10 Home Renos with the Highest Return on Investment

What is ROI for renovations and why is it important?

Return on Investment (or ROI) is the percentage of the initial cost you can expect to recoup when you sell your home. Certain projects will return a larger value to your property, so it is important to make informed decision on where to spend your money.

If you are looking to increase the value in your home these are the top 10 home renovations according to the AIC (Appraisal Institute of Canada)

10. Painting – A fresh coat of paint typically garners a 60% ROI, and this is a project that most homeowners can tackle themselves. 

9. Replacing Windows – 75-80% ROI

8. Bathroom Renovation – 70-78% ROI

7. Complete Kitchen Renovation – 75-100% ROI. A well designed kitchen can elevate the appearance and functionality of your entire home and an updated look will improve the appeal if selling. 

6. Basement Upgrade –  85% ROI

5. Adding a Deck – 80-85% ROI

4. Adding Fiber Cement Siding – 86% ROI

3. Boost your Curb Appeal – An investment in landscaping can provide up to 105% ROI. The exterior of your home has a larger audience than the interior. Your curb appeal/landscaping creates a first impression and suggests that a home that is well-kept on the exterior means overall quality of the home/property. 

2. Insulation Upgrade – This is a good one. 100% ROI.  It reduces electric and utility costs. Reduces heat loss in winter, heat gain in summer which minimizes the need for heating and cooling from your furnace or AC unit.  In fact, most energy-efficiency upgrades will yield at least 80% ROI.
 
1. Hardwood Flooring – 100-150% ROI. Hardwood flooring is long lasting, provides a timeless look, is hypoallergenic and is an eco-friendly option.