This detailed Home Inspection Network post provides useful data to anyone who is considering a home renovation. Author Bev Siciliano begins by explaining what many do not realize – we might not fully recoup our investment when the home is sold. For that reason alone, home renovations should be analyzed individually to ensure we get the highest return on investment (ROI).
Generally, renovations that provide the best return on resale are superficial upgrades, like painting and decorating, with limited capital outlay and maximum impact. According to the Appraisal Institute of Canada’s latest Home Renovation Survey, renovations with the highest return potential are kitchen and bathroom renos at 75 -100%, followed by interior and exterior painting at 50 – 100%.
Skylights rate the lowest potential return on investment (ROI) at 0 – 25%, with swimming pools at 10 – 40% and landscaping, fences and interlock at 25 – 50%. Central air, decks, window/door upgrades, fireplace installs, rec room or garage additions, new flooring, and basement renos have a potential ROI of 50 – 75%. To read more click here.