Top 5 home renovations for return on investment

Making improvements to your home can increase its value, especially if you’re thinking of
selling soon. However, some improvements deliver a higher return on investment than others. Here are five renovations that have the potential to yield up to four times what they cost!

1. Wood Deck. A well-designed deck constructed of attractive wood with low-maintenance finish can extend your home’s living space into the garden. Add the right furniture and cooking area, and you’ve basically added an extra room at a fraction of the cost.
2. Rental Suite. Nothing adds as much value to a home as ongoing revenue. By converting your basement or second level into rental accommodation, you not only help pay down your own mortgage, you also attract value-conscious buyers. But make sure the work is done to professional standards and meets all municipal codes and zoning regulations.
3. Kitchen Upgrade. If you’re looking for a high-return renovation that’s more affordable than adding a suite, look no farther than your kitchen. Sometimes all that’s necessary is updated fixtures, finishes and paint. Replace dated, inefficient light fixtures and faucets. Add new countertop and hardware to your cabinets. If the cabinets need replacing, consider inexpensive pre-made cabinetry as opposed to custom design. Replace tired linoleum with ceramic tile. And remember, new appliances are a persuasive selling feature!
4. Flooring. New hardwood floors are noticed immediately and create a perception of luxury.If your home already has wood floors, simply refinish them. Not only does this cost less, but heritage wood is in higher demand.
5. Bathroom Upgrade. This is the room that potential buyers rate second only to the kitchen.

Again, update fixtures, finishes and paint. If your home only has one bath, look for creative
ways to add a second without compromising bedrooms. Innovative contractors can shoehorn a 3-piece bathroom into certain closets or under staircases. Just watch your home value go up when it has two baths instead of one!