Sophie Mardirossian

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This upgrade could increase a homeowner’s property value by more than 12.5 per cent

For Canadian homeowners looking to boost their property value, a kitchen renovation is the best way to gain the most bang for your buck.


According to a new Royal LePage survey, upgrading a kitchen is considered the top home improvement project, as it has the potential to increase a home’s selling price by more than 12.5 per cent.


The poll surveyed 766 Royal LePage real estate experts across Canada, between June 20 and June 25, 2018.


While a kitchen reno was rated as the top home improvement project, both a finished basement and a new bathroom ranked second. These upgrades have the potential to increase a property’s value between 2.5 per cent and 12.5 per cent, depending on the investment.


According to the survey, adding a pool or deck to a home is considered the least favourable renovation for boosting a home’s selling price. These upgrades have limited pricing potential to a maximum of 2.5 per cent of the value of the home.


When deciding between an interior or exterior upgrade, 95 per cent of survey respondents agreed that indoor renovations are the way to go.


The survey also revealed that prospective sellers are willing to invest less than 2.5 per cent of a home’s value on renovations prior to listing their home. This represents an investment of up to $15,138 on a median-priced property in Canada valued at $605,512.


As for other popular home renos, a basement apartment and eco-upgrades, including windows and heating, both could boost a home’s selling price by less than 10 per cent.


In addition, landscaping has the potential to hike a home’s worth by less than 7.5 per cent.


Original Article from: 

Kerrisa Wilson on June 28,2018

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