Over-improving and overselling are the overbearing banes of the Toronto condos-selling process. A careful balance must be struck between attending to the needs of the prospective buyer and not losing out financially. While certain repairs are sometimes necessary to increase the worth and appeal of a property, homeowners must be cautious before plunging into the fray of home improvement and risking over-improving their homes with the sole intention of attracting a high-paying buyer.
Before engaging in potentially expensive renovations, the homeowner should allow a real estate professional to perform a market assessment on his or her property in its initial state. The home’s current market value should be compared to its probable sale value following the improvements. This comparison coupled with a written estimate for the cost of the property’s improvements will allow homeowners to determine to what extent (if at all) a profit can be made through renovations. Should the future profit margin be non-existent or negligible, the home seller is better off putting the property on the market without any upgrades.