It’s no secret that the Toronto real estate market has been red hot. Despite predictions that the pandemic would deflate the housing market, there was a sudden rise in work-from-home and pandemic savings in households that kept working but saw discretionary spending disappear. Meanwhile, the Bank of Canada continued to keep interest rates low to keep the wheels on the economy, keeping mortgage rates low and interest in homes at an all-time high.
However, signs are now emerging that the market is prepared to cool off. Buyers are starting to disappear from the market, dissuaded by high prices, and prices are decelerating, if not down yet.
What that means for homeowners who haven’t yet listed their property is that you may need to go the extra mile to keep your home value up when you are finally ready to sell. You don’t want to rush something as important as the sale of a property, and listing before you’re ready can wind up costing you.
Instead of panicking about the market cool-down, start thinking ahead to home renovations and work you can do that will improve the resale value of your home when you are ready to list.
#1 New Windows and Doors
Energy efficiency is ranking higher and higher on homebuyers’ lists of priorities, and so is avoiding renovations before they move in.
Sellers in the Toronto market have gotten used to listing homes “as is” and still selling for more than asking. As the market cools down, you can give your property an edge by freshening up the windows and doors.
For the best returns, look for high-quality, energy-efficient doors and windows in Toronto.
When homebuyers feel an obvious draft through a window, notice rot in old window frames or find that the windows are old or stick, they know they’ll have to replace them. It can even lead to them canceling the sale, taking steam out of your listing.
#2 Adding Light and Space
Renovations that add or enhance the flow of natural light into a space are incredible for resale value. Transforming tight, cramped rooms into an open floor plan creates a home that feels larger and great for entertaining.
After the past year and a half, people are looking for homes that feel spacious, airy, and bright. There’s a premium on spaces that make you feel good.
#3 Curb Appeal
Exterior renovations are always good value before you sell. It’s the first thing potential buyers see, and it will set the tone when they view the property. Right now, painted black homes are in style, as they give exteriors a striking, authoritative look.
In Toronto, a black-painted exterior looks sharp on older homes compared to the many white trims you find that are worn down, chipped, and stained. Black trim also works well on more modern homes.
Just because the market is calming down doesn’t mean you can’t get a better price for your property. Be selective about your renovations and get ready to list.
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