If you are thinking about upgrading parts of your home, but aren’t sure where to start, maybe your kitchen should be the first place you think about.
Royal LePage recently surveyed hundreds of experts across the country to determine the home improvement projects with the highest return on investment, and according to the report, a kitchen renovation is the most worthwhile home improvement project, with the potential to increase a property’s value by an average of 20%.
Here are a few other facts that came out of the study:
- Royal LePage professionals say, on average, bathroom renovations can increase the value of a home by 16%
- Finished basements and basement apartments have the potential to increase a home’s value by 15%, according to survey results
- Outdoor entertaining space and landscaping have the potential to increase a property’s value by an average of 10%, according to respondents
- For Canadians looking for general guidance on where to invest in their home renovation projects, 87% of surveyed experts recommend interior renovations
“Kitchen renovations typically yield the greatest return on investment, as this space is most frequently used, and is perceived as the gathering place and the heart of the home,” said Mike Heddle, broker and team leader, Royal LePage State Realty. “When a potential buyer views a home for the first time, the one thing that will stand out - for better or worse - is what the kitchen looked and felt like. They may not remember the size of the bedrooms or the colour of the walls, but they will remember the kitchen.”
Need more advice on improving your home ready for sale? Contact Jeremy Osborne now!