These top six renos can help seal a better deal when selling your home!
29 May 2019
Renovating kitchens, bathrooms and basements can really add value to your home. But even a coat of paint can help...
Anyone who has been on a first date knows that first impressions matter. By putting in the effort to look your best, you’re more likely to attract a suitor. And then, if there’s chemistry, it can lead to a promising romance.
The same holds true when selling a home, especially with the dearth of listings in Toronto’s slower but still-competitive real estate market. With less to choose from, today’s sellers have to woo potential buyers with a beautiful property that will stop them in their tracks and tick off most of boxes on their wish list. Then, if the property feels as good as it looks, it can lead to a speedy sale.
While the city’s housing landscape hasn’t seen the drastic downturn that Vancouver has experienced, the gains in prices are modest at best. Fewer homes are being listed, and those that are on the market are taking slightly longer to sell than in previous years. With that in mind, there’s never been a better time for sellers to consider investing in a few choice upgrades to maximize their property’s resale value.
“People will spend no more than 2.5 per cent of the value of their property on renovations, but your return on investment when doing a kitchen or bathroom can be much higher than that!” says Tom Storey of Royal LePage Signature Realty.
Even in strong markets, a good-looking home is going to fetch a higher number.
“We live in a world of HGTV where buyers see perfection,” says agent David Batori of RE/MAX Hallmark Batori Group. “[Yet] I only recommend you spend a dollar, Mr. Seller, if you can get $5 in return. Most of our buyers spend between $2,000 and $5,000 in prep work – just general handy fixes, painting, touchups, cleanups, garden cleanups – and they’ll see $20,000 to $50,000 in return.”
