4 home renovations that pay off

4 home renovations that pay off

Certain upgrades to your home can systematically boost the value of your property. In many cases, you can get a 50% to 100% return on your investment.

National Bank General Insurance
24 December 2015

Home renovations have many advantages. Besides enhancing the appearance, getting your home up to date can increase comfort, provide better security and offer a healthier, more efficient living environment. In short, home renovations can greatly improve your quality of life.

If your budget is limited and you want to set priorities, why not go with projects that will add value to your home?

Below are four renovations that are most likely to pay off for you.

1. Kitchen and bathroom

Renovations to the kitchen and bathroom are the most lucrative. Kitchen or bathroom facelifts can pay back 75% to 100% of their cost, depending on the renovations you do.

Many real estate professionals agree that homeowners who renovate for the purpose of selling their home should focus on these two rooms.

2. Interior and exterior paint

Painting is an inexpensive and very profitable renovation project. Rolling on a new coat of interior or exterior paint may generate a 50% to 100% return on your investment. If you’re planning on selling your house, choose neutral shades over trendy colours that may not appeal to all buyers.

3. Roof

Replacing roof shingles may offers a 50% to 80% rate of return, which is quite a nice margin of profitability. Investing in a roof upgrade increases the value of your home and, most importantly, it protects you against various problems such as water infiltration.

4. Heating system

Investing in a high-quality heating system or furnace may pay off handsomely: in the same way as a roof upgrade, installing an energy-efficient system generates an estimated 50% to 80% payback. If you’re worried about the cost of replacing your old system, keep in mind that these upgrades will make you benefit from an immediate reduction in heating costs and will make your home noticeably healthier and more liveable.

More projects

Other renovations may have good payback potential (50% to 75%) such as replacing doors, windows, or flooring, installing a fireplace, finishing the basement or adding a playroom.

Whatever home renovation project you’re considering, if you want to recoup the highest percentage of the cost, remember that the work has to be done properly and the results have to be tasteful. With this in mind, before you dive head first with a hammer in one hand and a screwdriver in the other, do your research and don’t hesitate to seek advice from a qualified professional.

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