Which renovations go right to your bottom line?
January 22, 2025 | Posted by: Sherry Corbitt
Whether you are looking to buy a fixer-upper or renovate your existing home to improve the quality of life for you and your family, it's worthwhile to understand which home renovations can help boost your home's value and go straight to your bottom line. According to the Appraisal Institute of Canada (AIC), the top 4 renovations with the highest return on investment (ROI) include the following.
Updated kitchen
- The kitchen is almost always the heart of the home, so it's no surprise that kitchen renovations consistently provide the best return on your renovation investment. If payback is essential to you, keep the project in line with the style and quality of the rest of the house and neighbourhood.
A sparkly bathroom
- Bathroom renovations are also very reliable when it comes to boosting the overall value of your home.
Fresh painting
- Whether it's inside or outside, a fresh coat of paint can work wonders on the overall impression of your home. If you are looking to sell, choose neutrals that have wide-ranging market appeal.
Focus on decor
- Updating lighting and plumbing fixtures, countertops, and replacing worn flooring or refinishing hardwood floors are also definite ROI winners.
Of course, it's also important to budget for those renovations that are necessary to maintain your home's worth. For example, according to the AIC, it's essential to replace the roof, update heating/cooling systems and replace windows/doors near the end of their life expectancy. The AIC also lists finishing the basement, garage improvements, sunrooms and other additions, decks and fences, and landscaping as the top renovations that generally value the most enjoyment.
If you're thinking renovation, let's talk. I can help you finance your reno to maximize your bottom line and personal home enjoyment. For example, suppose you're buying and planning immediate renovations. In that case, I can bundle the cost of your planned renos right into your mortgage: so instead of sky-high credit card and line of credit bills, you'll have your mortgage and renovations looked after in one easy monthly payment.
Sherry Corbitt, Mortgage Broker
