In 2024, many homeowners are considering home renovations to increase their property value and enhance their living spaces. But with so many options, it can be difficult to know which renovations will provide the highest return on investment (ROI).

Unlock the secret to increase your property value with a fail-proof formula that promises a remarkable 30% boost. In the realm of real estate, where every percentage point matters, discover the game-changing strategies that have turned ordinary homes into extraordinary assets.

While renovating with resale value in mind is important, staying within budget is equally crucial. This blog outlines various renovations that can enhance your home's value. To ensure you make the most of your renovation investment, understanding average renovation costs in your city is crucial. Our blog How Much Should You Spend on Renovations offers valuable insights into budgeting for different types of renovations. This can help you determine how much to allocate towards specific improvements to maximize your home's value.

In this blog post, we'll explore 5 home renovations that are expected to have the highest ROI in 2024. These five remodelling ideas aren't just suggestions; they're the blueprint for financial elevation and keys to unlock the untapped potential within the walls of your residence.

Bathroom Transformations

Renovating your bathroom is one of the most effective ways to increase the value of your home. Not only does it enhance the functionality and appearance of your space, but it also attracts potential buyers and helps you sell your property at a higher price. If you are planning to renovate your bathroom, check out this blog post to avoid common Bathroom Remodelling Blunders for a Perfect Upgrade.

You can hire one of the best bathroom contractors who can help you transform your bathroom into a luxurious space. From installing new fixtures and fittings to replacing old tiles and flooring, these contractors can handle all aspects of your bathroom renovation project.

You can also choose to go for small bathroom renovations that fit your budget by choosing layouts and selecting cost-effective materials that don’t compromise quality. Let your space speak volumes without breaking the bank.

Beyond aesthetics, consider the importance of timely bathroom repair services. These services can help you fix any leaks, cracks, or damages in your bathroom and make it look as good as new. Bathroom repair services are also cost-effective and can save you a lot of money in the long run.

When it comes to bathroom renovations, the cost can vary depending on the size and scope of your project. The average bathroom renovation cost in Toronto ranges from $10,000 to $20,000. However, if you are looking for small bathroom renovation cost options, you can opt for partial renovations that fit your budget.

A new bathroom can add significant value to your home. According to a report by Remodeling Magazine, a mid-range bathroom renovation can recoup up to 64% of its cost, while an upscale renovation can recoup up to 56%. This means that if you invest $10,000 in your bathroom renovation project, you can expect to add around $6,400 to $5,600 to the value of your home.

2. Minor Kitchen upgrades

Imagine staring at your outdated kitchen, feeling the frustration of a tight budget holding back your renovation dreams. I've been there too and I've discovered 5 minor kitchen upgrades that not only boost your kitchen's appeal but also increase your home's value. Let's dive into these budget-friendly transformations:

Hardware Switchover: Upgrading cabinet handles and faucet fixtures may seem minor, but the impact is major. I recently worked with a client who switched to sleek, modern hardware, instantly elevating the kitchen's aesthetics.

Under-Cabinet Lighting: Illuminate your kitchen with cost-effective LED strips. I implemented this for a client, turning their kitchen into a well-lit, inviting space that potential buyers found impressive.

Statement Backsplash: Upgrade with peel-and-stick backsplash tiles for a stylish look. One of my clients recently opted for this affordable change, adding a modern touch that enhanced the kitchen's visual appeal.

Open Shelving: By removing a few cabinet doors, you can showcase your dishes. It's a simple DIY project that I've seen transform kitchens, creating an open, airy feel that increases resale value.

New Window Treatments: Refreshing your kitchen's look with new curtains or blinds is a minor change with a major impact. I helped my neighbour choose the light-coloured Zebra blinds, instantly brightening up her space and adding value.

3. Finishing your Basement

Imagine standing in your unfinished basement, contemplating its potential and wondering if it's worth the investment. I've been there, and I understand the hesitation in exploring basement renovations, especially with concerns about the estimated cost to finish a basement looming overhead.

Let me share the data on finished basements in Toronto & GTA, not only changed my perspective but also added a significant chapter to my homeownership journey.

I discovered that the ROI for finished basements is not just a statistical figure; it's a tangible boost to your property's value. In fact, according to the Canadian housing market states and the Toronto Real Estate Board (TREB), finishing a basement can offer a substantial 75% to 85% increase in ROI. These platforms provided not just data but a roadmap for making informed choices in my renovation endeavours.

