Home renovations can negatively affect your bottom line

One trend that we’ve seen here in Toronto Real Estate over the past many years is the opening up of homes.  People are taking down walls and sometimes even opening up the whole main floor of smaller homes.  The demand for open concept homes is huge and I suspect that the trend will continue.Kitchen

This afternoon I showed a home to some clients and there first comment was that they felt closed in and uncomfortable.  They were wondering why the owner, who had just renovated, decided to keep so many walls on the main level.  The walls between the dining room & living room were kept as was one wall in the living room which separated it from the front door, in effect making a short front hallway.

The renovation was very recent and absolutely beautiful.  The quality of work and materials were “Top of the Line”.  The issue was that it just didn’t fit what many people are looking for nowadays; it was too far away from the current trend.  To open it up now, would mean redoing some of the renovations and having to match the materials that were used. Not a small or inexpensive job…

From my perspective the market here in Toronto is in transition.  Homes are either selling right away (for some amazing prices), or Kitchenthey are slowly reduced in price until someone buys them.  There’s really no in between.  This particular home is one of the latter.  When I called to ask the listing agent a question before showing the home he seemed very eager, I now see why…

Before starting a major renovation talk to your real estate agent and ask them about what people are currently looking for and what they think people will look for in the future.  It just might make all the difference.

For help buying or selling Toronto Real Estate, just call me 416-671-5775

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