We are in the age of condo-living, no two ways about it. When I first got into the real estate industry back in 2006, there weren’t that many condos in Toronto. The comparatively few condos were built in the 80s and 90s, how things have changed in the subsequent decade and a half! Not only are there condos dotting the skyline, but many streetscapes have transformed with the newer condos.
Owning a condo has been a wealth driver for Torontonians and investors alike. When you stop and think about the new age of condos, it can quickly come to mind that the many condo interiors are dated compared to the newest condos to come to market. Condos that are ten years or older can appear dated to today’s buyers. A great way to increase the value of your condo investment is to make specifics renovations. Note that not all renovations are equal, which we will get to.
Best Condo Renovations To Improve Home Worth
1. Kitchen
Kitchens are what most buyers look for when searching for a new home. When a kitchen has been tastefully renovated, it can go a long way! On the flip side, if the kitchen is dated, whether the kitchen is an original “builder’s kitchen” or something dating back more than ten years, it can hamper the value of the condo.
Keep in mind that a condo kitchen is typically the focal point of a condo; the kitchen can be a central figure that is attached to the living room, diving room and perhaps even the den depending on the layout. A bright, spacious feeling kitchen can be a real head-turner. Consider lighter colours. White countertops and cabinetry is a pretty safe bet these days. That being said, be sure to consider the buyer as much as your preference. We see condo and homeowners make a common mistake of choosing their preferred colour and styling at the expense of what the marketplace would enjoy – thereby negatively impacting their value and saleability.
2. Bathroom
Bathrooms are another space that can be improved and go a long way towards the value of the condo. Again, go with light and bright. It’s not uncommon to have a smaller bathroom in a condo versus a house. With this in mind, be very mindful of layout and storage. The right layout design and storage can make a bathroom “feel” more spacious. Also, the term “bathroom” has the word “bath” in it for a reason…people like to have a shower and bath option. Please don’t take the bathtub out. It drivers buyer’s crazy.
3. Flooring
As simple as light and bright. The average condo is about 550 sq feet, so any renovation that you do would benefit from making it feel larger and brighter. Skip carpet, unless it’s in the bedroom and it’s tightly woven and of high quality. Even then, we suggest not doing the carpet, get a rug instead. Buyers prefer hardwood and engineered hardwood. Careful about going with laminate unless it has the look and feel of quality. A penny wise and a pound foolish can knock you back if you aren’t careful. As mentioned, a beautiful area rug is another way to define a space and add some personality.
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4. Painting & Lighting
Painting a space is the cheapest and easiest way to transform a space. Again, light and bright is good. Also, avoid the bold colours that may turn buyers off. As for lighting, if you have track lighting, we suggest switching it out with something more modern. Track lighting reminds people of the 80s and 90s. Choosing modern fixtures is a great way to energize a room.
5. Essential Takeaway
All condo renovations must keep a few things in mind: 1) what will a future buyer like; 2) is the cost for the renovation and the fixtures appropriate for the value of the condo and neighbourhood – delicately balance not going overboard on the spend and not underspending as well; 3) Hire a trusted contractor, we are big advocates of Mather Fine Home – they are good people, trustworthy, budget aware, excellent advisors and their workmanship is excellent value.
