When it comes time to sell your Toronto home, what can you do to convince potential buyers to pay top dollar for your property? A lot! Aside from partnering with the best real estate agent in Toronto, there are a number of simple home improvements you can do to increase the value of your home – before you list it on the market!
Before you make a laundry list of home renovation projects understand what your potential buyer is looking for. Put on your buyer hat and conduct a ‘home inspection’ yourself (if you are working with a real estate agent, I highly recommend that you use their services to get a second opinion).
Would you buy your home as is? Or, do you think it needs some upgrades? Once you’ve realized that your property needs upgrades the next step is to understand if those upgrades will actually improve the market value of your property. Again, that’s where a real estate agent’s trained eye pays dividends.
But if you aren’t working with somebody right now or are just trying to prepare your home for sale, this blog should help you. In my two decades of experience as a real estate agent – I have learned what renovations work and what don’t, what’s affordable and what’s over-the-top, and most importantly, what projects have the highest ROI in terms of property value appreciation.
There is also something to be said for removing objections, would a buyer ‘get stuck’ on something or if they were prepping a pros and cons list comparing your home with another, would that something be on the cons list? Removing even small objections can help sway a buyer into choosing your home over another.
All you got to do right now is sit back and take notes. Of course, if you need more help or are looking for a listing agent to help you sell your home, you can always book a call with me or my team!
Best Renovations To Do Before Selling In Ontario: Budget-Friendly & High ROI
What Should You Renovate Before Selling Your Property In Ontario?
There’s no right or wrong answer to this question. Ideally, I recommend my clients focus on the rooms that need the most attention first. Or, you can do the easiest fixes first and then move on to some of the bigger projects. For example, assuming that the kitchen, bathroom, and bedroom are in good shape, if your living room has broken light fixtures, old paint, and broken tiles, fix that first. Once you’re done with this room, you can then move on to the next room that looks unkept.
In my experience, most homeowners look at renovating their kitchens first. I highly recommend this approach too. You don’t need to go over the top remodeling your kitchen. A minor kitchen upgrade can drastically improve how your property shows. In our experience, cabinet refacing, replacing countertops or changing the backsplash may go a long way to improving the overall look without costing a ton. Once the kitchen gets the attention it deserves, people then tend to look at the bathroom closely followed by the bedroom and living room.
If you’re selling a house and have lots of outdoor space, you must improve your home’s curb appeal. In fact, I believe that you can make an argument for improving your home’s curb appeal before starting any of your interior makeovers. If you own a home, your exterior photos are typically used as the ‘cover photo’ so you want to make it count. Prospective buyers will see what’s outside first before coming in and I strongly believe in making first impressions count!
Related: To Move Or Renovate In Toronto? Pick What’s Best For You!
5 Best Renovations To Do Before Selling Your Property In Ontario [Budget-Friendly]
1. Re-Caulking For The Win
Some of the best home improvements to increase value before listing are quite simple and inexpensive. For under $5, you can buy a tube of caulk at your local hardware store that will do wonders to the look of your bathroom and even your kitchen.
For the bathroom, look for areas around your bathtub, shower, tiles, and sink. These areas are quick to deteriorate and even go moldy and you’ll be surprised how much better your bathroom can look after spending some time re-caulking. Click here for an easy step-by-step tutorial.
Be mindful of the type of caulk you need, as there are different types for different areas of your home. If you’re resealing the edges of your kitchen sink, you may want to go for a clear caulk depending on your countertops. Don’t be afraid to ask questions at the store when you’re buying products to make sure you do it right the first time.
2. Fresh Paint Makeover
The simplest way to add value to your home is by giving it a paint-only makeover. Adding a fresh coat of paint throughout your home will make your home look bright, fresh, and clean. Say bye-bye to the scuffs and scratches that you’ve accumulated over the years.
If you’re tackling this yourself, don’t underestimate the time and elbow grease involved, especially with larger homes. More importantly, before you grab your paint and supplies, ask yourself how qualified you are to tackle this yourself. Unless you’re a pro at painting edges, you run the risk of making your new paint job look sloppy and doing more harm than good. You may want to hire a painting service like WOW 1 Day Painting which can save you time and hassle. I’m sure you would quickly agree that hiring a professional to paint your home is worth every penny.
When it comes to colour selection, the key is to avoid any dramatic colours. When you’re selling your home, you want to appeal to the broadest number of potential buyers, so stick with neutral tones and avoid whatever the designer trend may be at the time.
Pro-Tip: After painting, fill shallow bowls with water and several lemon slices and place them around your home overnight to help absorb the paint odours.
3. DIY Kitchen Upgrade
The best home improvements to increase value in your home start in the kitchen. Just like the old adage says, the kitchen is the heart of the home. When it’s time to sell, most buyers are heavily influenced by the quality of your kitchen when forming an opinion of your home.
You can add some serious value to your kitchen with a simple coat of paint on the cupboards and upgrading the hardware. You can never go wrong with a bright and white kitchen (unless perhaps, you have some very outdated black appliances). If you have simple wooden cupboards, adding a coat of bright white paint will elevate your kitchen dramatically.
Look at this kitchen cabinet makeover that we did for one of your clients. You can see the difference is night and day. For the cost of a gallon of paint, some tape, and brushes, your kitchen can transform to have a more contemporary appeal in no time. The only challenge you have is deciding which of the 50+ shades of white you want to go for.
Since you’ll be removing the hardware to paint the cupboards anyway, spend some money replacing the old ones with new ones. Whether you have a friend with an eye for design or you can spend some time online finding a look you love, this DIY kitchen upgrade will surely add value to your home’s sale price.
