This is a common question we get from our customers looking to renovate their condo, and the answer to it is not always clear-cut. With condo renovation, there are so many factors to consider and several things to clarify. Should you take on a renovation project on an old condo? Or should you just spare yourself the hassle and purchase a brand new one? And what is the return on investment rate for this type of endeavour?
Well, in this article, we’re addressing all your burning questions regarding whether a condo renovation is worth it or not. Continue reading to learn more.
The Truth about Condo Renovation
Very few condo owners renovate their property for the purpose of living in it. In fact, most people renovate their condos for the purpose of either selling it or renting it out. And that’s one way to look at it.
If the latter applies to you, then renovating your condo is, without a doubt, 100% worth it! Here’s why.
Toronto’s real estate market offers little option when it comes to housing, which basically means you can sell or rent pretty much anything for a good chunk of money… good enough to help your bank account recover from the condo renovation costs in Toronto.
But first and foremost, you need to ask yourself the following questions:
- What is your condo building like?
- Is the location attractive to potential buyers and tenants?
- What is the overall condition of your condo apartment?
So many considerations, so little time…
Still, the general consensus is that if you plan on putting up your condo for sale or rent, some condo renovations and upgrades can guarantee you a bang for your buck.
The Most Lucrative Condo Renovation Ideas
In any business transaction, targeting people’s fears makes a great selling point, and this stands true for condominiums. People wanting to rent or buy an old condo are usually most worried about the kitchen and the bathroom. Let’s be real here; these two places are most likely to be the grossest in any household.
For this reason, a complete or partial renovation in a condo kitchen or bathroom is probably the most lucrative investment you can make. Here are our recommendations.
- Install new floors.
- Replace the kitchen countertops.
- Update the kitchen and bathroom faucets.
- Reface old kitchen cabinets or install new ones.
- Install a fancy new backsplash in the kitchen or bathroom.
Some other inexpensive condo renovation ideas that can go a long way include painting the walls, replacing door handles, and installing new appliances. You can even be frugal about a lot of these condo renovations by taking a DIY route.
Be smart about the condo remodelling ideas you incorporate and you might just be able to sell your apartment for $20,000 more or ask for an additional $1,000 in rent.
But If You Plan on Living in Your Condo…
… that’s a bit of a different story.
Have you found an apartment that you see yourself living in for the next 20 years? Well, congratulations, because you’ve definitely hit the jackpot.
If this is the case for you, renovating an old condo to customize it to your liking is certainly worthwhile. Not only would you be able to make your condo fit into your lifestyle, but you can take your sweet time doing it. No market demand to consider, no realtor grinding your gears about timelines. You can choose to implement all your condo remodel ideas within a few months and your condo is fully ready for move-in…
… or you can simply have one condo upgrade at a time, all according to your own pace and renovation budget.
The Final Verdict: Are Condo Renovations Worth It?
Whether you end up renovating your condo really depends on the circumstances. Given the Toronto housing market, we think renovating a condo for the goal of flipping it is a clever move if you’re looking for some major return on your investment.
However, if you plan on staying in your condo, wonderful! The ball is entirely in your field. In our opinion, a condo renovation meant to construct a space for your personal enjoyment is a good way to spend your money.
If you’re curious and want more information, contact us. As reno experts, we’ll be able to guide you in the right direction and help you make informed decisions about your condo remodelling project.