Renovations that Offer the Best Return on Investment

Sometimes, all it takes is a few simple fix-ups to improve the look of your home and make it more marketable. Even if you don't plan to sell in the near future, a change of face can make your home more comfortable and appealing.   If your kitchen, bathroom and other rooms in your home look weary and tired but you can't afford to tear everything out and start over again, here are a few cost-effective solutions to consider:

You can expect to get back 75 to 100 per cent of what you put into kitchens and bathrooms. Look for high-efficiency appliances with the Energy Star symbol. You might also want to consider installing automatic dustpan inlets, which are connected to the central vacuum system. Used for quicker, more energy efficient clean-ups, they are located in baseboards and cabinet kickboards, and are activated with a toe switch. Look for low-flow water fixtures as well, keeping in mind that some government programs like the City of Toronto’s residential toilet replacement program offer rebates on new units.

Painting will return 50 to 100 per cent of your investment and in this case, be sure to consider your indoor air quality and the environment by choosing low VOC paints, which reduce the number of unstable, carbon-containing compounds that enter the air and react with other elements.

New flooring can also dramatically enhance the overall look of your home and will provide returns of 50 to 75 per cent. To keep your existing materials out of a landfill and save on labour, consider installing floating flooring. This product, which can be glued or clicked together, floats on top of your existing floor. You can find this product in a number of different colours and looks, including natural wood.

It’s also important to consider what your home needs most. Window and door replacement may only offer a return of 50 to 75 per cent as well, but if your existing units are broken, there’s no question this should top your project list. When purchasing windows, look for low-E argon-filled units with the Energy Star symbol to achieve the highest thermal efficiency. A new product on the market can even eliminate dirty panes with a special coating that lasts the lifetime of the glass. It reacts to ultra-violet rays from natural daylight to break down dirt. When it rains, dirt washes off leaving no streaks or drying spots, thus reducing your water consumption.

Source: Toronto Real Estate Board