HOME RENOVATION MISTAKES YOU’LL MAKE (AND HOW TO AVOID THEM):
Should you fix up your home before you sell it? When it comes to home improvements, many sellers ask themselves this same question. Even though some buyers are looking for fixer-uppers, the majority are not. Toronto’s real estate market favours homes that are move-in ready. In fact, sellers will limit themselves by listing a home that’s in “as is” condition.
If you’re still not sold on undertaking home improvements as you prepare for a sale, consider the benefits below.
Aesthetics
Put simply, listings with recent home improvements will show better than fixer-uppers. Whether it’s the online listing, a Facebook ad or video, homes that are aesthetically pleasing will get buyers through the door. If a home doesn’t look appealing, it’s unlikely that buyers will attend a showing. And, if they’re not attending a showing, you won’t be getting an offer.
Function
Style is important in today’s market, but function is also essential. Part of having a move-in ready home includes ensuring that everything is in working order. While home improvements and remodels are important, so are repairs and upgrades. This means ensuring your roof is in good repair, all appliances work and light bulbs are current. When everything functions well, buyers won’t be scared off by costly repairs that they’ll need to make themselves upon closing.
Efficiency
In this eco-friendly age, home improvements that favour the environment are gaining traction. This is especially important among younger buyers who are looking to reduce their eco footprint even more. As you undertake smart home improvements and prepare for a sale, consider environmental upgrades. This can include energy-efficient appliances, eco-friendly building materials and other upgrades that will retain warmth in Toronto’s colder climate.
Return
One of the biggest draws of home improvements is the return they will generate upon resale. Of course, this amount will vary depending on the specific project and its quality. However, here are some of the home improvements that will generate the biggest return:
- Garage door replacement valued at $3,600 can generate up to 97 per cent upon resale.
- Minor kitchen remodel valued at $22,500 can generate up to 80 per cent upon resale.
- Wooden deck construction valued at $13,000 can generate up to 75 per cent upon resale.
- New front door valued at $1,800 can generate up to 75 per cent upon resale.
- Mid-range bathroom remodel valued at $20,000 can generate up to 67 per cent upon resale.*
*All figures courtesy of Remodel Magazine.
Competition
When it comes to real estate, competition can be tough. At times, Toronto will face a buyers’ market where there are plenty of listings to choose from. How can you make yours stand out over your neighbour’s? Not only will home improvements give you an extra edge, they can make your listing show much better. Having a long list of upgrades as part of your listing won’t go unnoticed among buyers. It could even be what gets you a better offer versus other homes in your community.
Are you looking to take on home renovations as you prepare for a sale? The team at Maison Makeover will provide an expert professional opinion on the remodeling strategy that will yield you the highest reward. We work with you to do a free inspection and provide a full report of our recommendations. This includes a quote and the new estimated market value of your home. Contact us to request a complementary home makeover audit.