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Kitchen renovation has greatest potential to boost a property’s sale price

Kitchen renovation has greatest potential to boost a property’s sale price

Prospective sellers likely to spend less than 2.5% of a home’s value on home improvement

Posted on June. 28, 2018

TORONTO – According to a cross-Canada survey of over 750 Royal LePage real estate experts, a kitchen renovation is the clear upgrade of choice with the potential to boost a property’s value by more than 12.5 per cent.[1] Both ranking second, a finished basement or a new bathroom has the potential to increase a property’s value between 2.5 per cent and 12.5 per cent, depending on the investment.

“To financially benefit from a home improvement project, you need to keep potential homebuyers in mind,” said Tom Storey, real estate agent, Royal LePage Signature Realty. “While updating a kitchen should increase your sale price, a pool can actually deter families with young children or those who are looking for less maintenance.”

Adding a pool or deck is considered the least worthwhile renovation to increase a property’s value with pricing potential limited to a maximum of 2.5 per cent of the value of the home.

For Canadians looking for more general guidance on where to focus their home projects, the vast majority of surveyed experts recommended interior renovations (95.0%) over exterior renovations (5.0%).

For the entire announcement, please click here.  

Source: www.royallepage.ca

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ARMANDO SACCO

Broker

Armando Sacco
PHONE: 416.921.1112 
CELL: 647.986.4945 
EMAIL ME
55 ST CLAIR AVENUE WEST, 
TORONTO, ON

JENNIFER FAZARI

Sales Representative

Jennifer Fazari
PHONE: 416.921.1112 
CELL: 647.526.8846 
EMAIL ME
55 ST CLAIR AVENUE WEST, 
TORONTO, ON
 
 

Toronto Realtors Team

Phone: 416.921.1112  
Jennifer Fazari