Home Renovation Projects that Pay Off the Most

Are you tired of the outdated look of your home? Or do you want to get it in tip-top shape before listing?

Whether embarking on a renovation to improve your home’s functionality, liveability and enjoyment, or to push up the selling price, it’s easy to get carried away with the latest design trends, technology and finishes.

To avoid going overboard on home improvements, consider a recent remodelling impact report by the National Association of Realtors, even if you’re planning to stay put (for the time being).  The 2019 survey ranks the value of interior and exterior projects, and their estimated payoff at time of resale.

Interior Projects
Complete Kitchen Renovation
Average cost: $68,000
Estimated cost recovered: $40,000 (59%)

Kitchen Upgrade
Average cost: $38,300
Estimated cost recovered: $20,000 (52%)

HVAC Replacement
Average cost: $8,200
Estimated cost recovered: $7,000 (85%)

New Master Suite
Average cost: $150,000
Estimated cost recovered: $75,000 (50%)

Bathroom Renovation
Average cost: $35,000
Estimated cost recovered: $20,000 (57%)

Basement Conversion to Living Area
Average cost: $46,900
Estimated cost recovered: $30,000 (64%)

Add New Bathroom
Average cost: $60,000
Estimated cost recovered: $30,000 (50%)

New Wood Flooring
Average cost: $4,700
Estimated cost recovered: $5,000 (106%)

Hardwood Flooring Refinish
Average cost: $2,600
Estimated cost recovered: $2,600 (100%)

Attic Conversion to Living Area
Average cost: $80,000
Estimated cost recovered: $45,000 (56%)

Insulation Upgrade
Average cost: $2,400
Estimated cost recovered: $2,000 (83%)

Closet Renovation
Average cost: $6,300
Estimated cost recovered: $2,500 (40%)

Exterior Projects
New Roof
Average cost: $7,500
Estimated cost recovered: $8,000 (107%)

New Vinyl Windows
Average cost: $22,500
Estimated cost recovered: $16,000 (71%)

New Fibre-Cement Siding
Average cost: $19,700
Estimated cost recovered: $15,000 (76%)

New Wood Windows
Average cost: $35,000
Estimated cost recovered: $20,000 (57%)

New Vinyl Siding
Average cost: $15,800
Estimated cost recovered: $10,000 (63%)

New Garage Door
Average cost: $2,100
Estimated cost recovered: $2,000 (95%)

New Steel Front Door
Average cost: $2,000
Estimated cost recovered: $1,500 (75%)

New Fibreglass Front Door
Average cost: $2,700
Estimated cost recovered: $2,000 (74%)

All costs are USD.