Condo renovations can be tricky due to board restrictions. Choosing the right type of renovations can help you yield a better ROI when you sell or rent it out.

Condo renovations give you an opportunities to add more value to your unit in order to position is better in the marketplace. Here are a couple considerations, and 5 condo renovation ideas that you can use in your decision to renovate.

We’ll begin with two considerations to take a look at before you start up a renovation:

Should you be renovating?

Before you dive into a renovation project, you must determine if it is really worth the investment in the first place. The prices of detached housing can vary by 100s of 1000s of dollars, however, the typical condominium tend to not follow this trend because they can be highly commoditized in the Toronto market. The price you set for your condo is heavily influenced by the price of the surrounding units in the building, and the price of similar condo buildings around you. You do not want to have the highest price amongst similar unit styles in your area, so you must do some research to see what the ideal range is. You’re likely able to set a higher price after completing renovations when you’re selling or renting out a unit of an older building because buyers are seeking up-to-date finishes.

shouldyou

 

Approaching the Board of Directors

The majority (if not all) of condominium buildings have a board of directors that represents the owners of the building. This group of people is responsible for making decisions about the use of condo fees, dealing with requests from tenants, and approving/denying renovation plans in units. It’s important to approach the board of directors with your plans for renovations before you start buying your materials or hiring contractors. Even if they deny your original idea for a renovation, they may be able to help you work out a project that abides by their regulations.

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With those considerations covered, here are 5 condo renovations that will yield a good return on investment:

 

Go Modern with your Interior Design

Toronto condominiums are concentrated in urban areas and cater to young professionals in most cases. Interior design trends point towards modern finishings and furniture in these condos because they are an excellent foundation to customize the apartment to the tenant’s/buyer’s personal style. When you’re renovating, it’s safer to go with more modern finishes for the sake of wider-spread appeal.

MODERN

 

Updating Light Fixtures

Updating the light fixtures of your unit is a non-intrusive way to “renovate” the look of your condo. In a smaller space, its best to have well thought-out lighting in order to open up the space with brightness. Modern light fixtures can also serve the aesthetics of the entire condo. Pendant lighting and track lighting are good options for condo units.

LIGHTS

 

A Fresh Coat of Paint

The most cost-effective way to boost the appearance of your apartment, while yielding a good ROI is to put a fresh coat of paint on the walls. This simple solution can really redefine the way a room “feels”. Modern wall finishes, like accent walls, give the apartment a more contemporary look that will appeal to both tenants and buyers. Since many condos forbid tenants from repainting the walls, as the unit owner, you may want to provide your tenant with an appealing surrounding that gives them more incentive begin renting.

PAINT

 

Reflooring

Many condos come with carpet pre-installed (especially in older units) since it helps to mute noise from each unit. However, the reality is that buyers and tenants often try to avoid carpet all together because of sanitation, and cleaning issues. Replacing carpet with vinyl, tile, or wood (engineered hardwood or regular hardwood) floors is a good bet for a high return on investment. This is because condo buyers try to negotiate price down when they figure they will have to replace the floor themselves if it is not already done.

FLOORS

 

Amenities

A condo unit with no washer and dryer is seen as both inconvenient and out-of-date. Having the proper amenities to make the condo 100% liveable for young professionals will allow you to raise the price/rental fee of your unit.

AMENITIES

 

What type of condo renovation would you be willing to pay more for?

The Greater Toronto Builders team has a network of professionals to take care of your project from concept to completion. Contact us today hear more about how our project design consultants can help you or to book a free consultation contact us at 647 35 BUILD or email us at hello@greatertorontobuilders.com

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Image Sources:

Feature Image http://zoov.co/condo-interior-design/

Should you Renovate?

  • http://ontherealny.com/tag/renovate/

Approaching the Board of Directors

  • http://www.thestar.com/life/homes/2013/05/17/condo_law_condo_cant_operate_without_a_board_of_directors.html

Go Modern

Updating Light Fixtures

A Fresh Coat of Paint

Reflooring

Amenities

 

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Comments
  • Tobias Armstrong
    Reply

    I love the tip to go modern. I’ve always loved the modern look, but I haven’t had an opportunity to really go with it yet. My wife and I are looking at renovating our apartment though, and this might be the chance I’ve been waiting for! I loved all the other tips too, that’s just the one that stood out to me. Thanks for sharing!

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