What renovations have the biggest payback?

"Amid today's competitive real estate market, renovations offer a relatively affordable means to boost the value of a home. There are some renovations, such as finishing a basement, that a homeowner does for their own enjoyment without much concern for the return on investment. What we have explored within this survey are renovations that are intended to translate directly into enhanced equity in a property."

Ranging from what it calls "reasonable," easy jobs homeowners can take on themselves, to "radical," those projects you'll probably need a contractor for, Royal LePage has identified the following top 11 upgrades and renovations that will increase the equity in your home.

Paint — A new coat of paint in a neutral colour will make rooms look new and fresh. It may even make some rooms look more spacious.

Flooring — Buyers today love hard flooring, especially in dining and living rooms, bedrooms and even bathrooms. Replacing carpeting in these rooms with laminate is a fairly low-cost upgrade.

Lighting — Replace old or dated fixtures with new ones, upgrade switch plate and electrical outlet covers with the latest versions, install dimmer switches in principal rooms, and use energy-efficient compact fluorescent (CFL) bulbs where possible.

Curb appeal — To ensure a great first impression, tidy up the lawn and garden; in season, add some annuals for a punch of colour.

Hardware — Update cabinet hardware with sleek new pulls. Stainless steel has been found to have the most impact. Replace worn and tired fume hoods with sleek stainless versions, and kitchen backsplashes with popular glass or, again, stainless tiles.

Entrance — Clear away boots, shoes and other clutter to make it look spacious and capture buyers' attention as soon as they step over the threshold. Keep it simple with only a small hall table — perhaps a demi-lune, with a vase of fresh flowers and an attractive mirror.

Flooring — A second level of flooring upgrade is replacing carpet and laminate with real hardwood. While this is more expensive, it has instant impact and does result in an increased return on investment.

Privacy — A fence ensures privacy from neighbours and provides a safe enclosure for kids and pets. Adding a deck helps make a yard seem finished and extends the living space to the outdoors.

Main-floor bathroom — This is an essential feature today, especially in older homes where the bathroom was traditionally relegated to the second floor. See if you can find a main-floor nook — perhaps a closet — to transform into an efficient, two-piece powder room.

Ensuite — A full-service bathroom off the master bedroom is a real draw for buyers. They're looking for spa-like spaces with air-jet tubs, granite, marble, good storage features and upgraded faucets.

New kitchen — The more preferred finishes and features include stainless-steel appliances, stone countertops, ceramic sinks and clean lines on cabinetry. Again, keep colours neutral to appeal to the widest variety of tastes.

(quoted from Lisa Da Rocha, vice-president of marketing and communications for Royal LePage Real Estate Services in an article prepared by Elizabeth Rand-Watkinson/Globe & Mail)