Now, let's break it down further – on a per-square-foot basis, a finished basement can add $30 to $50 to your home's overall value. That's more than just extra square footage; it's a financial upgrade that pays off in more ways than one.

Investing in a finished basement isn't just about numbers on a report; it's about enhancing your home, lifestyle, and financial standing. From my personal journey, I can attest that the data aligns with the transformative impact of a finished basement – a decision that's proven to be not only sound but deeply rewarding.

The Cost of Finishing the Basement

The estimated cost to finish a basement can vary depending on several factors, including the size of your basement, the level of finishing you want, and whether you hire a professional or do the work yourself. On average, the cost to finish a basement can range from $15,000 to $50,000. However, a DIY finish basement can significantly reduce the average price to finish a basement, while still producing high-quality results.

4. Give your backyard a Landscape vibe

Have you imagined waking up to a vibrant landscape right in your backyard? Are you thinking about spicing up your yard? I've felt the same, and let me share my story of how I discovered that transforming your outdoor space can do more beyond the aesthetic appeal; it can add a lot of value to your home.

Start with simple landscape ideas—maybe some colourful flowers, well-placed trees, or a neatly trimmed garden. These small touches not only make your place look fantastic but also catch the eye of anyone passing by.

But there's more to it than just flowers and trees. Who doesn't like well-designed pathways, patios, or decks that not only enhance aesthetics but also add usable space to your property?

A thoughtfully designed landscape can seamlessly integrate with the natural surroundings, creating an oasis that complements your home's architecture.

Now, let's talk about the real deal—how does this make your home worth more? Well, a beautiful landscape doesn't just impress potential buyers; it shows them that you take good care of your place. It's like saying, "Hey, my home is awesome, inside and out." And that makes people interested.

You see, the value of improved landscaping isn't just in the here and now. It's an investment that pays off when you decide to sell. It's like telling a story about your home—how you've taken care of it, made it beautiful, and made it worth more over time.

So, if you're thinking about giving your backyard a fresh vibe, go for it! Your home's value will thank you, and you'll have a beautiful story to tell about your little oasis.

5. Storage Solution: Custom closets

Do you wish to step into a home where every item has its place, and clutter is nowhere to be found. That's the magic of custom closets, not just as storage solutions but as value-adding assets to your home. Let me take you on a journey through the different categories of custom closets and their practical advantages.

Walk-In Closets:

In my own home, a walk-in closet became a sanctuary of organization and elegance. These spacious closets not only accommodate your entire wardrobe but also add a touch of luxury. The practical advantage? Streamlined mornings and the joy of easily finding what you need. While a professionally designed walk-in closet can be an investment, consider cost-effective options like modular systems for a customized touch without the hefty price tag.

Reach-In Closets:

For those with limited room but a desire for efficiency, reach-in closets are a game-changer. In my experience, these closets maximize vertical space, making them perfect for bedrooms or hallways. They add value by optimizing storage in otherwise overlooked areas. To keep costs down, explore DIY shelving units and mix-and-match components for a personalized touch.

Pantry Closets:

Transitioning to the heart of the home, custom pantry closets are a practical investment. In my kitchen, a well-organized pantry simplified meal prep and grocery shopping. The value is not just aesthetic but functional, with everything in easy reach. Opt for adjustable shelving and storage bins to create a customized pantry without exceeding your budget.

Garage Storage:

Our garage went from chaos to order with custom storage solutions. Tailored garage closets make room for tools, sports gear, and seasonal items. The practical advantage? A clutter-free garage adds to your home's curb appeal and resale value. Consider cost-effective options like wall-mounted racks and labeled storage bins for an organized garage on a budget.

Are Custom Closets worth the investment?

According to a recent survey by the Appraisal Institute of Canada, adding closets to your home can increase the value of your property by up to 4%. This means that if your home is worth $500,000, adding closets can potentially increase its value by $20,000. This data shows that adding closets is a valuable investment that can yield significant returns.

When it comes to custom closets, the value they add to your home depends on the quality of the materials used and the design. A well-designed and functional custom closet can be a major selling point for potential buyers and can increase the value of your home by more than 4%.

Get a free quote to see how Urban RenoProjects can help you achieve your desired ROI through strategic renovation planning.