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. 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%).
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