We have a lot of clients in the Greater Toronto area who purchase a condo with the goal to update and renovate it to better suit their liking, or to yield a high return on investment when they go to sell. While this is a great idea, unlike renovating a home, renovating a condo is a great deal more complex.
One of the biggest reasons for this is the rules and regulations set out by the condo board. While not every condo board will request that you put in notice when you are renovating, most of them have a strong set of rules that outline the types of renovations that can and cannot be done.
Though this makes the project a little bit more complex, it does not mean that you cannot make small yet monumental changes that will help update your condo and help you gain a high ROI. Here are some of our top recommendations for where you should spend your condo renovation budget that will give you a great return, without having to make any major adjustments or changes to the floor plan.
To note, every condo board and set of rules and regulations are different. We advise that you review your rules and regulations with your contractor before moving forward with the renovation.
Where Should You Focus Your Budget?
Upgrading Your Countertops
When it comes to your kitchen, simple changes such as upgrading your countertop can go a long way. While many love granite countertops, there are a number of other materials that can elevate your space and give it a great return on investment. Some of the trendy, popular materials for this year include Quartz, Marble, Butcher’s Block, and Laminate, which all range at various price points.
We also recommend upgrading your bathroom countertops as well to give that room an easy and affordable facelift. While certain materials like butcher’s block will not work here, we recommend looking at either Quartz, Marble, Laminate, or Ceramic tiles.
Upgrading Your Appliances
Simple, quick, and affordable! One of the key items that every potential home buyer will look at is the kitchen appliances and the state that they are in. If you’re looking to upgrade your kitchen, but don’t want to go through the hassle of a full renovation, then this tip is definitely for you. Not only is it a more affordable option, but it’s one of the fastest and easiest ways to elevate this space.
Adding in New Light Fixtures
Light futures can often be a tell-tale sign of how old the condo unit is. This is why we encourage so many condo owners to upgrade or switch out their lighting, especially when they are going to sell. This can be as easy as buying and installing a new light cover, or if the unit permits, it can be as advanced as switching over to pot lights. While the potlights will yield a higher ROI, both options will surely help improve the unit.
Installing New Flooring
This is an option that will definitely require more work and an in-depth review of the rules and regulations of the condo board. However, if you have old or outdated flooring, then this renovation project is a perfect option for you. Great options can range from adding in affordable laminate flooring all the way to spending the money on installing real hardwood floors. Of course, hardwood will always yield a higher ROI, however, both options will help increase the look and feel of the unit.
A Fresh Coat of Paint
Of course, at the end of the day if you’re looking to spruce up the place there’s nothing quite like adding a fresh coat of paint. You can either opt-in for choosing a new colour to completely change up the look, or simply adding a fresh coat to the walls to make it a little more fresh and invigorating. The best part is, it’s an easy and affordable option that can be done over the course of a weekend.
At the end of the day, we encourage all of our clients who are looking to renovate their condo to start by looking at their rules and regulations and reviewing them with their contractor. This will give a clear understanding as to what can and cannot be done.
If your board allows for major changes to be complete, then the possibilities are endless, and we recommend focusing on key rooms such as the kitchen, bathroom, and laundry room. But, if only small renovations are allowed to be made, then we recommend moving forward with simple yet effective upgrades such as new lights, a fresh coat of paint, and of course, new appliances.
Whatever the case may be, renovating your home whether it be for personal or resale purposes is incredibly exciting. We wish you the best of luck and if you’re looking for service providers, feel free to check out our resource list of the qualified experts within the GTA.
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