Are you thinking about selling your condo or just trying to find some new ways to add value to your biggest investment? Taking on a few renovation projects could quickly elevate your potential selling price and increase your unit’s desirability for prospective buyers. However, if you want the most bang for your buck, there are some particular upgrades you should focus on to maximize returns. In some cases, these upgrades might net you back 100% of what you put into them. According to the condo renovation experts at Moose Condo Reno, here are the 8 renovations that add value to your condo.
One of the first things a prospective condo buyer will consider is the state of the bathroom. If your bathroom is a few decades behind when it comes to style, it might be time for an overhaul. In competitive real estate markets such as Toronto, your return on investment for bathroom renovations is usually around 100%. So don’t be afraid to allocate a sizable portion of your reno budget to this important room. However, don’t splurge on luxury items and finishes. Fancier fixtures might not be to everyone’s taste, so keep it classy and neutral.
Re-doing the Floor
When it comes to Toronto Condo Renovations, realtors typically agree that a condo unit with hardwood floors will see faster and for more money. You also stand to make back between 80% and 100% of the money you poured into the flooring replacement process.
Prospective homebuyers are drawn to hardwood floors because they’re easy to clean, better for allergy sufferers and it’s a classic look that will match almost any design preference for the unit’s decor. If you already have wood floors but they’re looking a little tired, you could consider refinishing the existing boards.
A little sanding and staining can go a long way towards restoring your floors to their former glory.
Modernizing the Kitchen
Just like the bathroom, the kitchen should always be included in your condo upgrades that increase value. Even if you have a smaller budget, consider giving your kitchen a facelift. This can be as simple as replacing the kitchen tap, hanging a new light fixture over the island, or re-painting your cabinets. Again, keep it neutral yet stylish to maximize your returns when it comes time to sell. Generally, homeowners can expect to recoup most of, if not all of the costs poured into a kitchen renovation.
New Coat of Paint
Renovating a Condo? Paint can do wonders for a unit that looks run down and dated. You can easily erase any old cracks or dents in your wall by slapping on a little plaster, doing some sanding, and finishing it off with a few fresh coats of bright, neutral color.
Remember, keeping things neutral will make your condo appeal to more people when it comes time to sell. Lighter colors will seem to add more space to your unit and make it more welcoming. Make sure you take some time to plan out your painting if you go with multiple colors to ensure they’ll all coordinate well together.
Ask your local paint store for some small samples that you can test on the walls to see how the color looks at different points in the day.
Installing New Appliances
Most prospective homebuyers aren’t too keen on getting all new appliances when they move into a new condo, so if you can make your appliances appear more modern and matching, seize this opportunity to increase the desirability of your space. If your appliances aren’t that old but look a little worn out, you can see about possibly getting new front panels from the manufacturers. Fun tip: Many dishwashers have two-sided panels, so you may be able to simply flip it over on your own for a quick and easy transformation!
Making Storage Space
Toronto Condo owners and renters know that space can be at a premium in these big-city units, so your ability to creatively and effectively add more storage is going to be key. Consider installing some floating shelves to make your condo more desirable without taking up valuable floor space.
In the kitchen, consider adding some racks to hang pots, pans, and kitchen utensils. If you have the space and the budget, consider making an existing closet bigger or adding a whole new one if possible.
Switch up the Lighting
When it comes to lighting in your condo, you need to consider ambient lighting as well as natural lighting. Ditch any heavy drapes or dark blinds and replace them with lighter window treatments to let in as much natural light as possible. The more natural light you have, the bigger, brighter, and cleaner your space will appear. For ambient lighting, upgrade any dated fixtures, install pot lights or recessed lighting if possible, and add a dimmer switch. Swapping out your old light switches and receptacle covers is another easy and affordable way to freshen up or modernize your condo.
Go Smart in Your Home
More and more homeowners love the idea of smart home and being able to control appliances or a thermostat from anywhere in the world. Turning your condo into a smart home should increase your resale value and make the condo a more tantalizing option for potential buyers.
Automatic lights, smoke detectors, and carbon monoxide alarms all using smart technology, can provide that added layer of security and surveillance. Also, don’t forget about all of the energy savings on your utility bill. And who doesn’t like that?
Ready To Renovate Your Condo?
If you’re wondering how to increase condo value in Toronto, these condos remodel tips are guaranteed to add value to your home and leave you with a unit that is market-ready and primed for showings. If you’re not ready to take on this type of project by yourself, the condo renovation experts at Moose Condo Reno are here to help. We’re the Greater Toronto Area’s one-stop shop for everything having to do with condo renovations and contracting. Book a consultation with our designers today.