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Return on Renovation

When deciding on what type of renovation to undertake and how much to spend, consider how your future "resale" value will be impacted. Not all renovations are a smart idea and actually can reflect negatively on your eventual selling price. Most people think that renovating will automatically guarantee an increase in property value. Not so. You obviously want to appeal to the greatest number of buyers when deciding on what should be renovated.
If you are looking to sell your home quickly, the cheapest and best return for your dollar is to spend a little on interior paint.

Best Return:

The Appraisal Institute of Canada's top 14 renovation projects with average potential payback are:
  1. Painting and decor, interior 50-100%
  2. Kitchen renovation 75-100%
  3. Bathroom renovation 75-100%
  4. Painting, exterior 50-100%
  5. Window/door replacement 50-100%
  6. Roof single Replacement 50-80%
  7. Furnace/heating system 50-80%
  8. Fireplace addition 50-75%
  9. Basement renovation 50-75%
  10. Flooring 50-75%
  11. Building a deck 50-75%
  12. Recreation room addition 50-75%
  13. Constructing a garage 50-75%
  14. Central air conditioning 25-75%
Top 8 upcoming renovation trends:
  1. Main-floor laundry room
  2. Ground-floor home office
  3. Hardwood flooring upgrade in kitchen
  4. Installing a jacuzzi or whirlpool bath
  5. Built-in Kitchen appliances
  6. Addition of kitchen cooking island
  7. Non-neutral interior paint colours
  8. Home theatre room
Lowest Payback Potentials:
  • Landscaping (25-50%)
  • Interlocking paving (25-50%)
  • Building a fence (25-50%)
  • Asphalt paving (20-50%)
  • Adding a swimming pool (10-40%)
  • Installing a skylight (0-25%)
As a general rule, forget about the luxuries and keep the renovations general and suitable to the neighbourhood and surrounding homes.
In over thirty years and fourteen moves, Dale McGauran is simply the best realtor® we have ever encountered.
~Mauren and Dick Carter
Dan is a consummate professional, a diplomat, a wonderfully friendly guy and a true expert in negotiations. Dan made our search a pleasure.
~M. Costanze & A. Duthie
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.