Renovation Costs + Insights

When looking for a home, sometimes you will come across one that is a good fit but might not have everything you were looking for, but that is okay! It is always an option to update the home, so we have compiled a list of some of the most common ones and the return at resale that you can generally expect to get from them.

Home Improvement Projects

Bathroom Remodel

A minor remodel has an average ROI of 102%. This is if you want to replace the tub, tile surround, floor, toilet, sink, vanity, and fixtures. A major remodel has an average ROI of 93.2%. This factors in updates to the tub, shower system, toilet, vanity, sinks. Faucets, tiles, flooring, countertops, light fixtures, plumbing, electrical work, or knowing down walls to change the layout.

It is recommended to start at the bottom, with the floors, and work your way up. Even just adding a new vanity or changing the countertop can update the space.

Kitchen Remodel

A minor remodel has an average ROI of 98.5%. This is great for when the kitchen needs a cosmetic update, and the floor plan is not drastically altered. The easiest things are to paint, change your kitchen backsplash, paint the kitchen cupboards, put in some pot lights, and add storage with build-ins for a new look and function for that space. Adding drapery or decorative elements can also change the space. 

A major remodel has an average ROI of 91%. This is when you plan to change the floor plan, have new cabinets, new appliances, new flooring, etc. Eat-in kitchens are a big plus and to make kitchens feel bigger by removing over-counter cabinets and create an eating bar.

Living Room Updates

A fresh coat of paint on the walls and trim as well as changing the flooring has an average ROI of 40%. Updating and décor such as new light switches, outlet covers, floor registers, crown molding, chair rails, drapes, and window treatments have an average ROI of 66%.

Bedroom Updates

Any updates such as adding new lighting, changing flooring, new window treatments, etc., have an average ROI of 52%.

Family Room Addition

Creating an addition is a great way to add to your square footage. The average room addition can cost up to $55,000. As an example, a sunroom can count in a home’s square footage if it is heated and cooled for year-round use. An addition has an average ROI of 83%

Bonus Room Updates

This could be converting a bonus room into a home office by adding bookshelves, cabinets, and electrical outlets. Updates like this have an average ROI of 72.8%.

Basement Remodel

The average cost to remodel is around $50,000 with an average ROI of 90.1%. For those on a budget, focus on creating a multi-purpose room that is moistureproof.

Attic Bedroom Conversion

If this can apply to you it is a great way to make use of the extra space. Converting the space has an average ROI of 93.4%.

Replacement Windows

Window replacements have an average ROI of 89.6% and the average homeowner can recoup more than they spend on replacement windows.

Exterior Improvements

If you want to give your home a fresh look, updating the siding or re-painting is a great option with an average ROI of 95.5%. Landscaping to add a little colour or focal point (e.g., a walkway) to the front of the house adds to curb appeal and has an average ROI of 100%. Adding a deck, patio, or porch addition has an average ROI of 90.3%.

Heating

Updates to furnace heating, which could be installing a high-efficiency furnace, have an average ROI of 50-70%. Updates to air conditioning, such as adding central air, have an average ROI of 25-75%. Any changes to increase energy efficiency typically have an ROI of 60%.

Renovation Rebates

If you are looking to complete some renovations there are different rebates that we can help you look into. Some have different requirements so it is important to start the process early to make sure you can get the rebate. 

Canada Greener Homes Grant

Launched on May 27, 2021, the new rebate program will pay Canadian homeowners up to $5,000 for home renovations that increase energy efficiency. It covers a range of home upgrades including heating and cooling systems, insulation, windows and doors, and solar panels. 

How it works:

• 1. Apply for the program through Enbridge 

• Schedule your first home energy audit

• Have qualifying upgrades completed by a licensed contractor or supplier

• Schedule final energy audit

• Apply for reimbursement (Be sure to keep all records and receipts!)

Rebate Amount  

Up to $5,000 for home upgrades + $600 for the required EnerGuide energy audits (up to $5,600 total). Learn more about the incentives from the City of Toronto and utility companies by clicking on the button below.

If you are thinking of completing a renovation to increase energy efficiency in your home let us know and we can help you navigate that process!