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Realtors advise of renovation payoffs

The link between housing resales and renovations has now been firmly established. Canada Mortgage and Housing Corporation, for example, claims that strong resales are the best harbinger of future renovation spending. But, in a study, Re/Max Canada cautions that not all home improvements give an equal payback to homeowners.

The RE/MAX-COMPAS Survey of Canadian Consumers found that some renovations offered greater returns than others, with primary upgrades such as those to kitchens, bathrooms, windows, roofing, fixtures, flooring and landscaping by far the best investments.

According to the survey, the following is how various renovations stacked up, based on an average-priced house:
Bathroom - A well-planned bathroom renovation can generate a 56 per cent better return on investment.
Kitchen - Kitchen upgrades can really deliver, with a 44 per cent higher return on investment.
Roof - A smart renovation that purchasers are willing to pay for, a new roof can bring a 38 per cent greater return on investment.
Paint - Simply painting a home's interior can provide a 29 per cent better return on investment for your renovation dollar.
Windows - Window upgrades provide a 29 per cent better return on investment.
Flooring - Hardwoods or even new laminate flooring can generate a 22 per cent higher return on investment.