Selling Your Home This Spring? You Have to Spend Money To Make Money

Spending a Little Time and Money Equals a Bigger Payback

The old adage says ” to make money you have to spend money” and in selling your home it is so applicable. Homes are our living space and day in and day out we can live with the old appliances, a dated bathroom, broken screens and the marks on the walls. However once you make the decision to sell your home it is time to tackle these issues.

But first things first. Before you open that tool box or head off to the building supply centre get a piece of paper out and set out a budget. By knowing how much you will spend preparing your home for this year’s Toronto’s spring housing market you can then establish a list of updates and repairs that fit into those finite number of dollars.

So how much to spend? Well, what I instruct my clients is to budget approximately one percent of the selling price to home updates and repairs. In February 2011 the Toronto Real Estate Board released the average house price was $454,423 so a $4,500 budget is a reasonable sum to allocate. Now is the time to walk through your home and with an unjaundiced eye do three things:

  1. take an inventory of what has to be done
  2. determine what you will contract out to tradespeople
  3. what jobs you can complete yourself – Some honest advice here, ensure whatever job you do it looks professional as nothing looks worse than sloppy workmanship.

Remember, talk to your realtor and get their professional input on what updates and repairs to tackle – they see hundreds of homes and know what details impress today’s buyers. .

This investment in your home will reap big rewards as you want your home to look its best for potential buyers. Spending a little money now could translate into a better selling price and a shorter time on market…And that’s what the goal is.