Where The Home Renovation Value Is


Type Of Renovation Estimated Payback Estimated Cost Comments
Interior Painting 60% to 75% $2,500 and up You can definitely do this yourself, although you may want to consult with local paint retailers when choosing colours. Great payback for a small amount of money.
Exterior Painting 62% to 65% $1,200 and up Be prepared to spend a couple of tedious days peeling away old paint and preparing the surface. If you have never painted an exterior before, take a class from a store like Home Depot. If your house has more than two stories, consider hiring a professional. Finally, when in doubt, keep the colours neutral. White never goes out of style.
Kitchen 68% to 75% $20,000 and up Unless you are highly skilled, hire a professional to do the job. If you're contemplating a major reno, be prepared for some big bills - Canadians spend an average of $30,000 to $50,000 on new kitchens. Also, count on disruption. A complete reno can put your kitchen off limits for several weeks.
Main Bathroom 60% to 65% $12,000 to $50,000 Consider doing some of the work yourself, including removing old fixtures, caulking windows, repairing leaks. You should hire a professional for plumbing, electrical, heating and ventilation.
Attic Bedroom Addition 25% to 50% $15,000 Much less expensive than constructing an addition. Consider taking advantage of otherwise lost space by adding built-in storage. Skylight and dormers will also add to the appeal (and the cost). You can do some or much of the work yourself, but professionals are required to extend the electrical, heating and plumbing into the attic.
Refinished Basement 25% to 50% $18,000 and up If you're skilled you can do some of the work, like preparing the space and installing shelves, but you will need professional help to remove major cracks, lower floors and extend electrical, heating and plumbing.
Main-Floor Family Room Addition 50% to 60% $25,000 to $75,000 This can add substantial value if you live in a neighborhood with many young families. If you have solid construction skills, you may be able to do much of the demolition work yourself, including removal of partial walls. But you should hire a professional to lay the foundation and perform major structural changes to the existing house, including putting in new plumbing, electrical and heating systems.
Second-Story Addition 40% to 50% $125,000 to $225,000 Make sure the addition fits well with the rest of the house - you will want to hire an architect or designer to ensure the aesthetics are right.
Upgraded Heating System 30% to 40% $3,500 to $7,000 Installing a high-efficiency forced-air furnace costs from $3,500 to $7,000, but reduced energy bills will soon help to offset that expense.
Deck 50% $2,000 to $25,000 If you're handy or willing to take an afternoon course, you can easily build a deck. A simple 10x10 deck costs at least $2,000 - to price it out, assume a cost of $18 to $25 per square foot.

 

 

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