Home renovations are costly and time-consuming. With that said, you want to make sure you are taking the steps necessary to get your return on investment. In this segment of The Marc and Mandy Show: Expert Q&A, Mike Holmes Jr gives expert answers on how to get a return on investments in renos.
Q: I’ve got a small budget for renovation. Where should I spend to get the most return on my investment?
Mike Holmes Jr: Return on investment is a tricky one, because it depends on what you want. Do you want to sell your home, do you want to rent your home out, or are you doing this for your overall longterm plan for your home. In my opinion, kitchens and bathrooms are going to get you your biggest return on investment. However, that’s not what I would say if you were going to renovate your home longterm or for sustainability. I always say you should renovate from the outside in. I’m talking about your wall assembly, your roof. Using metal roofing, using a thermal break on the outside of your walls. What you don’t want to do is spend money lipstick and mascara and not work on the important parts of your home. So, focus on the areas that matter and spend your money on the right areas.