The Top 3 Home Renovations That Will Bring You The Most Money

Whether you’re thinking about putting your home up for sale or simply looking for ways to improve its overall value, these top 3 renovations will deliver the biggest bang for your buck:

Kitchen Renovation and/or Update 

While kitchen renovations can be among the most expensive, they also carry the healthiest ROL.

ROI = 75-100%

Average Cost:

Smaller Renovation (i.e. fresh paint, refinishing cabinets upgrading hardware and a new backsplash) = $13,049 – $19,574

Larger Renovation (custom cabinetry, granite countertops, hardwood flooring and high-end appliances) = $40,000 and up

Budget Recommendation = 5-15% of your home’s overall value

Tips For Saving On Your Kitchen Renovation:

• Opt for Stock Instead of Custom – For instance, custom cabinetry may amount to nearly 30% of your overall budget. Experts recommend choosing stock options or refinishing cabinets and drawers instead.
• Break It Up – Renovate in phases as opposed to breaking the bank all at once, starting with the most urgent project first.
• Set Aside a Little Extra – Be sure to set aside an additional 15-20% of your overall budget in the event of unforeseen expenses.

Bathroom Renovation and/or Update 

As the second most popular room in the home (next to the kitchen), a bathroom renovation will also boost your home’s value:

ROI = 75-100%

Average Cost:

Small to Medium-Sized Bathroom (fresh paint, refinishing cabinets upgrading hardware and a new backsplash) = $4,587 – $9,174

Large and Master Bathrooms (fresh paint, refinishing cabinets upgrading hardware, new backsplash and additional fixtures) = $17,000 and up

Budget Recommendation = 5% of your home’s overall value

Tips For Saving On Your Bathroom Renovation:

• Avoid Re-Arranging the Plumbing – Use the existing plumbing features and keep the sink, tub and toilet rough-ins where they are.
• Use Existing Electrical – Like plumbing, electrical is also expensive to move and will require permits and contractors.
• Update Instead of Replace – Refresh bathroom fixtures instead of swapping them out entirely (i.e. instead of installing a new sink, change out the faucet etc.).

Interior and Exterior Painting 

Painting is one of the easiest and most affordable ways to add value to your home.

ROI = 75-100%

Average Cost:

Professional Painter = $500 – $1040 (for an average 10×12 room)

DIY Painting = $30 – $79 per gallon, with additional costs associated with primer ($7 -$20 per can), and painting supplies such as rollers, brushes, trays etc.

Budget Recommendation =$4 -$9/square foot (based on the average cost of a professional painter, listed above)

Tips For Saving On Painting Costs:

• Shop Around – Be sure to obtain several estimates (keep in mind cheaper isn’t always better, check reviews before deciding).
• Do It Yourself – Doing some (or all) of the work yourself can potentially save you thousands.
• Focus On What’s Important – Save money by only repainting walls and rooms that need it the most.

Other Recommendations: 

The following will also provide a significant return on your investment (from 50-75% ROI):

• Updated Décor – Updating your décor may include replacing lighting and plumbing fixtures, outdated countertops, worn flooring (including carpet), and refinishing hardwood floors.
• Clean and Declutter – Cleaning and organizing your home to showcase your best features (this is especially important when staging your home for a sale)

Get the most out of your home renovation with the help of our Step By Step Guide to Renovating Your Home (For a Great Sale). With this free download, you’ll learn more about:

• Your Home’s Current Value
• How to Plan Your Project
• Quick Wins
• And More!

Sources: Homestars.com, The Appraisal Institute of Canada, Greedyrates.ca, HGTV.com

Photo credits: Shutterstock.com

Categorised in: Selling a Home

This post was written by Terry Paranych Real Estate Group