Home Renovation Return on Investment Strategies

Home renovations come in two flavours: either homeowners are upgrading homes they plan to live in and enjoy for years to come, or they’re thinking about selling and want to improve their home’s market value.

If you’re renovating to sell your Fort McMurray home, your primary focus should be the return on investment (ROI) of these enhancements. Any upgrades you make while planning to sell should always be done with the bottom line in mind: if major changes, repairs or renovations don’t result in a significantly higher selling price, then you may lose money in the end.


A fresh coat of paint can do wonders for a home’s resale value. Consider having your home painted just before you put it on the market and make sure not to forget the baseboards and trims.

It’s important to choose neutral colours when painting to sell; you may love bright orange or lime green, but when prospective buyers are walking through your rooms you want them to easily see their own life against the backdrop of your walls. What’s more, unusual colours or wild wallpaper may dissuade buyers and force you to lower your price since they will factor in the cost of repainting when writing an offer.


Hardwood flooring is extremely popular and has become an instant selling feature of the home for most potential buyers, but beware of expensive hardwood. New flooring does add value to your home, but you’ll barely break even if you pick high-end floors or granite tile. Quality mid-grade hardwood in a medium tone at a reasonable price is the best option, but a nice, neutral-coloured carpet or simple linoleum installed properly can also boost your resale price.

Kitchens & Bathrooms

Giving your kitchen or bathroom a facelift can definitely increase the value of your home, but be mindful of doing too much. Sometimes all it takes is new light fixtures, plates and updated hardware to make a big difference and get significant ROI. Before you tear apart your kitchen or gut your bathroom, bring a qualified Fort McMurray REALTOR® in for a consultation: they can point you in the right direction and save you hundreds or even thousands of dollars by sharing which improvements will have the biggest impact.

Whatever renovations you choose to do, unless you have the expertise, don’t do them yourself: pay a professional. We’ve seen sellers accidentally lower the value of their homes by trying to teach themselves how to tile or lay flooring. It doesn’t matter if the floor is new or the paint is fresh: buyers can spot poor craftsmanship a mile away, and if the work doesn’t measure up the price of redoing the work will ultimately hurt your bottom line, not theirs.

Remember: it’s important to do your homework when hiring professional tradesmen and contractors. Always check references and do price comparisons, even if you’ve been referred. Many people will instantly go with the most inexpensive option when it comes to contracted work, but if you’re hiring a professional it’s because you want a professional job done. Always call and speak to the references yourself and make your choice based on both price and quality.