You’re frantically getting your home ready for resale. Well, thinking about getting it ready anyway, and feeling a bit guilty that you’re not actually getting it ready yet. You’re wrestling with what you should do to maximize your resale value. You know that your property needs some work to make it look its best to potential buyers, but you aren’t about to pull out the crowbar and start gutting it. What can you do within reason to maximize your return on real estate investment? How do you utilize your available budget to get the most bang for your buck on increasing resale value?
The Hot Toronto Real-Estate Market:
As we all know, the Toronto real estate market continues to be red hot, and in-demand properties are fetching record over-asking prices. For well presented homes, bidding wars are the norm. The more your home attracts potential purchasers eager to enter the fray, the greater the sale price is likely to be after the dust settles.
Don’t Leave Your Money on the Table!
Whether you have a couple of months and a bank full of money or a couple of weeks (or days) and a tight budget, there are always things you can do to make your home more appealing to potential purchasers. And that means more money for you. Sometimes a LOT more.
I’ve gone through a lot of homes on the market, often assisting those very same potential purchasers with their home buying decisions, and I know what a lot of those properties eventually sold for. The results are predictable. Poorly presented properties still get a pretty decent buck in this market. Well presented properties tend to get crazy money after a bidding war.
I’m frequently amazed that so many people are showing homes that haven’t been ‘done up.’ Those people are leaving a lot of money on the table come closing time. Even the “renovator’s dream” home that will probably be purchased to be gutted and redone can usually benefit from a bit of work. There are purchasers who are looking for an “ok for now” home that they plan to renovate later once they recover from their down payment. If you can make improvements to your property to get over that threshold and get one or two of those bidders in to the bidding war with the builders, it could result in tens of thousands more to your sale price. (If you’re a buyer looking for a deal, look at the raw unprepared properties badly in need of a coat of paint, not the pretty ones!). Selling your home is one of those rare opportunities for some of us to make a significant amount more money quickly and relatively easily. Don’t blow it!
The most efficient, best bang for the buck projects are always going to vary from property to property, and I’m always happy to schedule a free no-obligation consultation with you and/or your agent. Sometimes a fresh objective set of eyes & ideas is needed for your property, as we all tend to become accustomed to our surroundings and can have trouble envisioning them in new ways. Property presentation can definitely be scalable – the trick is to get the best return from the time, effort and budget that you have to work with.
Improvements to Consider Before Listing for Sale:
There are of course always a few recurring possible improvements that a lot of properties could benefit from prior to being listed for sale:
Lose that junk. Clear the counters. Largely empty the closets. Box things up & impose on family & friends for temporary storage space or rent a storage unit for the listing period. (Side benefit: makes packing easier when it’s time to move!)
A fresh coat of paint is never a bad idea. Sometimes it’s absolutely essential. Whether top-to-bottom or focussed in strategic locations, it’s pretty tough to go wrong with this one. If your walls or ceilings need repair, do that first. If your home hasn’t been painted in a while you’ll be amazed at the difference. You may be surprised at how easy it was to remove that 70’s wallpaper after all.
Replace light switches & plug outlets:
Are you blown away by the stunning look of that old style yellowed light switch right in the middle of your freshly painted living room wall? Maybe a sleek modern dimmer switch might send a better message. While you’re at it, there may be a light fixture or two that could use replacement. These are very cost-effective ways to send a much better message to your buyers.
Yes, it IS a real thing and not just a catch phrase. Take an objective look at your yard / entranceway. Make it better. Plant a few flowers. Install nicer house numbers and a new mailbox. Paint that door and switch out that rusty handle.
Clean the windows:
Almost cost free. I suggest using this. Now, about those window coverings …
Are the floors OK? Are they like, really? Remedy anything too egregious, then wax the hardwood, scrub the grout, steam clean the carpets, and really polish up any vinyl type tiles or roll flooring.
Kitchens can be tricky if you’re already getting ready to sell and you don’t already have a new modern kitchen. Still, there are options that can help that don’t need to cost a leg and an arm. Even if you don’t install the entire dream kitchen, you may be able to make some quick affordable improvements to impress the buyers who plan to eventually renovate the kitchen once they recover from giving you all their money for the house in the first place.
Kitchens and bathrooms, kitchens and bathrooms, kitchens and bathrooms … do something to improve the bathrooms as well! Again, it can be quick and affordable, but you can’t go wrong improving the bathrooms. Paint can be big here, maybe a new vanity or faucet set, a quick light fixture and a couple new shiny towel bars. Ta-da … new bathroom!
Schedule a Free Consultation with Your Handyman!
I’m always happy to provide a free no-obligation walk-through of your home to discuss ideas for getting ready to maximize your resale value. It’s never too early or too late to drop me a line to set something up. Let’s put the best face possible on your home before listing!