June 27, 2024

Ben’s Top 5 Home Improvement Ideas

Are you planning on investing in some home improvement projects but aren’t sure what will provide a high return on investment in Winnipeg or surrounding areas? As a real estate agent, I often get asked this question so here are my top five home improvement ideas that typically offer the best returns, along with their average costs.

1. Kitchen Remodel

The kitchen is often seen as the heart of the home, and a modern, functional kitchen can significantly boost your property’s overall appeal. Potential buyers often prioritize the kitchen when searching for a new home, making it a key area for investment

Typical improvements and Average Costs:

  • Cabinets and Countertops: Installing modern, high-quality materials such as quartz or granite can range from $8,000 to $15,000.
  • Appliances: Upgrading to energy-efficient, stainless-steel appliances typically ranges from $2,500 to $10,000.
  • Lighting: Installing recessed and under-cabinet lighting generally costs between $1,500 to $3,000.
  • Flooring: Choosing durable and appealing flooring options like hardwood or tile usually costs approximately $4,000 to $6,000

Total Average Cost: A minor kitchen remodel can cost around $15,000 to $20,000, while a major remodel may range from $30,000 to $60,000.


ROI: A minor kitchen remodel can recoup approximately 77-86% of its cost, while a major remodel may
return around 58-62%.

2. Bathroom Upgrade

Typical Improvements and Average Costs:

  • Fixtures: Upgrading sinks, faucets, and shower heads to contemporary, water-efficient models generally range from $1,500 to $3,000 in cost.
  • Vanity: Installing a new, stylish vanity with ample storage typically costs between $1,000 and$3,000.
  • Tile and Flooring: Updating the shower tiles and flooring typically falls within the range of $2,500 to $5,000.
  • Lighting and Mirrors: Improving the space with upgraded lighting and modern mirrors typically ranges from $500 to $1,500.

Total Average Cost: A midrange bathroom remodel generally costs between $10,000 to $15,000, while an upscale renovation can range from $20,000 to $35,000.

ROI: A midrange bathroom remodel can provide a return of about 60-67%, while an upscale renovation might yield around 56-60%.

3. Landscaping and Curb Appeal

You only get one first impression. Increasing curb appeal can substantially elevate the attractiveness and
market value of your home.

Typical Improvements and Average Costs:

  • Landscaping: The investment in professional landscaping, which includes new plants, trees, and maintaining a pristine lawn, typically ranges from $3,000 to $8,000.
  • Exterior Paint or Siding: Refreshing the exterior with a new paint job or updated siding generally costs between $5,000 and $15,000.
  • Front Door and Windows: Upgrading to a stylish, energy-efficient front door and replacing windows can range from $3,000 to $10,000.
  • Outdoor Lighting: Installing appealing and practical outdoor lighting typically costs $2,000 to $4,000.

Total Average Cost: Curb appeal enhancements can range from $8,000 to $20,000, depending on the specific improvements and quality of work.

ROI: Curb appeal projects can yield a return of around 75-100%, depending on the specific improvements and quality of work.

4. Finished Basement

Expanding your home’s usable space is a wise investment, and a completed basement offers a flexible area for leisure, storage, or extra living space.

Typical Improvements and Average Costs:

  • Insulation and Drywall: The cost of properly insulating and finishing walls with drywall ranges from $3,000 to $8,000.
  • Flooring: Opting for durable flooring materials such as carpet, laminate, or tile typically costs between $2,000 and $6,000.
  • Lighting: Achieving adequate lighting through a combination of recessed lights, floor lamps, and natural light can range from $1,500 to $3,500.
  • Functional Spaces: Incorporating amenities like a bathroom, wet bar, or home theater area can cost $5,000 to $15,000

Total Average Cost: Finishing a basement can range from $10,000 to $50,000 or much more depending on the size and extent of the improvements.

ROI: A basement remodel can offer a return of approximately 70-75%, depending on the quality of the finish and the added features.

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5. Energy-Efficient Enhancements

Energy-efficient homes are increasingly sought after due to rising energy expenses and growing environmental awareness. Upgrading to energy-efficient systems can decrease utility bills and enhance
your home’s appeal to environmentally-conscious buyers.

Typical Improvements and Estimated Costs:

  • Windows and Doors: The installation of energy-efficient windows and doors typically ranges from $5,000 to $15,000.
  • HVAC Systems: Upgrading to a high-efficiency heating, ventilation, and air conditioning (HVAC) system generally costs between $7,000 and $12,000.
  • Insulation: Enhancing or adding insulation in the attic, walls, and crawl spaces usually ranges from $2,000 to $5,000.
  • Solar Panels: Installing solar panels to reduce electricity costs and carbon footprint can vary from $15,000 to $25,000.

Total Average Cost: Energy-efficient upgrades can range from $10,000 to $30,000, depending on the specific improvements and the size of your home.

ROI: Energy-efficient upgrades can vary in ROI, with window replacements recouping around 70-80%, HVAC system upgrades yielding 50-70%, and solar panels offering long-term savings that can translate into a high return over time.

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