According to a recent survey conducted by Leger Marketing, the majority of Canadians engaging in home renovations during the next several years will focus their attention on their properties' interiors.
Of those responding to the company's survey, close to half plan on renovating their kitchens and bathrooms, while more than a third have plans to undergo exterior renovations or landscaping projects.
"There are a number of reasons why homeowners choose to undertake renovations, from improving their lifestyle to accommodating another family member," said Katie Archdekin, head of mortgage products at the Bank of Montreal. "However, if you're undergoing a renovation in order to increase the value of your home, it's important to understand that not all projects will deliver the same return on your investment."
Despite the record heats experienced recently, just 2 percent of those responding to the survey plan on installing an in-ground pool.
The Appraisal Institute of Canada relayed that the most profitable home renovations are kitchen and bathroom repairs, which often result in a return on investment of 75 to 100 percent. An interior paint job can offer between a 50-to-100-percent return on investment as well.
Improving a property's worth is a valuable way to garner more interest when attempting to a sell home. More homeowners may attempt to do so before home loan interest rates increase and the number of prospective homebuyers dissipates.