The three most frequent renovation improvements undertaken by homeowners, which provide the highest payback potential are:
The following renovation projects provide the highest payback potential for homeowners.
1. Bathroom Renovation
2. Kitchen Renovation
3. Painting - Interior/Exterior
This information is also valuable for homeowners to measure what effect home improvement projects may have on the resale value of their homes. Consumers should be aware that home values and returns on renovation investments are dependent on many factors such as the location of the property, i.e. province, rural/urban, the neighbourhood. Notably important is the quality of workmanship and materials.
Whether you're planning to sell your home soon or to stay put for a while, you'd probably rather have any improvements you make to your home add as much value as possible.
Top four greatest payback potentials
1 Bathroom renovation (75-100%)
2 Kitchen renovation (75-100%)
3 Interior painting (50-100%)
4 Exterior painting (50-100%)
Ten average pay back potentials
1 Roof shingle replacement (50-80%)
2 Furnace/heating system (50-80%)
3 Basement renovation (50-75%)
4 Recreation room addition (50-75%)
5 Installing a fireplace (50-75%)
6 Flooring (50-75%)
7 Constructing a garage (50-75%)
8 Window/door replacement (50-75%)
9 Building a deck (50-75%)
10 Central air conditioning (25-75%)
Six lowest payback potentials
1 Landscaping (25-50%)
2 Interlocking paving (25-50%)
3 Building a fence (25-50%)
4 Asphalt paving (20-50%)
5 Adding a swimming pool (10-40%)
6 Installing a skylight (0-25%)
|