As I checked recent sales today, I was stunned to see a regular semi on a regular street fetch 1.7 million. It was renovated and had double car parking, but still...
A dime-a-dozen, 2 storey, 3 bed semi near St Clair.
1.7 mil.
What the ... ?
It used to be that properties had a fairly tight value range based on location, lot, type, and size. Starting out, I remember being soooooooo rookie chagrined to learn that things like quality of light, space, flow and material choices had relatively little impact on price. Quality just wasn't quantifiable enough to count, I guess?
Mostly yes. Ugh.
But recent sales indicate a shift.
Now that the HGTV induced reno boom has been in full tilt for awhile, could it be that word is finally out on how crazy expensive, time consuming, and disruptive, renovations actually are? That renos aren't done on a whim on a weekend with your neighbours offering to do it for you?
Go figure.
It used to be in T.O. that the best thing you could do to your property was nothing at all. That the value of your house was primarily based on its location, lot and size. But now, as the turnkey premium amps up, people willing to put in the effort, time and money are being handsomely rewarded. Especially if selling soon afterward. (The 10 year old reno can be a relatively tough sell. More on that next post.)
Purchasing a fully finished house puts the buyer ahead by at least a year of time, money and effort. Usually more. How much value is put on not suffering from decision fatigue nor dancing to the beat of unreliable trades? Judging by the 1.7 mil average semi on an average street - quite a bit.
Assuming that you don’t personalize your property to appeal to you and only you, (turns out no one loves your lime green millwork as much as you do), the money you'll put in, you'll get out. In spades.
BTW, lime green millwork is in a house on the market for 5 million. Surprise, surprise, it's still for sale if you're interested. ;-)
Curious to know how much your renovation has or will increase your property’s value? I’d be happy to show you. Inquire at sdelean@sutton.com.