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Are Your Home Renovations Worth It? Here Is What You Can Expect For A Return...

Renovations are always a hot topic when home owners are considering what the future holds for their residence. Often times people think that by renovating their home and staying for an extra few years will dramatically increase the value. Otherwise, some know they want to sell, yet think if they do a few renovations it will boost the sale price of their home instantly. While at times, this may be true, it is important for home owners to educate themselves on the impact renovations actually make, in regards to the return on their investment. 

The statistics below, from Jackson Appraisals, gives a detailed overview of the magnitude of return home owners should expect when pursuing renovations of any sort. 

Top Renovations with Biggest Returns on Investment

 AREA

 RENO

% RETURN

HOME EXTERIOR

Asphalt roof

75–95%

HOME INTERIOR

Paint

8 0 –110 %

ELECTRICAL, MECHANICAL, PLUMBING

Electrical service upgrade

(60–100 amps)

90%+

LANDSCAPING

Fence
(pressure treated)

60–75%

GARAGES, SUNROOMS, ADDITIONS

Double-detached garage

(heated, insulated, slab)

60–80%

Home Interiors

RENOVATION

COST RANGE

% RETURN

INTERIOR PAINTING

$3,000–5,000

8 0 –110 %

NEW FLOORING

• Hardwood
• Laminate
• Ceramic tile • Porcelain tile • Slate

• Carpet & pad
• Sheet vinyl
• Luxury vinyl tile (LVT) • Cork
• Removal and disposal

$9–13/sq. ft

$5–9/sq. ft

$7.50–8.75/sq. ft

$9–11/sq. ft

$13–14 /sq. ft

$2.75–4.50 /sq. ft

$2.75–4.50/sq. ft

$3.75–7.50/sq. ft

$7.50–10/sq. ft

$0.25–0.50/sq. ft

60–80%

60–80%

60–80%

50–65%

50–65%

60–80%

60–80%

60–80%

25–45%

REMODEL BATHROOM - 4pc

(New fixxtures, vanity, tub, shower and flooring)

$10,000–20,000 and up

50–75%

REMODEL KITCHEN

(Cabinets, flooring, countertop, appliances, lighting)

• Average quality
• High quality

$15,000–30,000

$40,000–70,000+

75–95%

40–60%

BASEMENT REDEVELOPMENT

(Drywall finish, paint, 3-piece bathroom,
2 bedrooms, family room, carpet, vinyl, drop ceiling tile)

$35,000–50,000

$30–45 /sq. ft

50–75%

GAS FIREPLACE

• Average quality

• High quality

$2,500–5,000

$5,000–10,000+

45–70%

25–50%

SENIORS WALK-IN TUB

 $7,500+  0-25%
Home Exteriors

RENOVATION

COST RANGE

% RETURN

SIDING

• New stucco application • Premium vinyl siding
• Standard vinyl siding
• Hard plank

• Artificial masonry / cultured stone • Brickfaçade
• Soffets & fascia
• 5”Seamless eaves troughs

• 6”Seamless eaves troughs

$17,000–21,000

$10,000–12,000

$8,000–10,000

$11,000–13,000

$12–15/sq. ft

$35–45/sq. ft

$4,000–6,000

$7–9/ft

$11–15/ft

25–50%

50–75%

50–75%

50-75%

50–75%

20–35%

25–50%

25–50%

25–50%

ROOF

• Asphalt (25–30yrs/$3–4/sq.ft)
• Rubber (50years,$6–8/sq.ft)
• Cedar shakes (30–40yrs,$5–10/sq.ft)

• Metal (50yrs,$9–13/sq.ft)
• Reinsulate attic

$4,000–5,000

$8,000–9,000

$15,000–20,000

$15,000–20,000

$1,400–1,500

75–95%

50–75%

50–75%

50-75%

25–35%

DOORS (SINGLE)

       STANDARD

  • Exterior (basic:insulated,metalclad,

    embossed panels, half moon window)

  • Interior (hollowcore) 

    DELUXE

    Exterior(including upgraded

  • hardware and side lights)
  • Interior
  • Replace sliding patio door-PVC(72”x80”)


$1,500–2,000

$300–600




$3,000–4,000+

$600–1,000

$1,500–2,500


50–75%

50–75%




50–75%

50–75%

50–75%

WINDOWS

• Double pane,vinyl casement,1bay
• Low-E,triple pane,vinyl casement,1bay

$10,000–13,000

$11,000–14,000

75–90%

75–90%

SKYLIGHT (BASIC)

