So if you spend a $1,000 to renovate your home, how much more
will you get for your home?
The answer: it
depends on where are you spending your money on.
But in most cases, you won't get back the full amount you are
spending on the project.
Home improvement is mainly for the owners' enjoyment.
Very often, home renovation are just the necessary process to maintain your home.
It is not an investment and you will not get a return more than the money you spent on the project.
Indeed, some installations offer no return in value!
Average potential "payback" in percentages on common home renovation
projcts
based on information provided by Appraisal Institute of Canada:
| Kitchen renovation | 68% |
| Interior painting | 66% |
| Bathroom renovation | 64% |
| Exterior painting | 62% |
| Finished basement | 50% |
| New furnace/heating system | 50% |
| Addition of main floor family room | 49% |
| Landscaping | 45% |
| Separate living unit | 42% |
| Energy efficient features | 39% |
| Central air conditoning | 38% |
| Built-in vacuums | 0% |
| Sprinkler systems | 0% |
| Swimming pool | 0% |
Caution: For homeowners thinking about upgrading their home with selling
in mind, please consider using professional services!
"Upgrades" won't add to the selling price if the house suffers from unprofessional workmanship.