Remodelling ... What will my RETURN ON INVESTMENT (ROI) BE?  

 

For most homeowners, renovations offer a relatively affordable means to boost the value of a property in today's competitive real estate market. From simple aesthetic changes to complete kitchen makeovers, we can show you the investment typically required for remodeling projects that could make your house more appealing to buyers.

 

Here is an interesting look at some general costs on remodelling, and what you can expect to see in return.  Remember that these are average estimations, and that there are many factors that will contribute to your selling price.  

 

Top do-it-yourself renovations with best return on investment

RENOVATION PROJECT APPROXIMATE COST* APPROXIMATE ROI**
Paint the interior $1-3,000 50-100%
Replace carpeting with affordable laminate $3-5,000 (for 1,000 square-foot space) 50-75%
Install new light fixtures $1,5-3,000 60-70%
Exterior landscaping $2-5,000 25-50%
Replace knobs and hardware $2,000 75-100%
Update the entryway $1-3,000 50-75%
Replace carpeting and laminate floors with hardwood $6-10,000 (for 1,000 square-foot space) 50-75%
Build a fence/deck $5,000

50-75%

Renovations with best return on investment (professional help may be required)

RENOVATION PROJECT APPROXIMATE COST* APPROXIMATE ROI**
Install an additional bathroom on main floor $7-10,000 80-100%
Renovate bathrooms $5,000 + 75-100%
Renovate kitchen $12,000 + 75-100%

*Assumes mid-grade quality finishes, labour excluded

** Source: Adapted from the Appraisal Institute of Canada RENOVA, Royal LePage

 

SHAWNWORSFOLD

REECEWORSFOLD


shawn@swproperties.ca

250.870.7771

 

Hon B. Sc, Realtor ®

Unlicensed Assistant


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