Planning a home renovation is exciting! Whether your home is outdated, in need of repair or simply doesn’t reflect your needs, a renovation is a great opportunity to create a space that truly suits your personality and lifestyle.
But a home improvement project can also be a significant investment, and you will naturally want to ensure that the money you put in will raise your home’s value. It’s helpful to remember that even though any increase in your home’s value may not reflect the full cost of the renovation, any upgrade makes your home more attractive and easier to sell – that in itself has value.
It’s all about ROI
A renovation’s return on investment (ROI) is the percentage of the renovation cost that will be added to the value of your home. Of course, there is no definitive figure, but here’s a guide to some of the more common renovations and the approximate ROI you can hope for*:
New garage door
A dented or damaged garage door is unsightly and could even be a safety risk. In most homes, the garage door is a major feature, so it plays a huge role in your home’s curb appeal, and an update could be a relief to both you and your neighbours.
ROI: up to 94%
Manufactured stone veneer
Manufactured stone veneer is an affordable, easy way to add a traditional elegance to your home. Use it as an accent on corners or around the garage, or replace the entire facade with the look of genuine stone. It’s durable and it will make your home stand out to potential buyers.
ROI: approximately 92%
Minor kitchen renovation
Even the most outdated kitchen can benefit from a surprisingly minor remodel. Cabinets can be updated by replacing the fronts and countertops, energy efficient appliances will look amazing while saving you money on your power bills and a new floor will tie the look together.
ROI: approximately 72%
The main types of siding are fibre cement and vinyl, and both will add to your home’s value. Compared to wood or stucco, they are low maintenance, durable and more energy efficient.
ROI: approximately 69%
Replacing old wood or aluminum window frames with vinyl windows is a great way to update the look of your home from both inside and outside. The best part is that they’re energy efficient, durable and affordable.
ROI: approximately 68%
Adding a wooden deck to your home is an affordable way to create a beautiful, functional outdoor living space for cooking, eating and enjoying some of our fabulous Alberta sunshine.
ROI: approximately 65%
Unless you’re renovating specifically to sell, chances are you’re updating your home to create a stylish, comfortable living space that makes you happy. But it’s nice to know that whenever you decide to sell your home, your improvements will be appreciated and valued.
Interested in renovating your home? Contact us now to chat.
*Percentages taken from Remodeling Magazine’s 2021 Cost vs Value Report which gathers the average cost of individual renovations and compares it to real-estate agents’ estimate of that home’s final resale price. (Note: this is U.S. data, but you can expect similar trends here in Canada).
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