Homeowners are spending and investing more money into their current properties more than ever. In doing so, it’s important to think about what home renovation projects are going to produce the highest return on investment, also known as ROI. Completing projects that have a high ROI can make your home more marketable and help you make your money back faster. According to a recent Royal LePage survey 1, more Canadians see the value of renovating key areas of their home, such as bathrooms and kitchens, which typically yield 100 per cent or more return on investment. Check out these 5 home improvement projects that yield the best ROI.
Basement Remodel
Before: Image courtesy of Kowalski Konstruction
After: Image courtesy of Kowalski Konstruction
One of the great ways to add more livable space to your home is to renovate your basement. Between turning an unfinished basement into a finished one, or converting your basement into an income suite, these projects can not only increase the value of your home, but also produce a high ROI.
Kowalski Konstruction, a HomeStars Verified company, are experts in basement renovation. You can see the huge difference and impact that their work of updating your basement from unfinished to finished has on your home’s space. What was once a barely used space, filled with storage, is now a completely usable space. It can be used for living, lounging, and even converted into an income suite eventually. To see more photos of their different jobs click here.
The average return in doing a major basement remodel is around 70% for adding more livable space to your home. So, if you’re looking to complete a basement remodel, be sure to connect with Kowalski Konstruction on HomeStars. You can check out their profile here and browse through past customers’ reviews and photos of their completed work!
Bathroom Renovation
A bathroom is one of the most common home renovations. From major renos to a minor bathroom remodel, investing into this space yields a great ROI. Updating your bathroom, even the slightest, to ensure that it is more functional adds great value to your home, and everyday routine. Check out these bathroom renovations that have the highest ROI and get connected with a local, verified pro to get started today!
Cost for Bathroom Renovation in Canada:
| City | Average | Minimum | Maximum |
| Barrie | $9,816 | $100 | $50,000 |
| Calgary | $8,738 | $100 | $50,000 |
| Edmonton | $7,937 | $150 | $50,000 |
| Hamilton | $15,707 | $150 | $50,000 |
| Oshawa | $14,152 | $300 | $48,000 |
| Ottawa | $11,416 | $100 | $50,000 |
| Toronto | $9,486 | $100 | $50,000 |
| Vancouver | $8,983 | $123 | $50,000 |
*Costs based on 5,095 verified Canadian homeowner reviews as of March 2022
Electrical Switches & Outlets
A smaller project that you can complete for a good ROI is updating your electrical switches. This can include outlets and switches that are found in your home. Adding additional dimmer switches can increase the value of your home. For an inexpensive project, this is a no brainer!
Additionally, updating your home’s standard outlets with GFCIs can help protect your home and family in the event of any accident. These outlets shut off electrical power within 1/40th of a second to prevent any electrical shocks from devices plugged in.
It’s important to hire a pro to complete these tasks as they involve electrical equipment. Handyman Connection West Toronto and Etobicoke, a HomeStars Verified Pro and Best of Award Winner two times, has experienced electrical experts on their team ready to help you out. With 25 years of electrical experience, you can be sure your home will be in good hands. Be sure to head to their HomeStars profile to read more about their services, read reviews from past clients, and submit a quote request today!
Home Security
With all the new modern technology, a lot of homes are now equipped with what is known as smart home security. These systems can consist of cameras, doorbells, and lock systems that can be monitored and controlled remotely through a smart device. Adding the extra security and safety aspect to your home, installing a smart home security system is an addition to your home that yields a good ROI. Not only will this project offer peace of mind, but potential home buyers are drawn towards these features. Plus, some insurance companies may offer a discount if your home is equipped with smart home security. If you’re interested in updating your home security, submit a quote request to get connected with a pro today.
Painting & Staining
Painting (or staining) any part of your home can have a huge impact on the space. A fresh coat of paint is a fast, easy, and budget friendly way to update your home and add more value to it. If you’re looking for some inspiration, check out these budget friendly interior paint ideas. Be sure to hire a professional to complete this job to achieve the ultimate wow factor.
It’s important to be smart with where you invest your money. Investing into your home is one of the many ways to see a return on your investment and add value to your property. Get inspired by these projects and get connected with a pro on HomeStars.com today!
