Cost Effective Renovations
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Cost Effective Renovations

Wow, what a crazy week!  Had a client give us a tight deadline for their work that required us re-organizing our schedule to accommodate.  In the end, we managed and the job is starting Tuesday.

We are often asked, "What renovations will give us the best return on our money?"  I often respond by telling clients to think of renovations to their home as investments.  Provided they do the right renovations, they can often see a 60%-90% return on their investment.  Now where on the stock market can you get that kind of return?!
The key is knowing what renovations to do.  The list below shows you the best rate of return on your renovation projects.


Highest return
  • Bathroom upgrade: 75 percent to 100 percent
  • Kitchen upgrade: 75 percent to 100 percent
  • Interior or exterior painting: 50 percent to 100 percent

Medium-level return
 
  • Roof replacement: 50 percent to 80 percent
  • Replacement of furnace or heating system: 50 percent to 80 percent
  • Finished basement: 50 percent to 75 percent
  •  Addition of family room: 50 percent to 75 percent
  •  Fireplace: 50 percent to 75 percent
  •  Installation of hardwood floor: 50 percent to 75 percent
  •  Construction of a garage: 50 percent to 75 percent
  •  Doors and windows: 50 percent to 75 percent
  •  Deck: 50 percent to 75 percent
  •  Central air conditioning: 25 percent to 75 percent

Low return
  • Landscaping: 25 percent to 50 percent
  • Interlocking paving stones on driveway: 25 percent to 50 percent
  • Asphalt driveway: 20 percent to 50 percent
  • Fence: 25 percent to 50 percent
  • Pool: 10 percent to 40 percent
  • Skylights: 0 percent to 25 percent 

You can't go wrong with kitchen and bathroom renovations.  The job we're starting after labour day is a bathroom renovation.  This client has a large ensuite bathroom and we're replacing all of the floor tile and tile inside of the shower.  To save on this project, the client is removing his vanity and installing the new one himself.  They are also doing their own painting.  They only had builder's grade tiles and vanity in the bathroom so the upgrade will certainly add value to the house when they sell in 3 years.

Smaller changes to a home can also reap hefty rewards. Any addition that brightens your home (such as new light fixtures) should be returned in the selling price by an average 84% of the cost of the renovation. 

The top 10 upcoming renovation trends are- 

• Second floor laundry room 
• Ground-floor home office 
• Hardwood flooring upgrade in kitchen 
Whirlpool bath separate from shower 
• Built-in kitchen appliances 
• Addition of kitchen cooking island 
• Non-neutral interior paint colours 
• "Smart" house wiring 
• Home theatre room 
• Skylights 

So....as winter starts approaching and we begin to hibernate inside, start thinking about the renovations you can do to your home.  Give us a call...we'd be glad to help you with the planning.

1 Comment to Cost Effective Renovations:

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website on Friday, August 15, 2014 8:37 PM
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