[caption id="attachment_531" align="alignleft" width="300"] (Photo credit: Gregory_DUBUS/iStockphoto.com)[/caption] When you become a homeowner, it's common for you to want to renovate your property to suit your liking. Trust me, you're not alone. In 2013, Canadians polled by the CIBC said they expected to spend an average of $15,300 each year on home renovations. Also, more than one third of homeowners said they expected to renovate their property within the next 12 months. And with CanadiansÂ about to receive tax refunds, about 11 per cent of those polled said they planned to put that money towards home renovations, according to BMO. If you're looking to make some upscale renovations, it's important to consider how these renovations will affect your home's value. U.S.-based Remodeling Magazine produces an annual Cost vs. Value report that lets you decide whether the cost of a renovation is worth it for the value it adds to your property. Here are three upscale home renovations that add the most value to your property.3. Garage additionIt may come as a surprise, but if you add a garage to your property, it will do wonders for your property's value. An upscale garage addition, which includes a freestanding, two- garage of 26x26 foot with additional storage space and lighting, would cost you about $82,311, but it'll add $48,065 when it comes time to sell your home.2. Major kitchen remodelIf your kitchen is your favourite place in the home, you'll be glad to know that an upscale renovation will add a good amount to your home's value. The average cost of an upscale kitchen remodel is $109,935, but it boosts your property's value by $69,973. You'll still be working with a 200 square foot space (18.6 square metre space), which is the same as a mid-range reno, but yours could include custom cherry cabinets compared to semi-custom wood cabinets, stone countertops compared to laminate countertops and a high-end undermount sink compared to a standard double-tub sink.1. Master suite additionIf you're looking to add a 32x20 feet (10x6.1 metre) master bedroom suite addition, it'll cost you a pretty penny (average cost of $224,989), but it'll also add a whopping $125,920 to your home's value. This renovation adds a bigger master suite compared to a mid-range addition, complete with a lounge and sitting area beside the master bathroom, custom bookcases, a high-end gas fireplace and French doors leading out of the room. If you've undertaken a substantial reno job on your property, which has changed 90 per cent of your home's interior, an HST housing rebate is a great option to recoup some of the money you put into your home. If this is something you have done, Rebate4U can also assist you in getting back more moneyÂ with other available tax credits.Rebate4U can help you figure out whether the renovations you've done to your property make you eligible for an HST housing rebate. Our priority is to provide our clients with the most professional and quality service in obtaining rebates for their new and renovated homes. We are proud to offer our clients the most personal and attentive service, and we make sure that all of our clients are 100% satisfied.

More of our Blogs

HST housing rebate

25 October 2024

Can You Apply for the HST Rebate More Than Once?

Those who’ve already applied in the past once may be considering applying again with a new home. If you want to apply again for the HST Rebate on New Homes, here’s what you should know.

View Full Post

HST housing rebate

17 October 2024

How the HST Rebate Can Make Your Renovations More Affordable

Renovating a home is an exciting yet expensive endeavour. Whether you're adding a new room, upgrading your kitchen, or modernizing your home's exterior, costs can quickly add up. Fortunately, if you're planning renovations or have recently purchased a new home, there's a financial break available that many people overlook—the HST rebate. The HST Rebate in Ontario can...

View Full Post

Condos

30 September 2024

Signs You've Made a Mistake on Your New Condo HST Rebate Application

Read on to learn the signs you've made a mistake on your new condo HST rebate application!

View Full Post

Houses

13 September 2024

Benefits of Tearing Your Home Down to Its Studs

Renovating your home by tearing it down to the studs can seem like an extreme measure, but it's often the most effective way to transform your living space. This process involves stripping a house down to its basic framework and rebuilding it with modern materials, updated systems, and improved layouts. Whether you're fixing structural issues or reimagining your home, going down to the...

View Full Post

HST housing rebate

29 August 2024

Why Apply for the HST Rebate If You're Renting Your New Property for the Academic Year

If you’ve recently purchased a new condo or home, and do not anticipate occupying it immediately as your primary residence, then it can be financially beneficial to consider renting it to a student if you’re located near a post-secondary institution, as you may be able to apply for the New Residential Rental Property Rebate. As part of the HST Rebate in Ontario, the NRRPR allows...

View Full Post

HST housing rebate

15 August 2024

How to Get Money Back on Your Summer Home Rebuild

Many new and existing homeowners in Ontario take the warm summer months to complete their summer construction projects. If you’ve been working on a significant home renovation or building a brand new home from the ground up, then you could be eligible for the HST Rebate in Ontario. The popular rebate program is offered to residential home buyers and is meant to help homeowners save on the...

View Full Post

HST housing rebate

25 July 2024

Can Rental Properties Qualify for the HST Rebate in Ontario

Homeowners have allways had great opportunities to benefit from HST rebates in Ontario. However, now renters have similar opportunities, if you meet the eligibility criteria. Contact Rebate4U for more!

View Full Post

HST housing rebate

17 July 2024

How to Get Money Back from Your Home Construction with the HST Rebate in Ontario

Opting to build your own home from scratch has numerous benefits including the fact that you can obtain an HST Rebate. Contact Rebate4U for a free consultation!

View Full Post

Newly built homes

21 June 2024

Benefits of Building Your Home with the HST Rebate in Ontario

Buying a new home in Ontario is a significant investment and a challenging process in the region’s competitive real estate market. As a result, many prospective home buyers look to buying land or properties that need large-scale renovations instead of buying directly from a builder or a ready-to-live-in, listed property. Understanding the financial benefits of building your own home with the...

View Full Post

HST housing rebate

11 June 2024

Frequently Asked Questions About the HST Rebate in Ontario in 2024

The new housing rebate is a fruitful opportunity for residential property owners and buyers across Ontario who fit the eligibility criteria. The HST Rebate in Ontario is applied to newly built or renovated homes and when applicable, can result in tens of thousands of dollars back into the pocket of the home buyers. When approaching the application process for the HST rebate on new homes or newly...

View Full Post