Tuesday, September 24, 2019 / by Sally Niu
Top 3 Renovations To Boost Your Property’s Value
Wondering where to invest your renovation budget to get the most bang for your buck? According to a 2018 cross-Canada Royal LePage Home Improvement Survey, here are the top 3 upgrades you can make to your home that will increase its resale value.
From freshly-painted cupboards and new hardware to a full kitchen overhaul, whatever budget you have — put it into your kitchen. An updated kitchen can potentially increase the home’s selling price by more than 12.5%, according to Royal LePage.
A modern bathroom can raise your property's value by between 2.5% and 12.5% depending on the investment. A double vanity, neutral and bright colours, glass standing shower and modern fixtures will transform an old bathroom into a real estate dream.
A finished basement is a great investment since it adds considerably more living space. When converted into a separate apartment it can raise the home’s value by 10%, since it’s a potential source of rental income. Overall, a basement renovation has the potential to increase your home’s value by between 2.5% and 12.5%.
Apart from these three rooms, the Royal Le Page Survey recommends investing in interior renovations over exterior ones. Adding a pool or deck provided the least return on investment and exterior painting provided less than a 5% increase in the home’s price.
READ: Toronto Real Estate Trends | September 2019 TREB Market Report
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