09/17/2013 05:08 EDT | Updated 10/03/2013 08:43 EDT

Finding The Best Value For Home Renos

man setting tile on cement...

As a home owner, there's your home’s “dream renovation” and the eventual “reality renovation.” There are only so many dollars to go around, so before you make sledgehammer meet wall there are a few things to consider for you to receive the most value for your investment.

A key point to remember is with more signs pointing to a so-called soft landing in Canada's housing market, there likely won't be jaw-dropping deals to be had for buyers or sellers. In this climate, which renovations yield the most value may be even more important a consideration.

Kitchens and bathrooms are widely seen as top renovations most likely to return value for money spent, which is commonly cited as the recovery rate, or the per cent of money you may get back from a home improvement investment.

Another type of reno that will add value is a basement suite, which can be converted into a teen hideaway or a granny suite when the time comes.

The numbers vary. For example, your recovery rate would likely be low for, say, a pricey landscape job or a basement sauna when compared to a kitchen makeover or a rental suite.

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