Most people assume that anything they do to their houses for sale in Toronto will automatically make them more attractive to buyers because they can claim it was "recently renovated." However, if you aren't careful, your big budget renovation can actually land you in the hole and sometimes even detract from the value of the home. So before you start knocking out walls and putting in fireplaces, let us warn you away from some of the worst investments in terms of home renovations.
Swimming Pools
Everyone wants a private swimming pool where they can cool off and teach the kids how to swim, right? Wrong! Installing a pool in your PEI real estate can actually narrow the range of interested buyers because all they'll see is the cost of maintaining the pool, the dangers of having their kids around the pool, the extra insurance payments for pool-related liability, and the fact that they can only use it for a few months out of the year. Add in the fact that installing a pool costs thousands of dollars and you've got a bad investment.
Septic Tanks
Not a lot of urban Baton Rouge houses have septic systems, but if you've got a cottage outside of the city you're looking to renovate and sell, you'd be better off ordering in fancy outdoor wicker furniture from Toronto than replacing the septic system. It's incredibly messy, difficult, and expensive (average costs are between $10,000 and $50,000). The worst part is that buyers won't bat an eyelid when you tell them about the new system, much less pay you anything extra for it.
Roofs
Like the septic tank issue, buyers just aren't willing to pay extra for something as boring and ephemeral as a new roof. If they can't gaze upon and enjoy the renovation, it's not worth anything to them regardless of how many times you've heard clients complain about the leaky old roofs on the Guelph townhouses they were looking at. Save the thousands of dollars it would cost you and let THEM install the new roof if the house needs one.
Eccentric Fixtures
Another common mistake people make when renovating condos for sale in Toronto is installing new fixtures and fittings that are too trendy or edgy. A sink that looks like a bowl sitting on the counter, a black chandelier, striped wall paint, or a walk in bath might be all the rage in the decorating magazines, but people don't actually want to live in a house that is that far out.
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