Homeowners focus on interior renovations
When it comes to home renovations, the majority of Canadians homeowners plan to focus their efforts on makeovers inside the home as opposed to making outdoor upgrades.
A BMO Bank of Montreal survey, conducted by Leger Marketing, identified the top 10 renovation plans among Canadian homeowners and revealed nearly half (48 per cent and 46 per cent, respectively) plan to renovate their kitchens and bathrooms, while more than one-third (39 per cent) plan to undergo exterior renovations or landscaping projects.
Appraisal Institute of Canada statistics show the most profitable home renovations are kitchens and bathrooms, which generally result in a return on investment of 75 to 100 per cent. An interior paint job offers 50 to 100 per cent return, and with a finished basement, homeowners can recoup 50 to 75 per cent of the original cost.
In contrast, in-ground pools and skylights offer the lowest returns of zero to 25 per cent.