The Best Home Renovations for the Biggest ROI
Painting
Painting is the most under-appreciated home improvement. Nothing provides a higher ROI than quality, professionally done painting. When putting your home on the market, consider a professional painter who can help select the right palette, skim the walls, seal trim and repair minor damage before applying top quality paint that’s appropriate for each surface (matte for living areas, egg shell or semi-gloss for trims and doors and proper ceiling paint.)
It doesn’t seem like the most glamorous of renovations, or promise the most dramatic before-and-after, but it instills freshness and can flatter your home in ways you’ve never imagined. A colour expert can help select the perfect shades to work with the lighting in your home and ensure it puts its best face forward!
ROI:
A fresh coat of paint typically garners a 60% return on your investment.
By the Numbers:
Budget for a 2,000-sq.-ft. home: approximately $10,000-$15,000
Good “Bones”
When contemplating a profitable renovation, nothing “sinks” a sale price quicker than a house that’s taking on water. Especially in this market, where strong sale prices are being paid for homes with “good bones,” ensuring that the roof and windows are in good shape, gutters and drains are functioning properly and the foundation is dry is crucial to realizing the potential value in a home.
Consider items like vinyl windows, a new roof or even waterproofing the foundation. Buyers are wise to structural issues, and learning that a homeowner has done their homework and made the proper investments to prevent flooding and leaks will go a long way in a buyer’s eyes (and offer!).
ROI:
Renovations that will save home owners money in the long run will draw a higher return, around 75 per cent, depending on the scale of the reno.
By the Numbers:
All new, good quality vinyl windows for a 2,000-sq.-ft. home: roughly $15,000
Stripping and replacing the roof with quality asphalt shingles: $8,000 to $10,000
Proper waterproofing of the exterior of a foundation: roughly $60-$80/linear foot
Doors & Hardware
Investing in new interior doors and hardware; replacing the front door and adding a quality lock-set; and adding baseboard, door trim, crown mouldings and wainscoting are all examples of relatively inexpensive and non-invasive improvements that can immediately punch up the appeal of a home.
It really comes down to the quality of the finish though. This is not a time to skimp on materials or workmanship. Hire someone you know and trust, or ask for referrals from friends who you know share similar standards.
ROI:
Smaller projects that have less of a “wow” factor, and may even go unnoticed in an open house, draw a smaller return, around 50 per cent of your initial investment.
By the Numbers:
Solid wood front door with quality lock-set: $2,500
Solid core interior doors with hardware: $250/per door
Countertops
Since kitchen renovations can easily snowball, consider a quick counter-top refresh and appliance-swap as options for a great return on investment.
Instead of shelling out upwards of $25-50,000, expect to pay about $3,000 for a quality stone, like granite or quartz, and between $5-10,000 for quality slide-in or a stand-alone set of kitchen appliances with a pro-look like stainless steel.
ROI:
Kitchen renovations have the best return on investment, typically garnering a 75-100% return.
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