A home owner's guide to renovation returns
One of the questions that we get asked the most is, "What renovations should I do to maximize my home's profit when I sell?"
Contrary to what most people think, putting in a new bathroom that costs you $20,000 doesn't mean that the value of your home has just gone up by $20,000. Yes, there are definitely renovations that will get you a greater ROI (return on investment) but rarely will you get 100% of the cost back in your pocket.
And of course there are a whole bunch of variables that will dictate how much increase in your home's value you can expect from your renovation like: the quality of the renovation, the appeal of the renovation to the average buyer, the current state of your home before the reno, how the reno fits into the aesthetic of the rest of the house and of course what the neighbour's homes are selling for.