This renovation returns the most bang for your buck

Dream kitchens and luxurious bathrooms are often the go-to renovations for homeowners looking for the best return on investment, but experts suggest the biggest bang for their buck might be as simple as replacing a garage door.

Renovations in Canada are big business, with Canadians spending about $6.3 billion on residential renovations in August 2019 alone, up from roughly $5.8 billion in the same month the previous year, according to Statistic Canada.

People often choose to spend tens of thousands — if not more — on renovating a basement to give themselves additional living space, a better play area for kids or a space for extended family to stay when visiting, said Dan Brewer, a senior appraiser and former national AIC president.

But it also offers "a double-edge benefit," he said, as buyers tend to pay a little more for homes with finished basements than those without.

Exterior renovations tend to have the highest rate of return each year, said Clayton DeKorne, chief editor of construction focused JLC Group. One of its magazines publishes an annual report estimating the cost versus value of more than 20 common renovation projects. Their data relies on project estimating software and an online survey of more than 4,600 real estate professionals.

The 2019 report indicates an upscale garage door topped the jobs with the best return on investment, with an average price tag of US$3,611 and a return of $3,520, recouping 97.5 per cent of the cost.