by Deborah Mesher, Architectural Designer and Penny Fortier & Kelly Koellner of PK Real Estate
Deborah: How do you help your clients decide whether to renovate, or sell and buy bigger?
Penny + Kelly: We are very honest (maybe too honest at times!). We see so many clients trying to decide whether or not to renovate, sell and purchase a bigger house and we carefully point out the pros and cons for each option. We look at what is the best scenario for their particular situation knowing that this can be a very difficult and costly decision.
There are many factors at play such as:
Location: Are the clients in love with their neighbourhood and their exact lot? Can they find what they are looking for elsewhere?
Value add: Is the renovation a good investment? For instance, are they adding value to the house so at some point in the future if they want or need to sell, will they get a return on their investment?
Which option is going to give them the most on their wish list?
Time is a factor here too. How long will this all take? We want our clients to enjoy their dream home and start living in a way that makes sense for their lifestyle as soon as possible. Life is too short!
Is renovating the best route to go in the end! Ok let’s go for it! We will connect you with the right people to make it happen, find you a rental while the work is being done and be the first ones to congratulate you on your new home!
If moving is the best route, we will find you that dream home that checks all those boxes and help you maximize your own home’s potential in the meantime so that when we do find your new home, you will be ready to rock and roll!
If for any reason you decide to change your mind from renovating to moving, the money that you have spent on the plans and the preliminary work can add value to the sale of your home. Potential buyers want to see the future value.
Deborah: What are the most impactful home renovations?
Penny + Kelly: We are so predictable but kitchens and bathrooms. There is nothing like the wow of a nicely renovated kitchen and everyone knows this is where the action is. If you can’t renovate all of the bathrooms, can you renovate at least one? People want to imagine themselves moving in and enjoying their new home right away. You can always work on renovating the extra bathrooms while you are living in your new home if you have one good one you can enjoy it in the meantime!
Have a little extra money and motivation?
New light floors can have a big impact and brighten up the home. As well, try and make the front of your home look as updated as possible, even if it is just painting out the windows and doors a nice fresh color. Old yellowed siding? Switch it out to a nice dark modern color and voilà, your house reads updated and modern.
Deborah: What’s more valuable to buyers, extra bedrooms or extra bathrooms?
Penny + Kelly: We’d say both are valuable but there is a big benefit to having that fourth bedroom over three, especially with so many people working from home at least part of the time. That fourth bedroom also gives the owner lifestyle flexibility (third child, maybe a home gym or guest room). Having the fourth bedroom also expands that pool of potential buyers looking to purchase your home in the future (four bedrooms is definitely on the wish list for most families of five).
If you can sneak a little powder room on the first floor there is definitely a benefit, but it has to make sense (psst…don’t put it right in the middle of your kitchen). We are seeing people who can’t fit it on the first floor, tuck it at the bottom of the basement stairs so it is easily accessible. Add some fun wallpaper too! This is the spot to have some creative fun!
Deborah: What makes a good realtor?
Penny + Kelly: Honesty, knowledge good connections and a good listener. It is important to work with a realtor who will give you advice that is in ‘your’ best interest, very knowledgeable (this is a BIG investment and your realtor needs to be an expert!) and is well connected. Good connections with realtors means that your realtor will be in the know of upcoming listings. Furthermore, realtors like to work with realtors who are easy to work with, professional and trustworthy, so this gives you an advantage.
Deborah: What do you wish homeowners knew about buying or selling a house in Toronto?
Penny + Kelly: We wish they knew to contact us! Ha, no really people moving from outside of Toronto often feel overwhelmed by the city, but it’s really just a bunch of unique small towns and that’s the charm. We love helping clients find their perfect small town Toronto neighbourhood. In terms of selling, your realtor really needs to know the city well and have experience. They need to price your house properly using the right selling strategy and show it in the best form it has ever been in! We just love hearing ‘why didn’t we do this sooner! Our house looks amazing when it’s spruced up and staged’. That’s when we know we have done our job. But don’t worry…we’ve got you…your new house is going to be even better on the other side.
Learn more about PK Real Estate here.
