What home improvements do buyers want to see on the market?
It’s a great question and one you’ve probably considered if you’re planning to list your home for sale soon, or if you’re planning a renovation with long-term resale value in mind. Certain renovations are more in demand than others from the perspective of homebuyers.
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
Kitchen renovations are the most desired among homebuyers. A kitchen is usually the most difficult and costly space in the house to renovate. Many homebuyers who don’t want to deal with a large project would pay a higher price to get it completed for them. Kitchen renovations can vary from a full gut job to minor changes such as cabinet refacing or repainting, new hardware and appliances, countertop, backsplash, and flooring, depending on the age and condition of the house.
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.
New flooring was listed as a hot selling feature on the resale market. Flooring is usually less expensive than a kitchen and bathroom renovation, depending on the size of the home and the scope of work being performed, but it is a great way to refresh the home, particularly when combined with a fresh coat of paint. Some homebuyers consider carpet to be a deterrent, so this is an upgrade worth making before putting your house on the market.
Buyers want a fresh coat of paint. This is a relatively low-cost improvement that has a significant effect on a property’s appearance and feel (and, in some cases, smell). Homes are selling like hotcakes in many parts of Canada, regardless of upgrades, due to the existing seller’s market conditions. With this in mind, home sellers in hot markets such as Toronto and Vancouver are limiting their renovation efforts (and budgets). The easiest and cheapest way to spruce up the space is to use paint.
#5 Finished basement
Basement renovations are a major selling attribute on the resale market. Simply put, if it improves the home’s available square footage, that’s a positive thing in the eyes of homebuyers.
#6 Outdoors & landscaping
Homebuyers are focusing their attention on the great outdoors with landscaping and outdoor features becoming a common “must-have” piece. This trend accelerated during the pandemic, as people spent more time in and around their homes, and buyers sought larger yards and amenities like swimming pools/hot tubs, patios, and decks to serve as “outdoor living rooms.”
If you are looking to list your home our team can make suggestions to help you get top dollar for your home but also balance your time frame. For Buyers, we will listen to what needs you have when looking for a home with respect to level of renovations required. Each homebuyer has a different set of needs and handiness level too! We are happy to help you through this process and have advice and skills to help you find the right home.
Contact us at 519.219.SOLD or visit www.kissrealty.ca