You own a Toronto condo and you want to ensure it retains its value. When considering a renovation, it’s wise to consult with a trusted renovation expert who understands the challenges of condo renovations and identifies how to expertly handle them. Whether you’re considering the renovation for you and your family or for resale, here are suggestions of areas to upgrade so you can increase your investment or help fetch ‘top dollar’ in resale.
Selling your condo?
With over one hundred cranes cluttering our skyline, it’s evident the ‘sky is the limit’, regarding the availability of condos in Toronto. There are many opportunities for investors to purchase new condo units. When you list your unit on the resale condo market, it needs to stand out. Below are some simple condo renovations that will help get your asking price or better.
1. New Floors
Could your flooring use a face lift? When considering resale, there are certain flooring options that will be very attractive to buyers. The most popular decision is hardwood flooring, you can choose from solid hardwood, or engineered or laminate. The pricing can vary wildly, and each has its own place depending on your family’s needs and lifestyle, it will also matter which area of the home you’re considering for installation. Any of the hardwood flooring options will require an underlayment.
Condo associations often have regulations around flooring, ensure your renovator has followed the buildings requirements for the sound ratings. Hardwood flooring is gorgeous when properly installed. It will add a dimension of depth, warm and luxury to your condo. New flooring will instantly make the home feel up-to-date. New flooring is always plus when advertising a new listing.
Wall-to-Wall carpeting, has taken a dive in popularity, it is usually now only installed in bedrooms, if at all. Potential buyers will often see carpets as ‘dirty’ and in need of replacement, many will prefer to have the carpet removed and may try to get a floor replacements cost out of the final sale price. That’s why it is a good idea to remove the carpet prior to listing your property.
2. New counter tops
If you feel your kitchen is outdated, consider giving it a facelift with a beautiful new granite or quartz counter top. You could just replace the countertop or you could completely gut the kitchen by replacing the cabinetry, the lighting and even the kitchen sink. A designer can completely re-envision your kitchen, perhaps giving you a better use of space and possibly greater storage options.
Prospective buyers are always on the look-out for areas that they don’t have to upgrade – you may even notice them checking out the quality of the counter tops and making sure the storage is sufficient.
3. New Light Fixtures
Lighting can help highlight certain features of your home or be the very feature that you want to draw attention to. Consider adding a luxurious chandelier in an entryway or dining area. Pin lights, sconces, pendants, or rail lights can be great at adding ambience or lighting up an area for a task.
When upgrading your lighting, consider LED options, they can help you save money on your electricity bill. According to Natural Resources Canada, LED bulbs use nearly 70% less energy than conventional light bulbs.
4. New Paint Job
If you don’t remember the last time your condo unit received a fresh coat of paint, it’s probably time to paint it again. When living in a space it’s easy to become ‘blind’ to blemishes and wall damage. Trust me, prospective home buyers will notice, every little nick and scratch. A properly applied coat of paint can give your whole unit a fresh new look. You may find yourself falling in love with your condo unit all over again.
When selling your home, painting with light neutral colours (beige's, grey's, off-whites, etc.) is a good choice as it makes the room look bigger and brighter.
Larger renovation projects
Large or extensive renovation projects may require creative thinking especially since condo buildings traditionally have so many fixed structural elements that can’t be moved. An experienced condo renovation contractor will know how to handle those problem areas. You will be amazed at the innovative use of space that your designer will be able to find for you in your condo unit with intelligent design.
The experts at Bryant Renovations appreciate the challenge that condo renovation projects pose. If you would like to increase your Toronto condos value, it’s time to trust the experts. Contact us today!