Renovating with the intentions of selling your home can increase your property value and the price that you get for it because buyers typically want a home that is ready to move in to. As a seller, you want to spend less on renovations than you will benefit in terms of resale value in order to make it worth your while.

Your first priority should be to remodel your kitchen and bathrooms. This is where most of your renovation budget should be spent as it is these rooms that often make or break a sale. Set a budget for your renovations, decide what renovations need to take precedent, and look for ways to minimize your costs. Revamping, not rebuilding, should be your priority.

You do not need to completely gut and rebuild your kitchen from scratch to increase the value and appeal. Instead of installing all new cabinetry, it may be possible to paint or sand and apply new varnish to your cabinets. If they need more than a fresh coat of paint, replacing the doors and hardware can update them at a fraction of the price of a full set of cabinets. Add on a new countertop and a little paint and you practically have a whole new kitchen.

Bathroom renovations can be made simple as well without costing a fortune. A fresh coat of paint, re-grouting the tiles and replacing the toilet seat, faucets and shower curtains can give the room an updated, fresh new look at a very reasonable price.

Floors and wall colours are also an important consideration. Hardwood and/or tile make the home look more elegant and buyers will know that they do not have to worry about allergens and what may be hidden beneath the carpet. Wall and floor colours should be kept neutral so that they appeal to as many people as possible.

What Is It Worth?

Before you do any renovations, do some research on the expected return on your expenditure. To get you started, here are some findings from CMHC on the percentage recovered upon resale:

Kitchen Upgrade: 75%–100%
Bathroom Upgrade: 75%–100%
Interior Painting: 50%–100%
Roof Replacement: 50%–80%
Replacement of Furnace or Heating System:50%–80%
Expansion: (addition of Family Room): 50%–75%
Doors and Windows: 50%–75%
Deck:50%–75%
Hardwood Floor: 50%–75%
Construction of Garage: 50%–75%
Fireplace (wood or gas): 50%–75%
Central Air Conditioning:50%–75%
Finished basement:50%–75%
Wood Fence:25%–50%
Interlocking paving stones on driveway:25%–50%
Landscaping: 25%–50%
Asphalt Driveway:20%–50%
Pool: 10%–40%
Skylights:0%–25%

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