Many homeowners are convinced that the only way to increase the value of their home is to spend a lot of money on high-end finishes and expensive home remodels. But home renovations rarely, if ever, offer a $1 for $1 return. In fact, sometimes the simplest or least expensive updates can give the best returns.
For instance, according to Remodel magazine, re-insulating your attic can recoup as much as 117% on the reno dollars you spent, while you can expect a 92% recoup on the cost of replacing your garage door and a 91% recoup on the cost of replacing your front, entry door.
Yet, these simple upgrades are not at the top of the reno-desire list, according to the data collected by TrustedPros.ca. In 2016, the top three reno projects across Canada were: bathroom remodels, basement renovations and the installation of a new deck.
To get the most out of your renovation budget, then, you must first be honest: When completing a home renovation, you are spending money, not investing money. With this in mind, consider the reasons why you want to update and remodel and then spend accordingly.