Selling a Condo in Toronto
While there are many things you need to sell any property in Toronto, there are important things you can do to make selling your condo easier and quicker.
We have a inspection checklist and we can provide a complete condo review to make sure it is ready to sell fast and for the most money.
Some Updates are More Rewarding than Others.
There are some updates you can make with your condo that will provide more value in the seller's eye - a key consideration.
Some updates, while costing you considerably, don't necessarily mean you will get a full return on your investment. An experienced realtor can help you make the right choices.
In general, it is cosmetic fixups that bring the best return on your investment. Painting and/or plastering can work. Adding things like consistent switch-plates and electrical outlets may seem small, but serve to make your condo look newer, or at the very least, simply do not draw attention to themselves.
Installing or reinstalling carpet may be a good idea, but putting carpeting over hardwood floors may actually decrease the value of your condo somewhat.
Staging is a proven method to sell fast. It is not always practical to have your unit completely empties of furniture (if you are living there), but it would be a good idea to put non-essentials in storage.
It always a good idea to remove clutter and parhaps placing better matching furnishings (from a staging company) to give your condo the best presentation.
Why should I spend money for simple fixes that the new owner could do?
Yes, you probably should. But let's look at why:
First, most home buyers will not have experience in doing fixups, however minor those updates are. So if they see something that needs work, they see a problem, not a solution. They also see an expense that they have to pay for.
Compounding this, current regulations and taxes mean down-payments must be larger and there is an extra land-transfer tax (up to 1 percent of the purchase price). This means that buyers simply have to have more cash ready at the time of purchase and they are not pleased with extra expenses.
Also, moving into a new dwelling is a pretty hectic process. Many people would prefer not to have extra work to do during such a stressful time.
If you can reduce these items - any item to reassure a buyer that they are getting a good deal, with little fixes being necessary, then you are far more likely to make the sale, and at your price.
Would you like to arrange a Pre-Sale Review?
If you are planning to sell soon, please feel free to contact us to arrange a Room-by-room and indoor-outdoor review. There is no charge for this service,. We will be happy to work with you to sell your property fast, and for Top Dollar.
Condo Pre-Sale Review