The only thing we can safely say about the Toronto real estate market is that it changes – sometimes quickly! Here is just one example:
In 2022, we saw an aggressive seller’s market that showed no sign of slowing down. And then it slowed down. Suddenly the demand for homes, especially detached, single-family houses dropped off the map.
Overall, the demand for housing in Toronto remains high, but if plenty of listings are available, you want to do whatever you can to make yours stand out. Even when inventory is low and buyers are scrambling, it pays to make your home as appealing as possible.
With that in mind, let’s talk about some of the renovations that can add the most value to your home before putting it on the market.
Why You Need to Prepare Your Home – Even in a Seller’s Market
During the good times, some homeowners are tempted to be a little too complacent. This is a mistake because you will earn more if you prepare your home correctly, even in a strong seller’s market. A $2000 repair today might add thousands of dollars to your final selling price.
These days, many homebuyers don’t want fixer-uppers that they have to put a lot of time and work into. Many are young and are often trying to juggle busy careers as they raise their children. These families want a turnkey home that they can move into with little to no work, and they are willing to pay for this convenience.
Do you want more real-world tips to help you sell your home in today’s market? The posts below will help:
- What Is Your Home Worth Today?
- Home Renovations to Avoid When Selling
- What You Must Disclose When Selling Your Toronto Home
What are some of the most profitable upgrades you can make in today’s market?
Windows:
New windows can dramatically improve the appearance of your house, both inside and out. They provide instant “curb appeal” from the moment a buyer sets eyes on the property. Every room with new windows looks brighter and seems more spacious. Appearance isn’t everything, however. The real value is in making the home more energy-efficient, and upgrading windows with better insulation can drastically reduce heating and cooling costs.
Flooring
Few things can bog down the value of your home like worn-out, dirty or damaged floors. Some carpet stains will never come out, no matter how much you scrub. By changing your floors, your house appears instantly brighter, cleaner and more modern.
- Hardwood floors look spectacular but are expensive.
- On a tight budget? There are inexpensive alternatives to hardwood.
Some vinyl flooring can mimic the look of hardwood, tile and even porcelain. Vinyl won’t increase your home’s value as much as the real thing, but it certainly beats a worn-out carpet.
HVAC
Comfort, convenience and cost savings are a powerful combination. That’s why upgrading your home’s furnace and air conditioning will impact its value significantly. Part of “turnkey” living means being able to flip a switch when it’s cold outside and the heat comes on.
A high-quality HVAC system offers more than convenience and comfort. It improves the air quality in the home, making it a cleaner, healthier place to live.
Plumbing Upgrades
A significant part of the value of your home comes from what you never want to see: the plumbing. Clogged sinks and leaky pipes are every homeowner’s nightmare. When the pipes have a clean bill of health, the value of your property grows.
You might even consider installing a tankless water heater to appeal to the more environmentally conscious buyers.
Minor Kitchen Renovations
A modern, functional kitchen is a must-have for most buyers on today’s market.
While a total renovation is very expensive and probably not worth it, there are many minor upgrades to make your kitchen more appealing.
Simple things like replacing the knobs on cabinet doors or upgrading your faucets can go a long way to making a positive first impression.
Bathroom Upgrades
Bathroom renovations are another area that can cost thousands of dollars. In most cases, you won’t need to do anything significant unless your bathroom is very out of date. Often, a quick paint job, a new mirror and recaulking can give your bathroom the facelift it needs.
Looking for more ideas on how to present your home for maximum impact? The posts below will get you off to a great start:
- A Complete Guide to Home Renovations in Toronto
- Is Staging Your House to Sell Still a Good Idea?
- 5 Toronto Furniture Stores To Give Your Home A Makeover
What Upgrades Should You Leave for the Buyer?
When renovating your house to get it ready for sale, keep in mind that you don’t have to upgrade everything. You want to leave some room for your buyer to make the changes they need to make the house feel like their home.
For that reason, “creative” renovations are best left untouched. Your buyer will likely want to decide on their own light fixtures, countertops, appliances.
It’s important to make only the upgrades that will result in a higher price. Knowing what repairs to make and what not to will save you a lot of money and effort that you don’t need to spend to get a high return on your investment.
For more ideas to help maximize your sale, give us a call at 416.443.0300 or send us an email to Erica@EricaReddy.com.
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