A cross-Canadian survey conducted by Royal LePage found that kitchen renovations are far more likely than bathroom renovations to boost a property's value. A kitchen renovation has the potential to boost a property's value by over 12.5% while a bathroom renovation can boost a property's value between 2.5% and 12.5%.The survey found exterior renovation projects like adding a pool or deck are the least likely to increase a property's value.
While presenting the results of the Royal LePage survey, Global News says the final sale price of a home after a renovation is not the only factor to consider before undertaking a remodeling project.
Knowing what’s likely to give the biggest lift to your selling price is good. But knowing which renovation project delivers the most bang for your buck is better.
A kitchen that adds another C$50,000 in value to a C$600,000 house sounds great — unless you spent C$80,000 on it.
The Royal LePage survey and Global News analysis provides Canadians with a home-country variation of Remodeling's Cost vs. Value report. The Cost vs. Value report compares the average cost for 21 remodeling projects in 149 markets with the value those projects retain at resale in 100 U.S. markets.
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