Home Renovations and Return on Investment
Many of our clients wonder about doing renovations before listing their home. These can range from a minor bathroom renovation to a complete kitchen overhaul. Renovations usually come at a pretty hefty price and many aren’t sure what their return will be in the grand scheme of things. We’ve included the most common areas you may consider before the sale of your home, and the typical return on your investment.
Minor Bath Remodel $7,000 to $10,000*
A minor bathroom remodel can include things like changing tiles and a new bathtub or vanity. A fresh coat of paint can brighten it up quickly! These changes can really update the look of an outdated bathroom, at a lower cost rather than a full renovation.
The average return at resale on a minor bathroom reno is around 80% of the cost.
Major Bath Remodel $10,000 to $18,000*
A major bath renovation includes a complete overhaul and redesign of the space, with new walls, floors, lighting, fixtures, vanity and shower or tub. This can also take into factor relocation of some of the plumbing and increasing or decreasing the size of the bathroom.
The average return at resale on a major bathroom reno is around 71% of the cost.
Minor Kitchen Remodel $10,000 to $15,000*
A minor kitchen renovation can include things like refacing cupboards, changing countertops, new light fixtures and a fresh coat of paint. A small renovation like this can completely transform an existing space at a fraction of the cost of a major renovation.
The average return at resale on a minor kitchen reno is around 98.5% of the cost.
Major Kitchen Remodel $15,000 to $30,000*
A major kitchen renovation is a quite expensive investment, but it usually includes an extensive list of changes. These changes can include new cupboards and counters, new countertops and backsplash, newly installed lighting, new or upgraded appliances, and a complete change of layout or relocation of plumbing.
The average return at resale on a major kitchen reno is around 91% of the cost.
Basement Remodel $25,000 to $50,000*
When getting into finishing a basement there are so many things to consider. Will you be adding a bathroom or kitchen? Will you be adding extra bedrooms? There are so many variations of cost when you start to play with ideas to add value to your basement space.
The average return at resale on a basement reno is around 81% of the cost.
Replacing Windows $10,000 to $20,000*
Aside from aesthetic reasons, updated windows can greatly improve the overall efficiency of a home. This can be super appealing to a buyer looking at an older home, as they will appreciate not needing to change them in the near future.
The average return at resale on a complete window replacement is around 74% of the cost.
Deck or Patio Addition $7,000 to $15,000*
Outdoor living space is fantastic for our warmer summer months! Whether it be for a dining table and chairs or a lounge area with a fire pit nearby, there is a great appeal to outdoor entertaining space.
The average return at resale on an added deck or patio space is around 67% of the cost.
We hope you found this information helpful regarding renovations in your own home. As always, we are here to provide valuable information about preparing for listing your home, as well as the listing process. Feel free to reach out to us at anytime!
- Kristina & Rey
* Prices indicated are approximate. Costs can vary based on size of area and finishes selected.