Renovation Report - Home Renovation Statistics

Posted in Real Insights | March 31, 2008

See below for the renovations that have been found to offer the best Return-on-Investment. The top section looks at “Do-It-Yourself” projects while the bottom section looks at projects that may require a builder’s help.

TOP ‘DO IT YOURSELF’ RENOVATIONS WITH BEST RETURN ON INVESTMENT

Paint the interior - Approx Cost $1,000 - Approx ROI = 50-100%
Replace carpeting w/ laminate - Approx Cost $2,000 (1,000 sqft) - Approx ROI = 50-75%
Install new light fixtures - Approx Cost $2,000 - Approx ROI = 60-70%
Groom the exterior landscape - Approx Cost $2,000 - Approx ROI = 25-50%
Replace knobs and hardware - Approx Cost $2,000 - Approx ROI = 75-100%
Update the entryway - Approx Cost $3,000 - Approx ROI = 50-75%
Install hardwood floors - Approx Cost $5,000 (1,000 sqft) - Approx ROI = 50-75%
Build a fence/deck - Approx Cost $5,000 - Approx ROI = 50-75%

RENOVATIONS WITH BEST RETURN ON INVESTMENT, SOME HELP MAY BE REQUIRED

Install main floor bathroom - Approx Cost Under $5,000 - Approx ROI = 80-100%
Renovate bathrooms - Approx Cost $5,000- $8,000 - Approx ROI = 75-100%
Renovate kitchen - Approx Cost $12,000 - $15,000 - Approx ROI = 75-100%
Notes:
APPROX COST* Assumes mid-grade quality finishes, labour excluded
APPROX ROI** Source: Appraisal Institute of Canada RENOVA, Royal LePage