Did you know?
According to a Royal Bank of Canada survey done in the Fall of 2011 55 per cent of homeowners plan to renovate or make improvements in 2012. Furthermore, a CMHC survey conducted in 2011 shows 52% of owners renovated due to updating/adding value to their home in preparation for selling.
This easy to read worksheet has been created with information sourced from The Appraisal Institute of Canada and LDL’s experience in the industry.
Simply put, we are presenting the top 10 paybacks for home renovation ideas + how they improve a home’s resale value.
1. Exterior/Interior Paint (+50-100%)
Such a great way to update + transform your space! Color trends include colors that soothe and renew: sea-buffed stones, cloud white + rustic farmhouse.
Eco tip: EcoLogic paint is a “high performance” product that meets high environmental standards
Project cost: $15 000 + Project return: $7 500 – $ 30 000 = Total Resale Value $ 22 500 – $45 000
2. Bathroom (+75-100%)
Bathrooms are one of the four greatest payback potentials according to the AIC. We are seeing a distinctive touch of luxury returning to master baths
– a retreat to escape to at the end of a hectic day. Other upgrades include larger showers that are practical + make better use of space, easy to clean countertops that require minimal effort to maintain + long-lasting sustainable materials.
Eco tip: Install water conserving fixtures + toilets
Project cost: $10 000 + Project return: $7 500 – $ 10 000 = Total Resale Value $ 17 500 – $20 000
3. Recreation Room Addition (50-75%)
Creating a new room is becoming a very popular renovation of improving + modifying your living space. Plus, homeowners love the extra square footage for entertaining with family and friends.
Eco tip: Ensure all wood products are FSC certified+ choose LEED rated products when available
Project cost: $40 000 + Project return: $20 000 – $ 30 000 = Total Resale Value $ 60 000 – $70 000
4. Flooring update (50%-75%)
Switching our carpet for hardwood, laminate, bamboo, stone, cork, tile or reclaimed flooring can make one of the biggest impacts on the appearance of your rooms. Also statistics show that hardwood is easy to clean, ideal for allergy sufferers and long lasting.
Eco tip: Purchase domestic materials from a local mill
Project cost: $15 000 +Project return: $7 500 – $ 11 250 = Total Resale Value $ 22 500 – $26 250
5. Window Replacement (50-75%)
Consider new windows to enhance the look of your home + personal enjoyment of your living spaces.
Eco tip: Double or tripled gaze windows with Low – E glass + Argon gas filling
Project cost: $10 000 + Project return: $5 000 – $7 500 = Total Resale Value $15 000 – $17 500
6. Construct Garage (50%-70%)
For homeowners who need or want more space, but don’t want to add onto the house itself, converting a garage into livable space is sometimes the perfect answer.
Eco tip: Insulated garage keeps your car warm + reduces your car’s idling time
Project cost: $40 000 + Project return: $20 000 – $30 000 = Total Resale Value $60 000 – $70 000
7. Roofing (+50% – 80%)
Consider a metal roof, its attractive appearance is also an eco-friendly addition to your home. The roof can last up to 60 years and is fully recycled.
Eco tip: We’ll ensure your old roof is properly
Project cost: $10 000 +Project return: $5 000 – $8 000 = Total Resale Value $15 000 – $18 000
8. Kitchen (+75-100%)
Kitchens are one of the four greatest payback potentials according to the AIC. Consider refreshing your kitchen by adding a glass backsplash (no grout!), LED lighting under your cabinetry or in your drawers result in a brighter work space, extra storage (drawers, drawers, drawers!) and cabinetry that is designed with a minimal + modern appearance which produces a fresh look with clean lines.
Eco tip: Purchase appliances offering high
Project cost: $20 000 + Project return: $15 000 – $20 000 = Total Resale Value $35 000 – $40 000
9. Build Deck (50-75%)
A new deck creates a gorgeous outdoor space for your family to enjoy
Eco tip: Build with reclaimed wood, water based coatings+low maintanance design
Project cost: $12 000 + Project return: $6 000 – $9 000 = Total Resale Value $18 000 – $21 000
10. Basement Renovation (+50-75%)
The possibilities are endless. Transform your space into a home office, gym, bedroom, or family room. Desirable features include built in storage + recessed lighting.
Eco tip: Maximize thermal + sound installation, which results in a high efficiency home
Project cost: $15 000 + Project return: $7 500 – $11 250 = Total Resale Value $22 500 – $26 250