When planning a renovation to your home, there are a few areas that give you a great payback. Whether you are thinking of selling in the near future or not planning to move at all, it is good to consider resale value when you make these changes. The areas of the home that will give you the greatest payback are kitchen and bathrooms renovations. New flooring and interior painting will also give you good value for the expense.
1. Painting
Interior/exterior painting can give you up to 300% profit as long as it is tastefully done with colours that are current.
2. Kitchen
The kitchen can be a costly and disruptive renovation. The cost should reflect the value of the neighbourhood. Don’t put an $80,000 kitchen in a $200,000 home. If the cupboards are worn and outdated, it doesn’t make sense to put in granite counters. Be sure to get several different ideas as to layout if you are planning to rearrange the kitchen. Builders don’t always have the best layout and a little rearranging can make a huge difference to the efficiency of your kitchen. You can get 65-120% payback depending on your outlay. 
3. Bathroom Addition
Consider adding a bathroom if your home only has a single bathroom. If you have a main bathroom and a two piece and the other homes in the neighbourhood have two full bathrooms, consider adding a tub or shower. This will definitely increase the value of your home. Payback can be from 80-130%. However your payback will decrease if you spend a lot of money on very expensive fixtures as the costs can quickly add up.
4. Bathroom Renovation
Updating an old bathroom is a sure way to increase your home value. Replace an old worn tub, sink and toilet. You can have the tiles and tub sprayed to look new if they are in good condition. Pay back can be 65-120%. 
5. Flooring
Replacing worn floors and carpets will give you almost 100% payback if done well. However, don’t go for the bargain laminate that looks like bargain laminate. The floors and carpet should be tasteful and look good. Always put good quality underpad under the carpet. It can make a less expensive carpet look great.
6. Finishing Unfinished Space
Finishing your basement or attic are good options for increasing living space and therefore the value of your home. A payback of 50-90% can be realized.
7. Replace Windows and Doors
If your windows and doors are old, unattractive and drafty if makes sense to have new ones installed. Stick to standard windows and doors that will appeal to most people. These will increase your home value as buyers don’t want the expense. Payback can be 50-90%.
8. Additions
Adding an addition to your home, i.e. bedrooms, sunroom, family room are an excellent way to increase the space in your home. However, don’t increase the size so much that there is little property left. Also, don’t over improve above the going prices in the neighbourhood. The value of the other homes will dictate the value of yours whether or not you have an addition. Payback is from 50-83%.
9. Energy Efficiency Retrofits
Retrofits like better insulation or high-efficiency furnaces pay for themselves in a short time. However, solar panels, heat recovery systems and tankless water heaters may not be an added value. They are great if you want them for your own enjoyment, but may not make a difference in the sale price of your home. The payback is variable.
Excessive expensive landscaping and swimming pools are unlikely to add value to your home. The landscaping may be beautiful but a buyer is unlikely to be willing to pay much extra for this and swimming pools can be a negative if the buyer doesn’t want a pool.
Remember that whatever you do, it must be done well. A buyer will not pay extra for a shoddy bathroom or kitchen renovation or paint job if they feel they will have to redo it. You will have paid to have the job done and get less for your home when it sells.
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