What Is An Exclusive Listing?
Owners often ask us about adding to the value of their property through renovations. Several online articles and blog posts will tell you different stories about how someone made money because they redid the kitchen, bathroom, or some combination of changes.
This post is not about whether or not it’s a wise investment to undertake a renovation project. It can’t be said with certainty that a reno will ultimately lead to a higher sale price. Instead, we need to take a closer look at all of the details and analyzing on a case by case basis. Even then (digging a little deeper does provide more insight) there are no guarantees that spending X will increase a value to Y.
This message is about quality. If you insist on redoing the bathroom or kitchen or even the entire house, ensure that it is done well. You need the proper paperwork, (ie. Permits) when required. While our team is not made up of general contractors, (although one of us used to be) we take clients into dozens if not hundreds of properties every month. And when something has been done poorly or incorrectly or on the cheap (or any combination of these three) trust us, IT SHOWS. And it hurts the seller’s chances of achieving top dollar for their efforts.
If you are a DIY person, really ask yourself if the quality of your work is at a professional level. Or, more importantly, if you just enjoy doing it. You may wasting your valuable time instead of building equity if you take the week off from your regular work to create a second rate bathroom.
If you aren’t a DIY-er but want to hire a contractor, reach out to your network of friends, family and co-workers. Ask Facebook. People tend to like to share stories about great (and not so great) tradespeople they have worked with. Ask contractors you meet with for references or ask if you can see a project they are currently working on. Always meet with multiple contractors for multiple quotes.
Invest in yourself wisely. Do it right the first time. If you aren’t even sure if you should do it at all, call us. We’d be happy to chat with you about it and offer some insight.
This post was written by Fox Marin Sales Representative, Ian Busher. With an extensive background in carpentry and contracting, Ian is our resident “Renovations Expert”! He takes pride in his ability to assess a house’s quality and condition; this, in tandem with his talent for speaking to the feasibility and cost of potential renovations, and his eye for the aesthetic details of a property, make him a powerful partner for anyone looking to buy a home in the Toronto real estate market.