Minor reno propels Vaughan home to $167,000 over asking sale

148 Balsamwood Rd., Vaughan, Ont.

Asking price: $1,188,000 (December, 2022)

Selling price: $1,355,000 (December, 2022)

Previous selling price: $1,108,000 (December, 2020); $449,153 (April, 2011)

Taxes: $5,745 (2022)

Days on the market: Nine

Listing agents: Vadim and Esther Vilensky, Re/Max Realtron Vadim Vilensky Realty

The action

The seller of this three-bedroom house in a newer subdivision in Vaughan made some minor renovations to improve its resale potential.

“By adding pot lights and repainting the home a beautiful light grey, it makes a huge difference,” said agent Vadim Vilensky.

“It can cost us anywhere from $7,000 to $12,000, but on resale, it can bring in anywhere between $50,000 to $100,000 additional [profit].”

In this case, a buyer paid 14 per cent more than the list price to outbid eight other parties three days after Christmas.

“There were another five or six houses on the market and we were the first one to sell,” Mr. Vilensky said.

“One person came in at asking price at $1,188,000, but the majority of people knew, when it comes to a bidding war, the price will go up anywhere from ten to 20 per cent over the asking price.”

What they got

This two-storey house is situated on one of the only streets near North Thornhill Community Centre where two properties are linked at the garages.

This house was built about 10 years ago with 2,100 square feet of living space, plus a finished basement with access to a patio on a 26- by 85-foot lot.

The main floor has open living and dining areas and an updated eat-in kitchen with an island and Juliet balcony.

On a level halfway to the bedrooms, there is a family room with a fireplace and front balcony.

The agent’s take

“A linked home like this will be slightly cheaper than a fully detached home, which would sell around $1.5-million,” Mr. Vilensky said.

“Because there’s an entrance from the garage that goes straight to the basement, you could easily create a rental apartment … which adds significant value.”