It’s often been said that the kitchen is the heart of the home, so it’s no surprise that it offers the biggest bang for your buck when it comes to home…
“Kitchen renovations typically yield the greatest return on investment, as this space is most frequently used and is perceived as the gathering place and the heart of the home,” says Mike Heddle, broker and team leader, Royal LePage State Realty in Stoney Creek.
According to Royal LePage’s Return on Investment survey of real estate professionals across the country, a kitchen renovation is the most worthwhile home improvement project. On average, it has the potential to increase a property’s value by 20 per cent. A bathroom renovation ranked second, with the potential to increase a home’s value by an average of 16 per cent.Article contentBasement renovations followed at third and fourth .
The survey found prospective sellers have been less inclined to renovate their homes prior to listing since the onset of the pandemic, largely because it’s been a seller’s market. As the market shifts, some may want to consider a different approach. “Properties that are turnkey with modern finishes spend less time on the market,” says Heddle.
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