You’ve found your dream home in the Toronto real estate market, which you have been loving for a few years. Now you are considering renovations so that you may continue loving your home for many more years to come. Renovations happen for a number of reasons: making more space, retrofitting to meet mobility needs, changing dated décor, correcting structural/electrical/plumbing issues. The list goes on. Whatever your drive to begin renovations, here are some things to keep in mind to ensure your renovations add value to your property in the Toronto real estate market.
This is the number one room in the house to spend your dollars on in terms of return. A dated or poorly functioning kitchen could mean less money when you go to sell, or ultimately you will struggle to sell. So just where do you focus your efforts? Countertops and appliances. Buyers want stainless steel appliances and a luxurious granite, quartz or marble countertop. In general, individuals buying real estate in Toronto don’t want to have to fuss over this room. They want it up-to-date, attractive and highly functional. Dollars you spend on this room, will provide you with great increase in property value.
Another room in the house to spend your dollars on in terms of return, is the bathroom. Buyers will not appreciate a dated bathroom that has a groovy blue toilet and matching blue sink, and carpet on the floor. So if you are preparing to tackle a bathroom reno, splurge on dual sinks for the master bath or any main bathroom utilized by multiple family members. Toronto real estate buyers will appreciate a well-designed main bathroom.
If you are thinking about pulling up your carpet and replacing with hardwood, doing so will increase the value of your home. Splurge on hardwood, and opt to throw down some area rugs if you are on the fence. This is because buyers will want the hardwood. Why? A number of reason: uniformity, durability, ease of cleaning for allergy sufferers, etc. If your goal is to add value to your home, ditch the carpet.
Storage in the kitchen, in the master (by means of a walk-in closet), in the laundry room… simply add storage. Having dedicated areas to store “stuff” and keep living spaces free from clutter, will help add value to your home. Buyers will most definitely appreciate that walk-in closet.
When it comes to renovations, the painful spends are usually on the things we don’t see. However, home systems really are vital to your home’s value. Toronto real estate buyers want efficient central air and central heating. Keeping a home’s overall temperature controlled is critical to not only being comfortable, but also ensuring monthly expenses stay low. Spending money on comfort generally brings return on your investment.
Doors & Windows
Referring back to comfort, this plays a part. Ensuring your home is efficient helps keep monthly costs down. Windows and doors are a main source of air loss/leakage. Invest in efficient windows and points of entry, and it will pay dividends, not only in your monthly expenses, but also when you go to sell. Bonus: efficient windows drown out street noise.
Interested in buying real estate in Toronto & the GTA, or perhaps investing in Toronto real estate? First time home buyer? Moving to Toronto? Are you part of a Toronto relocation with your employer? Our real estate sister company – MAC Real Estate Services Inc., Brokerage – can help you with all steps of the process, from finding a new home, temporary accommodations in the meantime, destination services, settling in services, move management, and so much more. So many steps of the move can be handled in advance, so when you arrive we can get you settled much faster. When moving to Toronto, we can help with all aspects of the relocation.
We’d love to hear from you, so call us today to book your complimentary private consultation.
Once you are all settled into your new home, let us help you with a relaxing Caribbean get-away with a private luxury villa rental in St Martin/ St Maarten, St Barth’s or Anguilla. Caribbean villa rentals are a cost-effective way to travel. Ask us how!