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Top 3 Renovations To Boost Your Property’s Value

Tuesday, September 24, 2019   /   by Sally Niu

Top 3 Renovations To Boost Your Property’s Value

Prep Your House for the Fall. Taken by: Scott Webb
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.

Kitchen

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.

Bathroom

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.

Basement

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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Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®.
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