30 May 5 simple upgrades to increase your condo’s market value
The GTA condo market has been soaring since the end of 2020. Prices for some condos have nearly doubled in less than a year. This is undoubtedly considered a seller’s market. If you are contemplating taking advantage of the recent pricing upswing a simple condo renovation will not only make your unit more appealing to potential buyers, but will help ensure you get top dollar for your condo.
Below are 5 simple upgrades that will rejuvenate your condo and increase its market value.
Update Your Countertops
The kitchen in your condo should get a lot of your attention, as it is one of the main factors of any condo’s market value. Give your kitchen a new look by installing granite countertops. This not only adds aesthetic appeal but this nonporous, heat resistant, smooth and shiny surface is also a functional space to prepare meals and to hang out around. Granite is considered a luxury feature that will undoubtedly increase the value of your condo.
No matter the age of your condo, new appliances always attracts buyers. If there are several other units for sale in your building or even in adjacent condominiums, you can bet that potential buyers are comparing your unit to those. New appliances will help set your space a part from the rest. Stainless steel with matte black finishes are still a popular choice, but make sure that your upgraded appliances match the rest of your kitchen’s aesthetic to avoid a mismatch.
Touch Up Your Bathroom
Your condo bathroom is another major factor that can influence your condo’s market value. A condo renovation carried out in the bathroom usually offers a higher return on investment. Declutter the bathroom and add additional storage space with floor to ceiling built in organizers. Replace any outdated hardware such as showerheads, faucets and cabinetry handles. And if the budget and timing allows, refinish the cabinetry by having the exterior painted.
The most valuable flooring option you can consider for your condo is hardwood flooring. Whether you choose oak, cherry, ash, or maple hardwood, the result will be amazing and appealing. Instead of the usual carpet and tile, transform your condo’s flooring with hardwood and make the interior pop. It has been shown that potential homebuyers are attracted by the visual appeal and classic characteristics of hardwood floors.
Create Additional Storage
The main challenge of pretty much any condo is the limited space. So, when searching for a condo renovation that will increase your condo’s market value, think about adding more storage. You can take advantage of custom storage options to maximize the available space, such as having new custom closets installed and floor to ceiling built-ins in your living room.
The above are just a few condo renovation ideas that will help increase your condo’s appeal and market value by increasing the functionality and aesthetic. We at PENGUIN CONDO-RENO pride ourselves on being one of the best specialist renovation companies in the GTA. We put our well-regarded expertise in planning, designing and building exquisite spaces within challenging spaces to excellent use, offering our clients high-end Condo Renovations at a fair price. If you are looking to update your condo, give us a call for a free consultation 647-849-3198.