Ask The Experts: What are the Home Renovations That Buyers Want?

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.

6 HOME RENOVATIONS THAT BUYERS WANT

#1 Kitchen

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+

#2 Bathroom

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+

#3 Flooring

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.