5 Ways to Add Value to Your Edmonton Home

If you’re considering a remodel on your Edmonton home, one important question to consider is how the renovation will affect your home’s value. If you’re considering selling your home, it’s vital that you make sure you’re investing your money well and that the upgrades you make will pay off. If you’re not planning to sell, you still want to make wise financial investments so that as you increase the functionality of your home through a renovation, you’re also increasing its monetary value.

Cute red house in pleasant neighborhood

(Photo by Zac Gudakov on Unsplash)

What is ROI?

It’s not too hard to figure out whether or not a renovation will increase your home’s value when you calculate its ROI. ROI means Return on Investment, and it’s a percentage that tells you how much more your home is worth after a repair or remodel than it was before. The higher the number, the better the ROI. You can calculate the ROI by using the following formula:

Value Added / Cost of Remodel X 100 = ROI

For example, say your home was worth $420,000 (the median home price in Edmonton in 2022) before you renovated your kitchen. After the remodel, it is now worth $450,000, so your value added is $30,000. You invested $55,000 into your kitchen remodel:

$30,000 / $55,000 = 0.545 X 100 = 54.5% 

Your ROI on your kitchen remodel in this scenario is 54.5%. 

So which renovations on your Edmonton home will give you the highest ROI? Read on to find out.

#1: Smaller Projects

It might surprise you to know that sometimes, smaller projects give you a higher ROI. At the top of the list is interior paint. Generally, it can cost between $3000-$5000 to completely repaint the interior of your home, according to real estate professionals, and you can expect to see an ROI of between 80 and 110%. That’s a great ROI! 

Blue paint roller painting a wall

(Photo by Theme Photos on Unsplash)

Other smaller projects with high ROIs include

  • new flooring, with hardwood and laminate floors both running between 60-80%. 
  • new windows. Each window you install can give you an ROI of between 75-90%.
  • a new furnace. If you replace your furnace with a high-efficiency one, you’re looking at an ROI of anywhere from 60-85%.
  • replacing your fence, using pressure-treated wood. This will give an ROI of 60-70%.

#2: Larger Projects

One of the best big projects you can take on if you want to increase the value of your home is replacing your roof with an asphalt roof. Asphalt roofs are a great choice for homes in Canada because they remain pliable in deep freezes but also can take the heat without any trouble. They’re wind- and fire-resistant and lightweight. A new asphalt roof will give you an ROI of 75-90%. If asphalt shingles are not for you, a new rubber or cedar shakes roof will give you a 50-75% ROI. Replacing your roof is a good investment.

Another big project with a big return is a double detached garage. If you insulate and heat it, you can expect a great ROI of 60-80%.

#3: Bathroom Renovations

Remodeling your Edmonton home’s bathroom is a great way to not only improve your quality of life at home, but also greatly increase your home’s value. Generally speaking, minor bathroom remodels will give you a higher ROI, anywhere from 75-100%.

A minor bathroom remodel might include

  • replacing the vanity and/or the toilet
  • laying new tile
  • replacing the shower surround or switching out a tub for a shower
  • upgrading the lighting
  • replacing paint and making repairs to walls

Tiled bathroom with glass shower.

(Photo by Sidekix Media on Unsplash)

Major bathroom remodels also give you a great ROI. These might include moving the plumbing and changing the layout of the space, adding all new fixtures and pieces, and replacing flooring, drywall, fans, lighting, and more. This type of remodel will generally give you a 50-75% ROI.

#4: Kitchen Renovations

Another popular remodel, both for increasing ROI and increasing enjoyment of your home is the kitchen. Like a bathroom remodel, a minor kitchen remodel on your Edmonton home will give you the highest ROI, although a major remodel will also significantly increase the value of your home.

A minor kitchen remodel with an ROI of 75-100% will often include

  • replacing the cabinets
  • redoing the flooring (replacing with LVP or laminate)
  • upgrading the appliances
  • installing better lighting
  • replacing the countertops

Warm kitchen with rattan chairs

(Photo by Jakob Owens on Unsplash)

A major kitchen remodel often involves making the above upgrades and also changing the layout, building or removing interior walls, adding windows, and more. A remodel of that scope will give you a 60-80% ROI.

#5: Basement Development

Developing a basement space is always at the top of the list when it comes to increasing your home’s value. It’s a great way to add liveable space without changing your home’s footprint, and any time you add square footage to your home, its value goes up. In general, square footage below grade (underground) is less valuable than above-grade living space. Even so, finishing your basement into living space or bedrooms remains one of the best ways to add value. 

Basement development that includes finishing the walls with drywall and paint, adding a full bathroom (toilet, sink, and shower), adding a bedroom or two and a living space, using carpet or vinyl flooring, and installing a drop ceiling can give you an ROI of 50-75%.

