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Renovate But Not Over Improve

A couple of weeks ago I showed to clients an apartment in Toronto totally renovated inside with marble entrance, spectacular kitchen, updated bathrooms and floors. Very nice but it was located in a, let’s say, not so nice building.

This seller spent a lot of money and because of that, unfortunately, he thinks his home is worth a lot more and overpriced it as a result.

One of the toughest issues for an agent/salesperson to deal with is when it comes time to price and list a property where the owners have:

  1. Spent a lot of money on upgrades and renovations that are of a much higher quality than can generally be found in the area.
  2. Spent a lot of money on enlarging their house so that now the house is larger than the majority of homes in the area.

The result of these over improvements is that the property or apartment sells for no more or only slightly more than other homes or apartment in the area that do not have the improvements of the subject.

outubro 18, 2013 - Posted by | Canadá, Imóveis no Canada, Real Estate, Venda de Imóveis | ,

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