• Triple glaze,standard roof

• Solar tubes(newinstall)

$800–1,500

$700–1,000

15–30%

15–30%

Electrical, Mechanical, Plumbing

RENOVATION

COST RANGE

% RETURN

CENTRAL VACUUM

$1,300–1,500

30–60%

ALARM SYSTEM (BASIC)

• Monthly monitoring

$25 and up

0–10%

HOT WATER TANK

  • Mid-efficiency,natural draft 

    (40–50 imperial gallons)

  • High-efficiency,power direct vent 

    (40–50 imperial gallons)

  • Tankless on-demand

$1,000–1,200


$1,500–2,000


$4,000–6,000

50–75%


60–80%


65–85%

WATER TREATMENT

• Water conditioner
• Reverse osmosis drinking system

$2,300–4,000

$1,500–2,000

25–50%

25–50%

NEW FURNACE

• High efficiency

$4,000–6,000

60–85%

AIR CONDITIONING

• Ranges by efficiency and sound

$3,000–6,000

40-60%

ELECTRICAL SERVICE UPGRADE

• 60–100Amps

$5000–6,000

90%+

PLUMBING LINES (COPPER TO PEX)

$3,000–6,000

25–50%

Landscaping

RENOVATION

COST RANGE

% RETURN

PONDS, FOUNTAINS & ROCKS (WIDE VARIANCE)

Varies widely

10–30%

DRIVEWAYS and HARD SURFACES

• Remove/repour concrete

• Replace concrete with

paving stone or brick
• Add stamped or exposed aggregate nish

$12–14/sq. ft

$18–20/sq. ft

$3–4/sq. ft

25–50%

10–50%

10–20%

RAISED DECK 12’x20’ (SCREW PILE FOUNDATION)

• Pressure Treated Wood • Cedar
• Composite
• Vinyl

• Railing (aluminum)
• Railing (PVC)
• Pergola (cedar)
• Pergola (maintenance free)

$40/sq. ft

$45/sq. ft

$75–85/sq. ft

$75–85/sq. ft

$45–50/foot

$75/foot

$20–28/sq. ft

$75/sq. ft.

50-75%

50-75%

50-75%

50-75%

included above

included above

0-50%

0-25%

UNDERGROUND SPRINKLER SYSTEM (FRONT AND BACK)

$4,000–5,000

20–50%

FENCING & CURBING

  • Pressure treated wood(6’) 

    (add gate: $250+/-)

  • Ornamental aluminum(4’)

  • Vinyl(6’)

  • Chainlink(galvanizedorcoated)(6’)

  • Concretecurbing

$38–45/linear ft


$35–45/linear ft

$45–55/linear ft

$15–25/linear ft

$5–8/sq. ft

60–75%


50–75%

50–75%

50–75%

10–25%

TREE REMOVAL (EG, 35’ SPRUCE TREE)

$700–800

0–10%

SOD REPLACEMENT

$2–3/sq. ft

25–50%

OUTDOOR HOT TUB JACUZZI

$7,000–10,000 and up

5–40%

Garages, Sunrooms, Additions

RENOVATION

COST RANGE

% RETURN

  • NEW 24’x24’ double detached garage heated, insulated, slab

  • New 24’x24’ garage with secondary suite

  • Renovate older 24’x24’ garage 

    with new insulation, drywall, insulated garage door 

    & heater

  • New 3-season 10’x15’ sunroom addition

  • New 4-season 10’x15’ sunroom addition

  • 300sq.ft family room addition
    (No basement, vaulted ceilings, gas replace, hardwood 

    flooring, exterior to match existing)

$25,000–35,000

$125,000–175,000

$8,000–12,000

$15,000–25,000

$25,000–35,000

$60,000–90,000

60–80%

30–40%

25–40%

50–75%

50–75%

30–50% 

As you can see, while many believe that they will get a greater return than they invested on home renovations, it is not often the case. For this reason, it is important to consider your end goal, and if you decide you truly want to follow through with the renovations, get a formal appraisal beforehand.

 
For formal appraisals: http://www.jacksonappraisals.ca
Data supplied by CREB®’s MLS ® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.