4. Upgrade Your Kitchen Countertops
If you’re willing to invest a bit more upfront, replacing your kitchen countertops is a simple renovation that yields a good ROI. There are so many types of countertops to choose from marble, quartz, granite, ceramic, or porcelain — the list goes on and on.
In my personal opinion, you can’t go wrong with marble but it will cost you. A marble countertop will start at about $3000 but the impact a slab of marble will have on your kitchen will surely lure the best buyers with the best offers.
Alternatively, quartz is a very popular choice among sellers looking to upgrade their kitchens before listing. The reason is that quartz counters come in many different shades and designs, are quite resilient, and are more affordable, costing around $2000, depending on the size you need.
Bonus Tip: Declutter your kitchen counters for a less-is-more feel
5. Elevate Your Home’s Curb Appeal
Your home’s curb appeal is the first impression potential buyers will have of your home and can have a big influence on their opinion of your property. The curb appeal checklist can range from a fresh coat of paint on the front door to adding a new mailbox or even repairing your garage door.
If you have a front porch, ensure everything is in tip-top shape — no missing railings or loose steps. Take the time to have your porch sanded and/or painted. The same goes for your back deck. Whether it needs an excellent power wash to brighten the wood or you need to invest a little extra to replace the boards, showcasing the outdoor space’s potential is a huge value-add when it comes time to sell.
Depending on the season, make sure your landscaping is looking fresh. If you’re selling your home in the spring or summer, plant some flowers and add some topsoil to your garden, trim any hedges, and tidy the lawn of leaves and branches.
If you’re selling your home in the winter, don’t think you’re off the hook for outdoor improvements. Read our Home Curb Appeal Winter Edition for simple tips to improve your home for sale during the winter.
5 Best ROI Home Improvement Projects For 2023
There’s not much data on the Canadian market. However, right across our border, Zondo Media, a housing market research and analyst firm based in the USA recently released a Cost Vs Value 2023 Report to debunk the true return on investment from home improvement projects. They surveyed a bunch of local real estate professionals and combined that data with their own remodeling estimation solution to come up with the results.
The top 5 home improvement projects with the highest ROI are:
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HVAC Electrification Conversion – ROI of 103.5 %
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Garage Door Replacement – ROI of 102.7%
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Manufactured Stone Veneer – ROI of 102.3%
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Entry Door Replacement – ROI of 100.9%
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Sliding Replacement – ROI of 94.7%
Clearing The Air Around Home Renovations
Should You Renovate Your Home Before Selling?
If your property already looks like one of those out of a design magazine, you’re probably good. You don’t need to renovate your home before selling. Keep in mind that only a few home renovation projects have a big impact from an ROI perspective on your property’s resale value. Whether your property needs renovations or just professional home staging depends on case to case. Your end goal should be to ensure that your property shows well on the market.
I would just like to say that you should think like a prospective buyer again. If you’re shelling out $ 1 million plus on a property, you’d like to buy something that looks straight out of a home decor magazine. Play the real estate market like a woo-ing game. You need to woo your prospective buyer and sometimes home renovations give your property a fresh-cut look!
Do Home Renovations Always Increase The Value Of Your Property?
No, all home renovation projects do not increase the value of your property. That’s why in the introduction of this blog I stressed the importance of checking with your real estate agent before taking up any project. What might seem like a good idea to you, isn’t always the case.
Before you start any home renovation project – do the math. As a rule of thumb ask yourself (or your real estate agent) – will I be able to recoup the money that I have spent on this project when I do sell my property? Only say yes to those projects that allow you to recoup at least your costs but hopefully more! Remember – most home renovation projects do not add a lot of resale value to your property — and they may cost you precious time when a market is hot.
What Home Renovation Projects Should One Stay Away From Before Selling?
It depends on who your prospective buyers are. For example, a swimming pool is a double-edged sword in cold countries like Canada. It’s great for families with young ones but it may not appeal to retirees as much. Maintaining a swimming pool is a lot of work. It just might not be everyone’s cup of tea. Sure, when you look at it from the outside you probably think a swimming pool is an excellent addition to every home. But again – it all depends on who your prospective buyer is.
With the logic established, here are a couple of other home improvement projects that you may want to think through twice before spending your hard-earned money on them:
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A built-in hot tub: great for young professionals, couples, or retirees but not so great for families with kids who may consider it a safety hazard or an added expense.
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Solar panels: great for the environment, and can help you save on your hydro costs but from a resale point of view – the cost to install them exceeds the value they add to your property
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Room conversions: while converting an empty room into a work-from-office, sunroom for your plants, or a mancave gaming den sounds great to you, your prospective buyer may have other plans for an empty space.
When it comes to home renovations – especially in a market like Canada – the less is more approach works great. Avoid adding any high-end fixtures to make your property stand out. Just make sure your property looks, smells, and feels like a home – not a hotel – and you should be good!
Final Words
If you’re planning to sell your home, let’s talk! We’ve been able to continuously break records previously held by other real estate agents with our market insight, pricing strategy, and complimentary staging. When you list with the Pierre Carapetian Group, you get the highest level of service. We do everything we can to make selling your home or condo a positive and hassle-free experience.
Pierre Carapetian
Pierre Carapetian is the Broker Of Record for Pierre Carapetian Group Realty with over 12 years of experience in the real estate market. As a proud Torontonian and real estate broker, he prides himself on knowing this city inside out. He started investing at the age of 18 and has facilitated over half a billion dollars in real estate transactions.
