With the advent of the Pandemic, and more people spending time at home than ever before, from working remotely, online school, to entertainment and recreation, Canadian homeowners are jumping on the opportunity to renovate and upgrade their living spaces.
According to Abacusdata, nearly 1 in 2 Canadians have either done renovations or are planning to during the pandemic, with spending on residential renovations spiking 66% during the first half of 2021 alone (Statistics Canada) . From outdoor and recreational spaces, to offices and more traditional renos such as kitchens and bathrooms - Canadians across the country have taken the opportunity to upgrade, update, and revitalize their homes.
And while renovations can be costly, for those looking to get the best of both worlds of form and function, along with a high return on their investment, below are 4 of the highest value renos Canadian Homeowners can do.
Kitchen
Being the most popular space for homeowners to renovate, and with good reason - The kitchen is both one of the most practical and profitable renovations Canadian Homeowners can do. With Typical Kitchen renos total starting at $30,000 or higher.
For homeowners looking at spending a bit less, there are a plethora of options to create a beautiful space, on the fraction of the average budget. Oftentimes, new cabinetry can make up a big chunk of a remodel, ranging from 20-30%. If you’re happy with the general functionality and location of your cabinets, opting to repaint or stain your cabinets can be a real budget saver.
Even small and inexpensive upgrades such as modern lighting and fixtures, adding or changing backsplashes, or sinks and faucets, can go a long way at dramatically modernizing and making an impressive, yet cost effective difference.
A fresh coat of Paint
You’d be surprised at how far this rather simple and cheap renovation goes to both increase your resale value, and reinvigorate your living spaces. If you’re inclined for some Do-It-Yourself work, repainting your interior walls can be done for as little as $400 - $500. Making it one of the cheapest ways to boost your home’s value and bring new life to your interior.
Bathrooms
Tailing Kitchen renovations as the 2nd most popular and best return on investment, an updated bathroom is a small yet impactful renovation that adds considerable value to your property, and is a great renovation to test the waters (No pun intended) before taking on a bigger project such as a kitchen. Usually, Bathroom remodels cost Canadians around $15,000.
Finishing Your Basement
Who doesn't want more space? Renovating your basement represents an amazing opportunity to open up a multitude of new options for living space that you’ll thank yourself later for doing - And so will potential buyers. Finishing your basement not only increases your property value, but it makes your house that much more attractive to buyers, meaning you could also benefit from a faster sale. The average cost for finishing a basement hover around $30,000, although depending on the size of the basement, your mileage may vary.
The bottom line
While Canadian Homeowners continue to put dollars down to renovate their homes from purpose to comfort, renovations are a big endevor, and being properly prepared is key to a successful and on-budget reno. If you’re considering renovations that add value to your home, it's worthwhile to reach out to contractors and realtors, who can help you identify which improvements or renovations are worth the cost, and help you begin your next reno.
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