Kitchens are the single most important room in the home relating to valuation. As such, it is crucial that you invest in having a modern, fresh and desirable kitchen. Modern cabinetry, under cabinet lighting and new appliances will all significantly increase the value of your home on the market. To save on cost without compromising construction and desirability, look at options like Ikea cabinets as opposed to custom cabinetry.
The Appraisal Institute of Canada says renovations to the bathroom and kitchen offer the best value, with a recovery rate of 75%—100% of the amount spent. The recovery rate is the likely increase a renovation will have to a home’s resale value. So, a $5,000 renovation that increases a home’s value by $3,500 has a recovery rate of 70%.
The Appraisal Institute of Canada says renovations to the bathroom and kitchen offer the best value, with a recovery rate of 75%—100% of the amount spent. The recovery rate is the likely increase a renovation will have to a home’s resale value. So, a $5,000 renovation that increases a home’s value by $3,500 has a recovery rate of 70%.