WHEN SHOULD YOU RENO A CONDO?

OR SHOULD YOU EVEN RENO A CONDO?

The GTA first experienced a condo boom way back in the 1980s.  Back then, condos were springing up in the GTA faster than websites selling knock-off goods.  According to the Canada Mortgage and Housing Corporation, 58,665 high-rise condominiums units were built in Toronto in the decade starting in 1984.  Now, 20-plus years later, those units might be starting to look a little old.  A little tired.  In other words, they need a reno.

 

Where to find a good condo renovation in Toronto?

That’s a good question. And although a google search of “good renovation contractor” may lead you to several options, it’s important to keep in mind that a renovating Condominium is a unique proposition.
Penguin Condo Renovation understands that renovating a condominium unit is not the same as renovating a single-family home.  There are big differences that can trip you up if one undertakes the process unprepared.  
So why would someone buy one of these old, tired units that needs to be renovated as opposed to a brand spanking new unit with all the bells and whistles?

 

Size, features and location, location, location!

Some of the most desirable areas of the GTA have no new condo builds.  You could buy a small new condo in the terribly crowded yet funky Liberty District, or buy a larger unit in the exciting St. Lawrence Market area and renovate your condo into a dream home.
And if you are downsizing from a home or ready to move out of a starter condo, but not yet ready for life in the suburbs a condominium renovation could be the perfect answer as older units are generally larger than the new ones and feature more square feet, more bedrooms and often bigger better balconies.
If however, you are planning a complete condo renovation to increase resale, be sure to set a realistic budget and focus your efforts on the renovations most likely to appeal to a new owner.  Talk to several condo renovation contractors in Toronto and the surrounding area to get a sense of the condo renovation cost.

 

“Can I renovate my condo?” and “Can you renovate a Condo?”

are questions that will help you determine just how much experience your renovation company has with Condominiums in your area.
Once you have a sense of how much does it cost to renovate a condo, you can then focus on which areas of your proposed Condo renovation offer the best return on investment. We always suggest you focus your efforts and smart planning on the kitchen, since it’s the costliest renovation to complete but it can make the most impact on a potential buyer.
We also suggest that rather than comparing condo renovation costs per square foot, look at the features and functionality you want to get out of the condominium renovation. Before you call in any renovation contractor, look at sites like Dwell, Homestars and through magazines for condominium renovation ideas that appeal to you. Or better yet, browse our website you will find ideas, reviews and other relevant information that may help. And remember to be “cost smart, not cheap” as a poorly renovated Kitchen can be the first thing that makes a potential buyer say, “no.”  If your unit is an older one, consider opening up the interior space with a galley-style kitchen with extended height cabinets and upgraded counter-tops.  The result will be a modern and stylish space that feels like a home rather than a confined apartment.
Give Penguin Condo-Reno a call today at 416-633-2894 or 905-814-5588, or fill out an in-home consultation form on the website and we’ll come show you how you can make your condo a much more functional home.