Whether selling your condominium is on your mind, or you want to increase your condo’s long-term value, there are certain upgrades that appeal most in the eyes of potential buyers.
While the average condo selling price in Toronto was down 1.2% in July compared to the same time last year, there’s hope that buyers who have been waiting on the sidelines for interest rates to drop further will be ready to make moves next year — or even sooner.
So, what can condo owners do to boost their home’s worth in the meantime? Here are some smart upgrades to maximize your condo’s value.
Upgrade your appliances
These days, buyers have come to expect that newer condos come with standard — if not lower-end — stainless steel appliances. That means upgrading to higher-end options can really make your unit stand out. The fresh-and-clean feel of newer appliances not only enhances the kitchen, but high-tech features like Wi-Fi connectivity and energy efficiency are also attractive.
Refresh the flooring
First appearances are important when selling any property, and in a compact space like a condo, flooring makes an immediate impression. Outdated, scratched, or scuffed flooring (and especially carpet) can cause buyers to hesitate. Durable yet modern flooring, like hardwood or luxury vinyl, in lighter tones like ash or maple gives your space an elevated feel.
Highlight organized storage spaces
A major pain point of condo living? A lack of storage. Showcasing thoughtful solutions for where everything goes is a major bonus: think built-in custom closets in the bedrooms, extra nooks converted to linen closets, hidden yet accessible shoe cupboards, built-in shelving in the living room, and even tucked away waste disposal in the kitchen. Maximizing space makes everyday living easier for you now, and will be a persuasive selling point for buyers in the future.
Make small, stylish swaps
It’s the little things that add up to create that ‘wow factor’. Swapping out old light fixtures and faucets, updating kitchen cabinet knobs and door handles, and even switching dated closet doors and mirrors can help increase the value of your condo when it’s time to sell.
