What are the home renovations that buyers want to see on the market? Great question, and one you’ve likely already considered if you’re planning to list your home for sale. Knowing which upgrades and features are in highest demand gives you an advantage over other sellers, allowing you to tackle your checklist, target your investment and if all goes according to plan, get the biggest return. A professional real estate agent has the intel on what comparable listings have to offer, what they’re selling for, and how your property stacks up.
According to a 2021 report by RE/MAX Canada, more than half of Canadians underwent a home renovation to enhance their lifestyle. Despite the trend of renovating for personal use and enjoyment, 59 per cent of Canadians said they always consider the return on investment that a renovation will have on their home’s overall market value. So, what are the best home improvements to sell your home faster and for a higher price?
We asked RE/MAX brokers and agents across Canada what homebuyers want most on the resale market. We’ve also sourced some ballpark costs for each upgrade, per the Pillar To Post’s Residential Construction and Remodeling Estimates Cost Guide, to give you an idea of the level of investment required.
The kitchen is typically the most complicated room in the home to renovate, and the most expensive. Many homebuyers who aren’t interested in taking on a big project will pay a premium to have this big project done for them. Depending on the age and condition of the home, kitchen updates can range from a complete gut job, to updates such as refacing or repainting cabinets, new hardware and appliances, countertop, backsplash and flooring.
This trend echoes the above-mentioned kitchen reno rationale, whereby homebuyers who are unwilling to undergo the effort and inconvenience of a bathroom renovation willing to pay a premium to have this project already completed.
Depending on the size of the home and the scope of work being done, flooring would typically cost less than a kitchen and bathroom reno, but this is a great way to refresh the home, especially when paired with a fresh coat of paint. Carpet is actually considered to be a drawback by some homebuyers, so this is an update that’s worth completing prior to listing a home for sale.
This is a relatively simple and low-budget upgrade that makes a big impact on the look and feel (and sometimes, smell) of a property. Given the current seller’s market conditions in many regions across Canada, homes are selling like hotcakes, regardless of renovations. With this in mind, home sellers in particularly hot markets, like Toronto and Vancouver, are keeping their reno efforts (and budgets) to a minimum. Paint is the simplest and cheapest way to freshen up the place.
22.6% of brokers identified basement renovations as a huge selling feature on the resale market. Quite simply, if it increases the usable square footage of the home, that’s a good thing in homebuyers’ books.
19.4% of RE/MAX brokers said homebuyers are setting their sights on the great outdoors with landscaping and outdoor features becoming a popular “must-have” item. This trend became amplified during the course of the pandemic, which saw people spending more time in and around their homes, and buyers looking for bigger yards and features such as swimming pools/hot tubs, patios and decks to act as “outdoor living rooms.”
