Is Your Renovation Really Adding Value?

Renovating and remodelling your home can go a long way in giving it the appeal it needs to boost its value to buyers. In today’s market, the majority of buyers are looking for homes that require minimal work. As a seller, it’s important to look at the return on investment for your renovation efforts, not all upgrades are worthwhile. Most often the best places to spend your renovation budget is in the kitchen and bathrooms.

Mid-Range Major Kitchen Remodel
Cost: $66,196
Value: $41,133
Cost vs. Value: 62.1%
Update 200 sqft kitchen with a functional layout of 30 linear feet of semi-custom wood cabinets including a 3x5ft island, laminate countertops, and a standard double stainless steel sink with standard single lever faucet. Includes energy-efficient range hood, built in microwave, dishwasher, garbage disposal, and custom lighting. New resilient flooring, painted walls trim and ceiling.

Minor Kitchen Remodel
Cost: $22,507
Value: $18,123
Cost vs. Value: 80.5%
In a functional but dated 200-square-foot kitchen with 30 linear feet of cabinetry and countertops, leave cabinet boxes in place but replace fronts with new shaker-style wood panels and drawer fronts, including new hardware. Replace cooktop/oven range and slide-in refrigerator with new energy-efficient models. Replace laminate countertops; install midpriced sink and faucet. Add new resilient flooring. Finish with painted walls, trim, and ceiling.

Mid-Range Bathroom Remodel
Cost: $20,420
Value: $13,717
Cost vs. Value: 67.2%
Update existing 5×7-foot bathroom. Replace all fixtures to include 30×60-inch porcelain-on-steel tub with 4×4-inch ceramic tile surround; new single-lever temperature and pressure-balanced shower control; standard white toilet; solid-surface vanity counter with integral sink; recessed medicine cabinet with light; ceramic tile floor; vinyl wallpaper.

Window Replacement (Wood)
Cost: $20,526
Value: $14,530
Cost vs. Value: 70.8%
Replace 10 existing 3×5-foot double-hung windows with insulated, low-E, simulated-divided-light wood windows. Interior finish of stained hardwood; exterior finish of custom-colour aluminum cladding. Trim exterior to match existing; do not disturb existing interior trim.

Garage Door Replacement
Cost: $3,611
Value: $3,520
Cost vs. Value: 97.5%
Remove and dispose of existing 16×7-foot garage door and tracks. Install new four-section garage door on new heavy-duty galvanized steel tracks; reuse existing motorized opener. New door has a lifetime warranty and is made with high-tensile-strength steel with two coats of factory-applied paint, is foam insulated to minimum R-12, and includes thermal seals between pinch-resistant panels. Windows in top panel are 1⁄2-inch insulated glass. Hardware includes galvanized steel hinges and ball-bearing urethane rollers.

Deck Addition (Wood)
Cost: $13,333
Value: $10,083
Cost vs. Value: 75.6%
Add 16×20-foot deck using pressure-treated joists supported by 4×4-inch posts anchored to concrete piers. Install pressure-treated deck boards in a simple linear pattern. Include built-in bench and planter of the same decking material. Include stairs, assuming three steps to grade. Provide a complete railing system using pressure-treated wood posts, railings, and balusters.

We’ve used U.S National Data, all figures are in U.S dollars. However, cost vs. value would be similar in Canadian markets. Visit remodeling.hw.net for a breakdown by region or city.