal LePage, recently conducted a survey to showcase whether or not home renovations maximize the homeowner’s return on their investment. According to the firm’s survey turnout, home renovations have the potential to increase homeowners’ return on their investment by up to 20%. Doing renovations as minimal as renovating a pool or a driveway can also make an impact. Let’s take a look at how much home renovations add to a property’s total value…

For starters, the renovation that maximizes a homeowner’s investment the most is the renovation of the kitchen. This category of renovation increases returns on investment by 20%. This is because a well-designed kitchen can improve and elevate the appearance not just of one room, but of your entire home. According to homebuyers, the kitchen is considered one of the top 3 most important areas of a home. Less costly ways of improving the kitchen space are by updating the lighting, changing knobs and drawer pulls, replacing countertops and using materials you already have. Following the kitchen, bathroom renovations are the second most effective way to maximize returns on investment. It can maximize returns by up to 16%. The most common types of renovations that homeowners tend to do in the bathroom are changing the vanity along with the countertops, faucet and sink, changing the flooring or the tub/shower. Following the kitchen and the bathroom are the finished basement renovations, basement apartment (rental suites) renovations, window replacement, interior painting, exterior facade, outdoor entertaining space, landscaping, home office, eco-upgrades, driveway improvements and pool renovations maximizing homeowners’ return on investment in a range of 6% to 15%.

Although there are both interior and exterior renovation options to maximize returns on investment, 87% of surveyed experts recommend Canadians who are looking for general guidance on where to invest in their home renovation to do interior renovations, as they have the highest maximization percentage.

Since the onset of the pandemic in 2019, many homeowners used their savings to make improvements to their homes because renovations are definitely a worthwhile investment, whether it’s to maximize returns on investment or to create modified living spaces for you and your family. By having both cost and time-effective renovations and by using trusted contractors like us at Golden Bee Homes, it’s certain you’re project won’t be one to regret…