The media continue to concentrate on the expensive housing market. So, what about the condominium/loft market? Well, it is more affordable than a detached home, but it’s still a lucrative market for loft owners right now, which means a chance for profit.
About 15 years ago, you purchased a loft in the up-and-coming neighbourhood of Parkdale or High Park. Today, you have made the decision to sell your two-bedroom loft to take advantage of higher prices. You also want a change by moving to another part of the city.
Before you place your loft on the market, there are plenty of things that you need consider first. Everything from hiring the right realtor to getting the details of your loft, you can’t be too impetuous that you forget to hone in on the important factors pertaining to your property.
Here are five tips for selling your Toronto loft:
1. Is Now the Right Time to Sell?
Despite the skyrocketing costs of owning a property in Toronto, it is still an important question to ponder: is now the right time to sell?
Yes, you may generate top dollar for your three-bedroom loft in the heart of the Big Smoke. But the crucial issue is what happens afterwards? Do you already have another property in mind?
Many homeowners never think where they’re going to live next when they sell their homes. You may be best where you are right now.
2. Know Your Square Footage
When homebuyers are in the market for the loft, the important aspect is knowing how big it is. Indeed, a two-bedroom loft may appear to be pretty big on paper, but in person is another story.
Once you advertise your loft, you must note the square footage. This allows the interested party to determine if it is a real two-bedroom loft or just a loft with two spare rooms.
3. Prepare Your Loft for Open Houses
As soon as you place your loft on the market, you need to get it prepared for peering eyes. Everything from scrubbing it from top to bottom to properly staging it with the right furniture, there is a lot you can do to prepare your loft for open houses.
By performing these tasks, you can not only improve your chances of a sale, you could give the price-tag a little boost. And that is the goal of any property owner, isn’t it?
4. Select Your Real Estate Agent Wisely
Indeed, one of the worst things you could do is avoid obtaining the services of a real estate agent. By going it alone, you risk losing money, you risk not closing a deal, you risk even avoiding a sale. No matter what your opinions of realtors are, it is essential have a real estate agent for selling your loft. Remember, we’re talking hundreds of thousands of dollars at stake. You want professionals on your side from start to finish.
5. Budget All the Costs of the Sale
A common mistake that homeowners and homebuyers make is not correctly budgeting all of the costs associated with the sale. It isn’t just a matter of handing over the keys and a cheque. It entails land transfer taxes, mortgage costs, interest, closing costs and so many others. You must budget for this, otherwise you put your finances in jeopardy. You don’t want this.
In today’s hot housing market – yes, despite the slight drop, it’s still hot – potential buyers are seeking alternatives to detached or semi-detached house in the middle of the city. They’re considering condos and lofts. What was once considered a perfect abode for a bachelor has morphed into an acceptable alternative for a family of three or four. When you’re selling a loft, you need to get prepared in advance. This involves cleaning, staging, marketing, budgeting and so many other factors.
You have lofty expectations so don’t let yourself down.