In a market as competitive as Toronto Real Estate, taking the necessary steps to ensure your property stands out and sells quickly and for top dollar is critical. As an industry, we’ve reached the point where the high performing agents have all agreed on a certain blueprint. Staging, painting, professional cleaning, photography and floor plans are all necessary to compete, regardless of the style and condition of the property.
Looking for more no-nonsense Toronto real estate advice? Check out our podcast, The Last Honest Realtor, right here or anywhere else you get your podcasts.
Beyond that, there are further steps that can be taken to prepare a property for sale that may or may be necessary depending on the context. Renovations and small fixes are a common discussion point amongst the sellers we work with, and it’s becoming an increasingly common discussion point as Baby Boomer sellers who have lived in their home for decades are preparing to sell their family home.
The question then becomes…
What to fix and what not to fix when selling a house?
While the answer to this question depends significantly on the context of the home and the market, in short it requires a simple analysis of the cost of the work and the benefit of said work.
The key thing is to fix anything that would leave doubt in the mind of the buyer regarding the viability of the house. Leaky faucets, flickering lights, old water stains and anything else which a buyer would look at wonder why something “isn’t working” is the necessary first step. In a market where buyers have a plethora of choices, you want to leave the buyer no reason to doubt the function of your home.
Cheap and cheerful fixes can make a big impact
From there cheap and cheerful fixes or updates of dated fixtures which can be simply replace or repaired are also fantastic places to focus. Updating light fixtures, replacing door and cabinet handles, or replacing sink fixtures can make a big difference, If any of these are lose, beat up, or not functioning properly, this can be an impactful fix.
Looking for more home-selling advice? Check out these posts next:
- Signs Your House Will Sell Fast
- Should I Price My Home Below Market Value
- What’s Negotiable When Selling Your Home in Ontario
Big ticket items that can impact ROI
In terms of “larger” fixes, the most cost-effective ways to increase your properties marketability or sale price is working in bathroom or kitchens. Fresh countertops, new vanities, or modernized hardware can be a very effective change. If the cost is feasible, updating tiling or flooring can also work.
What not to fix when selling your house
What likely isn’t a pragmatic fix is repairing or replacing aging appliances, whether it’s kitchen appliances, washer/dryer, or an end-of-life expectancy air conditioner, furnace, or hot water tank.
Frequently, I see home inspections with these sorts of units being flagged for reaching end of life, but buyers typically aren’t bothered by this because they know that these units typically last far beyond their estimated life expectancy, or they’re eager to get fresh and modern appliances themselves and are happy to budget to replace those themselves.
Do you have to fix everything on a home inspection?
Replacing key issues flagged on home inspections like lead plumbing, knob and tube wiring or asbestos needs to be assessed on a case-by-case basis. If it’s a hot market and a high-demand style of home, perhaps it’s more pragmatic to just flag these on a home inspection and be forthcoming about their presence and allow the buyers to handle those upon closing of the house.
On the other hand, if the market is slow, it might be worth repairing these ahead of the listing date. In situations like this, discussing the pros and cons with an experienced agent and determining what is the best strategy is critical, and making the right choice will set you up for success.
Planning on selling your home soon? Read these posts next:
- Do You Need an Open House to Sell Your Home
- Can You Sell a Condo with a Special Assessment
- Should I Get a Pre-Listing Home Inspection?
The most important issue is the one that’s hardest to fix
The one issue which is likely not going to be feasible to fix is the most critical, which is a foundational issue. While a foundational issue is going to be extremely detrimental to the sale, it’s likely that the cost of repairing this will be prohibitive. In these situations it’s best to just sell the property “as-is” and focus on the buyer pool who is likely going to renovate the entire house and allow them to take on this as part of their larger project in exchange for a lower sale price of the house.
With that said, it’s always prudent to explore the cost of the fix and decide from there what the best next steps are.
Consider the buyer
Ultimately, any fix that is done should be done within the scope of making the result as neutral as possible and creating an aesthetic which can be as desirable to as much of the buyer pool as possible.
Try not to personalize the style to your preferences, rather make something that isn’t going to alienate a buyer for being to specific. Buyers don’t like to pay for someone else’s renovations, particularly when it doesn’t match with what they’d chose to do themselves. Taking direction from agents and stagers on what is going to be the most broadly liked and photograph the best is the easiest way to make the work worth it.
Still have home-selling questions? You might find these next posts helpful:
- Should I Renovate My Home Before Selling It?
- Why Your Home Isn’t Selling
- How Much Work is it to Sell a Home in Toronto
Preparing your home for sale is a case-by-case strategy
When it comes to preparing a home for sale, every situation is different. As highlighted above, there are certain steps that are necessary to take to maximize the sale. The biggest competitive advantage though comes from deciding what to fix beyond that, and making the right choices and executing them correctly is critical to selling the property as efficiently and lucratively as possible. A job worth doing is a job worth doing correctly, especially when it comes to your most expensive asset.
Your best bet? Work with a professional real estate team
Partnering with an experienced and capable agent will allow for a proper analysis of the situation and will help you formulate the right plan to succeed. It’s something we do frequently and are seeing more and more of as the buyer pool selling older homes continues to grow. If this situation is something you’re considering, we’d be happy to hear from you to discuss your options. We love working projects like these, and are confident we can help formulate and facilitate a plan that sets you up for success. Rather than being intimated by these projects, we’re excited by them, and we’d love to help make you feel that way too.
Give us a call at 416.642.2660 or email admin@torontorealtygroup.com to learn more about the TRG difference today!
Ready to Get Started?
It all starts with a conversation. Whether buying or selling, TRG can help you achieve your real estate goals. Get in touch with our team today to start the process.
