How to Add Resale Value to Your Home
Toronto is known as one of Canada’s trendiest cities, you can imagine the competition when it comes to selling your Real Estate. Everyone is trying to keep up with the times to showcase their home at the top of the market, but the question is… What really makes your home stand out above the rest? Staging a home can really add instant value to your home. Check out more information about staging in our ‘Marketing Done Right’ vlog here.
1. Location, Location, Location
Many of us realtors sound like a broken record when we say this, but we are trying to make a point that this is detrimental to your home’s resale value. Whether you are selling or buying, you want to consider location and the value it brings to your property. Your home could be the nicest on the block, but if you’re located on the corner where all you can hear is traffic buzzing by… Well, it doesn’t matter if no other home compares to yours, it will most likely fall short in a buyers mind. Also, beware of future city plans because if you bought a property with a beautiful view right now, it might be obstructed in a few years; so check with the cities records and what could be going on in the future, development wise. Something that you can do if you are a corner lot and there is traffic noise, is add trees to the front area. This will help to drown out the traffic noise and also add some privacy. That being said, if you are at the place where you are making the real estate investment decision.
2. Room Quantity
Whenever someone hears 3+ bedrooms, it seems their ear automatically perk up (even 2+ for that matter). Nowadays, most homeowners prefer homes with a couple of rooms since they often would like a guest room, a dedicated office, and, of course, a sleeping area for themselves. Another room that serves well for real estate value are bathrooms. Given a choice between a one bathroom home or a two bathroom home, buyers will be more attracted to the two bathroom home even if the price might be a little higher. Keep in mind, a home without a master bathroom also can be detrimental to its value.
Something that we advise home buyers to consider is:
When buying your home, think about the market that you’d like to resell to in the future. Are you targeting couples, larger families, or could you be after singles? The more people who will be living in a home means that they will automatically need more space. If you are looking to do a renovation adding a bathroom would be a great place to allocate some extra funds, adding to the room quantity and thus re-sale value for your home.
If your home’s layout is quite odd (meaning your kitchen is cut off from the living room due to a random wall), buyers will probably cross it off of their “top contenders” list. The truth is, homebuyers are looking for open spaces with good flow, lots of light, and multi-functionality; chopped up and closed off spaces should be left in the 70’s. If your home is suffering from a dated layout, it might be time to knock down a few walls before selling… a change like this could be key to how fast your home flies off the market.
4. Updates and Maintenance
In Toronto GTA, you’ll find a mixture of new and older properties. Why do the newer homes sell faster, you might ask? Because they are updated, well kept, and have less chance of being a hazardous environment. A few top upgrades to consider when making changes are a worn down kitchen, scuffed up baseboards, archaic bathrooms, and even the air-conditioning situation. Check out our blog post about laminate vs. hardwood flooring here if you are thinking about doing some updates on your property. Make sure your home is up to speed with safety regulations and spruce up any tattered items (like faucets or knobs) that you can think of; this will add resale value to your home, for sure.
5. Curb Appeal
This might sound silly, but if your home looks good, it will be enough to spike the interest of buyers. By cleaning your home and staging it properly, you can trick a buyers mind into thinking the property is better than it is. De-clutter around the house, hire a cleaning service, and even place a fresh baked pie out on display; if the homebuyer can imagine themselves living in the space, they’re much more likely to actually put out money to live in it.
Although all of these elements will help your home’s resale value, there are many factors as to why your real estate still may not be selling. I’m here to make sure that your home flies off the market, which is why I would love to hear from you today if you’re considering selling your real estate. I want to see your home achieve maximum sale potential and make sure that the entire home selling experience is satisfying.