What are the home renovations that buyers want to see on the market? It’s a great question, and one you’ve likely pored over if you’re preparing to list your home for sale in the near future, or you’re embarking on a renovation with a thought to long-term resale value. According to the 2021 RE/MAX Renovation Investment Report, more than half of Canadians underwent a home renovation for personal/non-ROI purposes, with 29% choosing to renovate for non-essential “lifestyle” reasons, such as recreation-inspired projects. Despite the trend of renovating for personal use and enjoyment, 59% of Canadians said they always consider the return on investment that a renovation will have on their home’s overall market value, so while there is a current renovation trend based on lifestyle aspirations, practicality is never far from the surface. From the homebuyer’s perspective, certain renovations are more in-demand than others.
So, what are the best home improvements to sell your home quicker and for top dollar? According to a survey of RE/MAX brokers across Canada, below is a list of what homebuyers want most. We’ve also sourced the ballpark costs for each, via Pillar To Post’s Residential Construction and Remodeling Estimates Cost Guide, to give you a rough idea of the level of investment required for each.
6 HOME RENOVATIONS THAT BUYERS WANT
93.5% of RE/MAX brokers surveyed said kitchen renovations are most sought-after by homebuyers. 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.
- kitchen cabinets: $50 to $125 per linear ft.
- kitchen counter, laminate: $45 per linear ft.
- kitchen counter, marble: $80 per linear ft.
- dishwasher: $675 to $950
- garbage disposal: $200 to $425
- range hood: $350 to $525
- porcelain sink: $750 to $900
- stainless steel sink: $650 to $800
- total cost: $7,500+
64.5% of RE/MAX brokers said new or updated bathrooms are in high demand by homebuyers. 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.
- cabinets $50 to $125 per linear ft.
- countertop, laminate: $45 per linear ft.
- countertop, marble: $80 per linear ft.
- pedestal basin: $375
- vanity basin: $250
- bathtub – replace / retile: $2,500+
- shower connection: $250
- shower stall, plastic: $900 to $2,000
- shower stall, ceramic tile: $2,500 to $3,300
- new toilet: $425
- tub enclosure, ceramic tile: $2,500 to $3,300
- tub enclosure, plastic: $600 to $1,275
- whirlpool bath: $4,250
- total cost: $5,250+
48.4% of RE/MAX brokers identified new flooring as a hot selling feature on the resale market. 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.
- carpet cleaning: $125 per room
- carpet and underpad: $6 to $11 per sq. ft.
- ceramic tile: $6 to $11 per sq. ft.
- hardwood $6 to $11 per sq. ft.
- prefinished hardwood: $11 to $16 per sq. ft.
- refinishing hardwood: $3 to $6 per sq. ft.
- vinyl sheets: $4 to $9 per sq. ft.
- vinyl tile: $4 to $9 per sq. ft.
# 4 Paint
35.5% of RE/MAX brokers said buyers want a fresh coat of paint. 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.
- Painting walls (3 coats): $2 per sq. ft.
#5 Finished Basement
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.
- adding basement entrance: $5,250 to $10,500
- basement main beam: $2,100
basement support post / foundation: $500 to $1,000
- excavation / waterproofing: $125 to $175 per sq. ft.
- foundation crack repair (excavation method): $525 to $1,100
- foundation crack repair (injection method, cost per crack): $500
- acoustic ceiling (suspended): $6 per sq. ft.
- baseboard / door / window casing: $4 per linear ft.
- drywall over plaster: $3 to $4 per sq. ft.
- plaster (over existing plaster): $3 to $4 per sq. ft.
- stucco / stipple: $3 per sq. ft.
- walls (insulations / drywall): $4 per sq. ft.
- painting walls (3 coats): $2 per sq. ft.
- wallpaper: $6 to $11 per sq. ft.
#6 Outdoors & Landscaping
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.”
- lay soil & sod: $3 to $6 per sq. ft.
- sprinkler system: $1,200
- concrete retaining wall: $55 per sq. ft.
- wood retaining wall: $45 per sq. ft.
- deck, pressure treated / cedar: $15 to $30 per sq. ft.
- deck, custom designed & built: $55 to $80 per sq. ft.
- patio, concrete: $16 to $25 per sq. ft.
- patio, flagstone / fieldstone: $21 per sq. ft.
- patio, interlock brick / stone: $11 to $16 per sq. ft.
- patio stones: $6 per sq. ft.
- porch flooring: $8 per sq. ft.
- porch railing: $225
- porch skirting: $21 per linear ft.
- porch steps, concrete: $525
- porch steps, wood: $325
- chain-link fence (4-ft. high): $10 to $20 per linear ft.
- cedar fence (5-ft. high): $15 to $30 per linear ft.
- pressure treated wood fence (5-ft. high): $10 to $20 per linear ft.
- reset post in concrete: $80
- vinyl-lined pool (16ft. x 40ft.): $15,000 to $20,000
- concrete-lined pool (16ft. x 40ft.): $30,000+
- pool heater: $2,100
- pump / filter: $1,600
- fiberglass hot tub: $5,250+
* Cost estimates reflect the average basic costs for supplies and installation of building materials in Canada and the U.S., as anticipated for 2019-2020. Costs may vary depending on regions, upgrades, complexity and disposal fees.
Original Source Credit: Lydia McNutt – PR & Content Manager | RE/MAX Canada