Other factors that may affect your finished basement’s ROI are

  • whether you have a walk-out basement, which is the most desirable in terms of ROI
  • if you have windows or any other natural light coming in
  • what types of finishes you use
  • whether or not the spaces you finish are more flexible in terms of use (a home gym or home office) or are very specific (a home theater, for example). The more flexible the space, the better.

It’s Your Home

While it’s a good idea to think about potential ROI when it comes to making renovation decisions, it’s not the only factor to consider. Your home is just that: your home. It’s important to take into account what renovations you’ll enjoy the most. What changes do you need to make in order for your home to better suit your needs? What would give you the most enjoyment and satisfaction? If a remodel would improve the way you use your home and the way it supports your and your family’s life, then it adds a different, equally important kind of value to your home.

We’re Here to Help

Whether you want to remodel your kitchen, bathroom, basement, or whole home, That Reno Guy is ready to help. We want to increase both the value of your home and the joy you get from it. Contact us today and let us help you make your dream home a reality.

Based on 23 Reviews

We've dealt with many businesses and tradespeople when renovating past homes and building our current home. Joe and his team are the best we've ever worked with. They showed up when they said they would, completed what was agreed upon, and were very respectful of our home. They took extra measures to reduce drywall dust and always cleaned up after themselves. We had a few smaller projects that needed to be completed around our home and had a hard time finding someone to do it. Other businesses would either tell us they didn't have time for our projects, couldn't fit us in for months, or they would quote a price that was insanely high. Joe not only agreed to take on our smaller projects, but he did so in a timely manner at a fair price. He's the only guy we'll call in the future. Happy to have found him.

Joe did a complete bathroom renovation for us late last year (2022) and we couldn't be happier! From our first meeting with Joe we could tell immediately he had the knowledge and experience we were searching for. Joe went above and beyond to create exactly the space we were looking for and completed the job earlier than quoted. We have, and will always recommend Joe to our friends and family. We can't wait to start our next project with Joe!

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We had Joe complete our ensuite renovation and he was great to deal with from quoting through to the final details. He is easy to work and communicate with and I would highly recommend him (and have).

Joe Woronzow just finished a renovation of my ensuite . He expanded my shower into what was an existing pantry space, and replaced all the fixtures, tiled the floor and installed all the accessories. He did a beautiful job and his tile work and attention to detail is second to none. The whole experience was a pleasure. He was a great communicator throughout the process. His quote was detailed accurate and fair. His associate Dave, did the plumbing and I am so pleased with the final results! I recommend 'The Reno Guy ' for your next renovation project and look forward to working with Joe for my kitchen renovation in the near future . Thanks Joe!

We found ourselves having to do a basement renovation unexpectedly and part had to be done in a short timeframe. From the moment we called for a quote through to the end of the project Joe has been an amazing communicator, very understanding and met every challenge with professionalism and a great attitude. Due to no fault of Joe or his team we had a delay in the project yet Joe and his team did everything they could to keep moving forward to meet our requirements. They worked long hours, weekends and what a great bunch of people. Everyone he brought in were happy and very helpful. We are so happy with the work he’s done we are already talking with him about working on our main floor next. We definitely recommend Joe and those he works with. What a great group. Our dog Finn misses you, Joe, very much.

Joe recently did a bathroom reno for us and we couldn't be happier with the bathroom. Joe and his team were great to work with, professional, approachable, tidy, on time. Joe was great at communicating and checking in with us throughout the project. We so appreciated the quality of the work and finishing details. Can't wait to have Joe do our next bathroom reno!. Would highly recommend Joe and his company, That Reno Guy.

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The Reno Guy Ltd. just finished our project - refacing kitchen cabinets, building a new cabinet and changing window frame. We are very happy with their work. They are responsible, professional, communicative and pleasure to work with. Provided a quote and completed the work with no issues or surprises. Very easy to deal with. We definitely will hire them for our future projects. We would highly recommend them. Thanks again Joe, Dale and Chris, I love my kitchen.

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If you are looking for someone to renovate your home, look no further than That Reno Guy. Joe renovated all four of our bathrooms and walk-in closet last spring. His work is exceptional. The final product exceeded our expectations. Joe provided accurate quotes, went out his way to find low prices on all of the materials without sacrificing quality, he was very punctual and never left without cleaning up the work area at then end of each day. The project was completed on time and under budget! Joe comes highly recommended to anyone seeking professional, high quality home renovations. I have no doubt he is the best.

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Joe and his crew were an integral part of our home build. My wife and I were our own general contractors and this was our first home build. Joe was professional, always on time and came in at or below our budget. We had Joe install Kitchen/ Bathroom Tile, Shower Tile, Back Splash, Hard Wood Flooring, Vinyl Planking and Carpet on the stairs. All the work was performed to a very high standard. We would highly recommend and use Joe again.

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