Page 17 - Real Estate Now Sept-Oct 2022

Kitchen or bathroom reno?

One is likely much better than the other

for your home value

Erica Alini courtesy Global News
granite countertop or a walk-in shower: which will boost your home value the most? Kitchen and bathroom
remodels are by far the most popular types of home renovations. But according to a new survey by real estate
g
A iant Royal LePage, they are not equal when it comes to the potential for enticing future buyers to pony up
more cash. While a master bath with a double sink, his and her cabinets and custom vanities may be your idea of
personal sanctuary, a dream kitchen will likely add significantly more to your property value, according to the poll.
Nearly 55 per cent of more than 750 real estate
experts quizzed by Royal LePage said an upgraded
kitchen has the potential to increase a home selling
price by more than 12.5 per cent. By comparison,
half of those surveyed said a new bathroom might
add between 2.5 per cent and 12.5 per cent, on par
with adding a finished basement. Energy-efficient
upgrades such as new windows, an eco-friendly
heating system and basement apartments ranked
fourth, with the potential to add 10 per cent to a
property’s value.

Landscaping and interior painting will likely add less than 7.5 per cent, while a fresh coat of paint on the exterior walls
will likely yield less than a 5 per cent boost. And if you’re thinking of adding a deck or a pool, don’t do it unless it’s for
your own benefit. Prospective buyers aren’t likely to be enticed, according to the survey, which indicated both types
of renovations usually yield less than a 2.5 per cent increase on the selling price.“To financially benefit from a home
improvement project, you need to keep potential home buyers in mind,” said Tom Storey, a real estate agent at Royal
LePage Signature Realty. “While updating a kitchen should increase your sale price, a pool can actually deter families
with young children or those who are looking for less maintenance.”
Watch: Interior designer Candace Wolfe on dos and don’ts of home renovations.

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