Canadians pour an astonishing amount into home renovations -- $23 billion last year alone. Yet almost half of that money vanishes when it comes time to resell. Before you sink your money into costly upgrades, take a look at what improvements will put the most change in your pocket.

The undoubted champion for payback value is a new paint job, preferably in a neutral colour. A buyer doesn't want to have to put on three coats of paint to cover what was there before. A coat of paint is cheap and quick, and it boosts your home's resale value by almost every penny of what it costs.

Close behind are kitchen and bathroom renovations. Shiny faucets and ceramic tiles can yield a healthy return. Good cabinets and plenty of counter space also pack lots of resale appeal. In the Royal Lepage’s National Home Attitude Poll,  when buyers are asked, "Which one room do you think is most significant or has the biggest impact on potential buyers," a majority of respondents (68.5%) cite the kitchen, with the living room (15.7%) placing a distant second.

If you're thinking of adding space, a new family room will recoup much of your expense; so will putting in an extra bedroom or adding a main-floor washroom. Beware of major additions. Home buyers seldom compensate owners for anything near the cost.

If you don't have a garage, you may want to add one. And if you already have a garage but it's dilapidated, some vinyl siding and a new garage door will pay off handsomely at selling time.

The biggest money loser of all? In-ground pools. "They're a bit of a white elephant and difficult to maintain”. An in-ground pool is depreciated to 50% of its original cost after the first year.