The supply of condominiums in Toronto is plentiful, and with increased supply often comes a decreased demand and longer wait time if you are trying to sell. While there is certainly still a market for Toronto condo sales, attracting potential buyers to your unit takes some focus, effort and a touch of creativity.
Preparing to Sell with Renovations
One of the best ways to prepare for the sale of your Toronto condominium is to renovate. Properly executed renovations distinguish your condo from others in the building, and this can be the key to selling your unit faster and for a higher profit.
Making Educated Reno Decisions
Popular changes that are made in many Toronto condominiums include kitchen renovations, bathroom renovations, updating the flooring and tearing down walls to create an open concept floorplan. While all of these renovations have the potential to bring in top dollar when the time comes to sell, remember that your goal is to minimize the amount of money you spend on changes and maximize profits when you sell. To accomplish this, it is important to do your homework first. Create an inventory of things that are outdated or in need of renovation in your unit, and compare the list to changes that were made in other units that have recently sold. You want your renovations to be in line with the changes made in other units that sold for the highest price. You also want to avoid renovations that are excessive for your building. Buyers lose interest in a condo quickly when it is the most expensive unit in the building especially if you are in a building with several units for sale.
Know Your Buyer
Another important tip is to know your buyer. If you live in a one-bedroom, 1000 square foot condominium, you are likely to attract young individuals who do not yet have children and may not be married. To impress them the most, your condominium should have a modern, urban feel. To accomplish this, renovate by adding wood floors, replacing outdated appliances with stainless steel, modernizing countertops with granite, adding a seamless glass shower, exposing brick or creating a gorgeous stone accent wall. Green renovations are also popular with young, urban professionals so try to add environmentally-friendly features whenever possible. Consult with a Toronto design professional to scale your renovations to match your budget, and create a list of the most important changes that will have the biggest impact once you list your condominium.
Avoid Those Personal Touches
Finally, make sure your reno is never too personal. While you might love turquoise walls, black countertops and the idea of turning that secondary bedroom into a walk-in closet, making these changes is not usually the best move when you are planning to sell. Buyers look for a blank slate that they can put their own fingerprint on, and you need to make sure your Toronto reno is in line with this philosophy if you hope to sell quickly and maximize profits. Renovate in a way that makes your condominium look sleek and sophisticated but never overdone to optimize positive feedback following showings and increase your chances of receiving offers fast.
In the competitive marketplace of selling Toronto condominiums, properly executed renovations are what it takes to give you unit that all important edge. If you are in need of expert advice to help you decide on important renovations with budget in mind, call on the general contractors at Alair Homes. Our Toronto design and construction team assists with renovations of all sizes with competitive pricing and a commitment to transparency. We listen first and use our experience, knowledge and vast professional network to get your renovations completed on time and on budget. Our work is always backed by an industry leading in-house warranty to provide you with important peace of mind after the job is complete. Contact our Toronto office to receive your free, no obligation consultation and a detailed quote for your project.