Renovation Report Shows Where The Money Is

Posted in Real Insights | March 25, 2008

Did you know that simple Do-It-Yourself renovations can have a large return-on-investment when selling your home? According to Statistics Canada, renovation spending grew by 8.3 per cent in the fourth quarter 2007 to $9.2 billion. While new bathrooms and kitchens have a large pay-off, there are other high-return projects that you can do without hiring a contractor. The latest Royal LePage Renovations and Returns Survey looks at the ROI of various reno projects. It finds that a fresh coat of interior paint, especially if you choose neutrals, makes your house look newer and more spacious, and can pay back up to double its cost. Next on the list – floors. Replacing carpet with hard-surface floors, (hardwood is best and laminate second), increases your home’s appeal.  Upgrade dated light fixtures and go “green” if you can. And here’s a simple idea – replace kitchen and bathroom knobs and hardware for an easy, inexpensive and high-ROI project. “Renovations offer a relatively affordable means to boost the value of a home,” said Lisa da Rocha, vice president, marketing and sales, Royal LePage Real Estate Services.  “What we have explored within this survey are renovations that are intended to translate directly into enhanced equity in a property.” Come back next week for more from this important survey.