The Wright Sisters Group | Union Realty Brokerage Inc. - The Beaches, Leslieville, Riverdale and East York Real Estate Specialists – Your East End Toronto Real Estate Team

Renovation - Return on Investment

05 August 2015
LINDSAY WRIGHT

Are you planning a renovation and looking to get the biggest bang for your remodeling buck? Before you begin, take a minute to find out how to maximize your return on investment (ROI). When you are ready to embark on a home remodeling project, figure out how much it will cost and the value you will be able to recoup.

The healthiest return on your home improvement investment, averaging a 101.8% return, is installing a steel entry door. Security, curb appeal, and energy efficiency all improve with this relatively simple change.

Converting an attic space to a bedroom also ranks high on the list of smart investments. Best of all, an attic conversion will allow you to maximize space you already have, thus keeping your costs in check.

Updates in the kitchen can be as basic as swapping out old appliances for new ones. This room is important to homeowners and buyers alike, so even small kitchen updates will result in added value in your home. The same can be said for the bathroom. In fact, a midrange bathroom remodel will produce a higher long-term return on investment compared to an upscale master suite addition. 

Although an in-ground swimming pool and an outdoor kitchen may bring you countless hours of enjoyment, neither will provide a great return to your investment. Spending some of that money on a wood deck makes much more sense.

The most important step in any major remodel is making a well-informed plan. Your long-term investment should be a smart one, but it also needs to meet your immediate needs. Surprisingly, some of the top projects for ROI are fairly simple.

MIDRANGE     Cost Recouped
Major Kitchen Remodel   67.8%
Vinyl Siding Replacement  80.7%
Garage Door Replacement    88.4%
Bathroom Remodel      70%
Steel Entry Door Replacement  101.8%
Attic Bedroom   77.2%
Wood Deck Addition 80.5%
 
UPSCALE        Cost Recouped
Major Kitchen Remodel   59%
Fiber Cement Siding Replacement 84.3%
Garage Door Replacement    82.5%
Master Suite Addition 53.7%
Wood Window Replacement  71.9%
Roofing Replacement 62.9%
Composite Deck Replacement   58.9%