Hire a design-build firm that’s accountable for the project from design through construction. Homeowners are “starting to flirt” with technology, such as toilets with budget functions and smart mirrors.īest advice. There’s a definite shift towards bespoke (custom-made) boutique bathrooms and wet rooms that encompass both the shower and the bathtub, says designer Christina Fox. The renovators behind these projects are Greater Toronto Area-based members of the national RenoMark program.īathroom renovation trends.
Many homeowners tackle a renovation to transform a dated space, so it better reflects the way they live today, as illustrated by some of the projects that earned the 2022 BILD (Building Industry and Land Development Association) Renovation Awards. “Whether it’s a new kitchen or upgrading your outdoor space, home renovations are a worthwhile investment, as you and your family will enjoy the new space, in addition to the potential increase to the overall property value.” “Properties that are turnkey with modern finishes spend less time on the market,” says Heddle.Įven if you’re not planning to sell, there are lots of reasons to consider upgrading your home. The survey found prospective sellers have been less inclined to renovate their homes prior to listing since the onset of the pandemic, largely because it’s been a seller’s market.Īs the market shifts, some may want to consider a different approach. And exterior projects? An outdoor entertaining space or landscaping could increase a property’s value by about 10 per cent, while a pool could increase a home’s value by just six per cent. Window replacements can increase the value of a home by 13 per cent and interior painting can increase its value by 12 per cent.
“In today’s market, investing in a basement apartment can greatly increase the value of a home, largely because it can help offset mortgage costs with a rental unit or appeal to newcomers looking for multigenerational homes,” Heddle says. Each has the potential to increase a home’s value by an average of 15 per cent. A bathroom renovation ranked second, with the potential to increase a home’s value by an average of 16 per cent.īasement renovations followed at third (finished basement) and fourth (basement apartment). On average, it has the potential to increase a property’s value by 20 per cent. This advertisement has not loaded yet, but your article continues below.
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