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.
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. 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.
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. 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.
64.5% of RE/MAX brokers said new or updated bathrooms are in high demand by homebuyers.
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.
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 of a property.
#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.
#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.
Source: RE/MAX Blog