People look to renovations when they are ready for a change, want to beautify their residence or are interested in increasing the value of their home.

Here is a list from the Appraisal Institute of Canada of the types of renovations that may net you a profit in order of highest to lowest (based on cost to do the renovation).

		Kitchen
		Bathroom
		Exterior painting
		Flooring upgrades
		Window/door replacement
		Main floor family room addition
		Fireplace addition
		Basement renovation
		New furnace or heating system

Last year almost 15% of people concentrated their renovation efforts on the bathroom. Over 10% worked on their kitchens.

Last year, Canada Mortgage and Housing Corporation conducted a survey of 20,000 homeowners across Canada. Here are some of their findings.

33% of those surveyed were planning on spending at least $1,000 on home renovations.

Of those 33% of people:
29% were planning on spending between $1,001 - $2,000.
14% were planning on spending between $2,001 - $3,000.
21% were planning on spending between $3,001 - $5,000.
19% were planning on spending between $5,001 - $10,000.
11% were planning on spending between $10,001 - $25,000.
6% were planning on spending over $25,000.

Of those doing renovations 42% were going to hire a contractor and 28% were going to do the renovation themselves. 29% said they would do what they could and hire out for the more difficult work.

In North America, approximately $24 billion was spent on home renovations last year. Because of terrorism, war and health concerns more people are spending more time at home. Add to this low borrowing costs, employment growth and confidence in the real estate market, the renovation industry is expecting an increase in the amount spent on home renovations this year.