Renovations and updates don't have to be expensive or extensive to offer you a good rate of return. In fact, a quick coat of paint can go a long way to boosting your selling price. Just make sure your new decor is tasteful, with shades of white and tame versions of popular colours.
The kitchen and bathroom are your best bets for renovations with the highest payback.
Take a look at these average rates of return for property upgrades:
- Interior painting and decor - 73%
- Kitchen renovations - 72%
- Bathroom renovations - 68%
- Exterior paint - 65%
- Flooring upgrades - 62%
- Window/door replacement - 57%
- Main floor family room addition - 51%
- Fireplace addition - 50%
- Basement renovations - 49%
- Furnace/heating system replacement - 48%
- New lighting - 84%
As an expert on home sales trends in your neighbourhood, Joyce Byrne can suggest which areas of your home could benefit from renovation and increase its value.