Kitchen Renovations Have Best Value


A kitchen renovation is the most worthwhile home improvement project, says a Royal LePage survey of real estate professionals across the country. They say that, on average, a kitchen renovation has the potential to increase a property's value by 20 per cent. A bathroom renovation ranked second, with the potential to increase a home's value by an average of 16 per cent. Mike Heddle, a broker and team leader at Royal LePage State Realty, says, "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." Basement renovations ranked third (finished basement) and fourth (basement apartment) and finished basements and basement apartments have the potential to increase a home's value by an average of 15 per cent. Exterior projects such as an outdoor entertaining space or landscaping have the potential to increase a property's value by an average of 10 per cent. Investing in a pool is considered the least worthwhile renovation to increase a property's value. The survey says a pool can increase a home's value by an average of only six per cent.