Smart Financial Choices for Your Upcoming Condo Renovation
In Toronto, there is a large supply of condos for sale. When there is a saturation of a certain type of home on the market, it can reduce the demand and make selling more difficult, especially in higher price ranges. Although there is still a market for condos, it takes a bit of creativity to make your unit stand out from the crowd. Lions Den Construction has some suggestions that will highlight your property during your next open house.
One way to make your home more attractive to potential buyers is to renovate the space to improve what you have to offer. Properly completed renovations with tasteful upgrades will set your condo apart from others in the same area. This may just be the boost you need to sell your unit quicker and for a higher price.
Smart Renovation Choices
Some common renovation options for condos are:
- Kitchen upgrades
- Bathroom renovations
- Open floor plan creation
- Floor replacement
- Wall treatments
All of these options will increase the value of your home, but you should select those that will give you the most bang for your buck. Make sure to do your homework before you dive into a condo renovation project.
Make a list of the older things that could benefit from an upgrade. Also, look into what changes have been made to similar units in your building. Avoid making excessive changes or not in line with other units in your condo building. The last thing you want is to have the most expensive condo unit in your building when other, similar yet more affordable options are available down the hall.
Understanding the Buyers
Understanding the target market of buyers is a great way to renovate and pitch your condo successfully. If your condo is on the smaller side with only a single bedroom, chances are your target buyer will be a single person or a couple that doesn’t have children. If you have a larger condo in a building that features an office area or work center, your target buyers are likely to be professionals. Make sure your upgrades match the type of buyer you are trying to target for a higher chance of success. Working our professional Toronto construction company will help you create the perfect aesthetic for your target buyer, all within your budget.
Forgo Personal Touches
While it is a good idea to make a condo welcoming, you want to avoid making it into your style if you plan to sell it. Any overly personal customization will be a turn off for most buyers who are seeking a space to call their own. So, as much as you may love bright orange tiles or black walls, save them for place you’ll eventually call home. Instead, paint the walls neutral, bright colors and keep any clutter to a minimum.
We’re Here to Help
Selling a condo in the Toronto area can be quite competitive. If you need advice regarding which upgrades would best suit your needs, we are here to help. Our design and construction team will work with you every step of the way to ensure you get the most out of your condo or home renovation project. Give us a call at (416) 893-8318 for a no-obligation detailed service quote today.