Your home may be the place you raised your family and built a lifetime of memories, but it can start to feel a little too big and empty as time goes on. It’s an emotional realization that happens to many homeowners as children grow up to lead lives of their own. What happens now?
It may be time to consider listing your house for sale and moving on to your next adventure in life. Perhaps now you’ll have the chance to take that dream vacation you’ve always wanted or to pursue a hobby that has long been pushed to the backburner. Luckily, Toronto real estate is in hot demand, and the sale of your home can go a long way to funding whatever you decide your next step will be.
First things first, it’s time to take off your homeowner’s hat and start viewing your property from the buyer’s perspective. It can be challenging to detach emotionally from the home you love, but this slight change in your mindset will help you feel more prepared for the challenges ahead.
In the meantime, start by thinking about who might be out there searching for a house like yours. In many cases, it will be someone from the younger generation who is advancing in their career and possibly even starting a family of their own. Your mission going forward is to make your home appeal to these younger buyers.
Young Home Buyers Have Different Priorities
To you, your home is a work of art, and it has taken you a lifetime to get everything just how you like it. It can be difficult to imagine anyone walking through and not admiring the paint colour you’ve chosen or your eclectic collection of unique and one-of-a-kind art pieces. But kids these days, right?
They have a mindset that may seem utterly foreign to you. Something that appears perfect in your eyes might have zero appeal to the younger generation. What are some of the differences?
- Energy Efficiency: Many homes in Toronto were built well before the concept of sustainability kicked in. However, younger generations are often concerned with being environmentally friendly and leaving a smaller carbon footprint. Thus, upgrading to high-efficiency heating and cooling might give your home the edge you need to stand out.
- The layout: Older folks tend to appreciate the privacy and sound control that comes with walled-off spaces. A few savvy youngsters with little ones of their own may see eye-to-eye with you. However, the trend at large greatly favours open-concept designs. Tearing down the non-loadbearing walls is high on the wish list for many Millennial and Gen Z homeowners.
- Battle of the Decor: Older homes often feature traditional decor, complete with intricate doilies and flowered wallpaper. These style choices can be deemed borderline criminal by members of the younger generation. Fortunately, design updates are among the easiest and least expensive upgrades when preparing your home.
Calculating the Costs: What Upgrades Are Worth It?
The purpose of renovating and upgrading your home before selling isn’t just to look good. The goal is to earn a return on investment. If you spend $1,000 and the value of your home increases by $10,000, the time and cost are well worth it. But the last thing you want to do is spend that same $10,000 in exchange for a few “oohs and ahhs.”
How do you know what upgrades are worth it and which ones aren’t? That question is the subject of many heated debates and the topic of countless books, articles, and blog posts. It’s not an easy question to answer because it will depend on the costs of materials and labour and the real estate market, which constantly changes.
Selling a house can come with a lot of uncertainty, but we are here to guide you every step of the way. Find out more about how we help sellers in the GTA right here.
Simple Updates Buyers Will Love
Before listing your house for sale, it is always advisable to speak with a real estate agent in your area who has a keen instinct on what the majority of buyers are looking for. That said, there are some constants you can nearly always depend on. For example:
- Update the kitchen: Some things never change, and young buyers love a luxurious kitchen as much as anyone! However, you don’t necessarily have to invest in a full remodel. Simple touches like repainting the cabinets, replacing hardware, and installing a modern backsplash can make even the most outdated kitchen appear more modern.
- Refresh the bathroom: A few simple updates can give your bathroom an almost spa-like feel.
- Freshen up the paint: Dark colours are out as they can make the room feel smaller. Instead, choose neutral, light colours to appeal to a wider range of buyers.
- Upgrade lighting: Discard dated fixtures and ancient chandeliers in favour of modern alternatives. Installing energy-efficient LED bulbs and adding dimmer switches can enhance the ambiance even further!
- Enhance storage solutions: One of the biggest pet peeves young buyers have about older homes is the lack of storage space. Luckily, this can be an easy and inexpensive fix. Consider adding floating shelves or even invest in a closet organization system.
- Focus on technology: There are few things the younger generation loves more than the latest and greatest in technology! Smart thermostats, programmable lighting systems, and a video doorbell can add massive appeal to tech-savvy buyers.
Knowing what your house is currently worth can provide you with a roadmap for a successful sale. Book your free home evaluation right here.
Meet In the Middle
As you consider what upgrades to make, you’ll quickly notice that some are far more realistic than others. A young buyer might want a pure open-concept layout that backs right onto a park. However, spending untold thousands of dollars to change the entire structure of your home isn’t likely going to pay off once your sale closes.
It’s nearly impossible to make your house appeal to every whim and desire of the younger generation. What you can do is meet many of them halfway. It starts by getting to the heart of what really matters to your buyer.
Ask yourself “why” a young person is so interested in a particular feature. Soon, you may realize that “open concept” isn’t what matters so much as having plenty of natural light in the home, along with the ability to keep an eye on the little ones.
Instead of tearing down entire walls, you might decide to just create an opening between rooms. When you understand what your buyer is really after, you maximize your sale by focusing on their needs. The end result can be a seamless transition with less time and investment than you may have thought possible.
Still unsure what upgrades will get the best results when selling your home in the current market? Our experts are happy to help you get started! Reach out today at firstname.lastname@example.org or call 647-875-8000 with any questions you have.
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