{"id":6598,"date":"2017-08-03T11:11:15","date_gmt":"2017-08-03T18:11:15","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=6598"},"modified":"2017-07-30T17:28:31","modified_gmt":"2017-07-31T00:28:31","slug":"which-new-condo-upgrades-are-best-for-resale-value","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/08\/which-new-condo-upgrades-are-best-for-resale-value\/","title":{"rendered":"Which New Condo Upgrades are Best for Resale Value"},"content":{"rendered":"<p style=\"text-align: justify;\">For new-build condominium home-owners who take the long-view \u2014 to maximize future resale value \u2014 deciding on the appropriate value-adding upgrades can be the most important decision \u2014 after which floor to buy on. The wrong choices can be wasteful.<\/p>\n<p style=\"text-align: justify;\"><strong>Budgeting upgrades<\/strong><\/p>\n<p style=\"text-align: justify;\">Generally, for new condominiums (or newly built detached homes) you should anticipate a 10-20 percent budget for upgrades. The decisions you make impact your lifestyle \u2014 but also your resale value.<\/p>\n<p style=\"text-align: justify;\">Investing 10 to 20 percent now can be significantly more cost-effective than deciding to renovate in the future. If you choose wisely, you could save at least fifty percent over the cost of a renovation \u2014 and avoid the future inconvenience.<\/p>\n<p style=\"text-align: justify;\">If you are on a tight budget, only upgrade those things that cost significantly more as a retrofit, such as floors, wiring, recessed accent lights and so on. Totally eliminate anything that is simply a break-even investment or a resale loser \u2014 such as painting the walls an unusual colour that only you like.<\/p>\n<p style=\"text-align: justify;\"><strong>Resale value impact<\/strong><\/p>\n<p style=\"text-align: justify;\">Upgrades, if chosen carefully, can strongly impact resale value, especially if \u2014 when you sell \u2014 you have competition in your own community. Two big factors play in same-community comparables: upgrades and floor.<\/p>\n<p style=\"text-align: justify;\">As a rule of thumb, most experts tend to agree that you can easily double your upgrade or renovation budget. A $20,000 upgrade (or future renovation) should conservatively return at least double the invested amount \u2014 likely considerably more.<\/p>\n<p style=\"text-align: justify;\"><strong>What has the highest return on resale value<\/strong><\/p>\n<p style=\"text-align: justify;\">Counter tops, kitchens \u2014 including appliances \u2014 lighting, and bathrooms are the biggest returns on investment. Ask any realtor : kitchens and bathrooms should take priority.<\/p>\n<p style=\"text-align: justify;\">Wiring and flooring are also big contenders for upgrades since both are much easier to install as upgrades, versus a retrofit renovation. Condominium high-rises are concrete, making wiring and flooring more involved as a retrofit than on a frame house, for example.<\/p>\n<p style=\"text-align: justify;\">Upgraded designer ceramic tiles, granite counter tops and hardwood floors are big demand upgrades in the resale market. The biggest returns tend to be on (in order of higher return) :<br \/>\n\u2022 Hardwood flooring, or, if you can\u2019t afford hardwood, laminate hardwood.<br \/>\n\u2022 Accent and recess lighting: they tend to be the lowest cost for the highest return after hardwood flooring<br \/>\n\u2022 premium granite kitchen and bathroom counter tops (or second choice marble \u2014 remembering, that marble is \u201csofter\u201d). Second choice, premium surfacing materials such as Caesarstone).<br \/>\n\u2022 Upgraded marble, granite or, if on a tight budget, ceramic, on kitchen floor and bathroom.<br \/>\n\u2022 Upgraded kitchen cabinetry.<br \/>\n\u2022 Appliances, especially built ins and flush-mounts, particularly if they are sophisticated choices. Research this one, if the upgrade choice is poor, you could consider installing yourself later \u2014 but remember that the more expensive appliances are often over sized or non-standard, so you may be in for major renovation if you choose to do it later.<br \/>\n\u2022 Upgraded ceramic on walls and back splashes in kitchens and bathrooms.<br \/>\n\u2022 Mouldings : crown mouldings and oversized or ornate floor mouldings really enhance the luxury feel and significantly impact perceived value.<br \/>\n\u2022 Oversized doors (if available) are a strong signal of \u201cluxury\u201d and tend to trigger high perceived value impressions.<br \/>\n\u2022 Closet organizers and more elaborate close doors : although these are relatively easy retrofits.<\/p>\n<p style=\"text-align: justify;\"><strong>What is the lowest return (i.e. don\u2019t bother)<\/strong><\/p>\n<p style=\"text-align: justify;\">Normally, you could count on a return-on-investment on all upgrades, but there are less sizable returns on some things that you could fairly easily upgrade later. You might still want some of these for your own lifestyle, but from a resale point-of-view, these have the lowest return :<br \/>\n\u2022 Paint<br \/>\n\u2022 Window coverings<br \/>\n\u2022 Minor counter-top upgrades (if you\u2019re not bothering with a significant upgrade to granite or marble, or a least an obviously premium surface, it\u2019s normally not worth the investment from a resale point of view.<br \/>\n\u2022 Light fixtures : referring to the fixtures themselves (i.e. such as chandaliers). Recessed lighting, as mentioned, is usually a good investment.<br \/>\n\u2022 Slightly upgraded laminate flooring.<\/p>\n<p style=\"text-align: justify;\"><strong>Budgeting upgrades<\/strong><\/p>\n<p style=\"text-align: justify;\">In a typical $600,000 condo, new build, an average upgrade would be $60,000 to $85,000. For this budget, you can almost certainly really bump up fixtures, appliances, counter tops, ceramics and floors. Don\u2019t waste money on cosmetic things that are easy to add yourself later, such as window coverings, paint choices and light fixtures.<\/p>\n<p style=\"text-align: justify;\">Having said that, do upgrade the number of electrical outlets, and have your builder install any kitchen accent lighting, recessed lighting or difficult wiring upgrades. For your own lifestyle, and later for resale, you can never have enough electrical outlets.<\/p>\n<p><a href=\"http:\/\/condo.ca\/new-condos-upgrades-worthwhile-ones-best-resale-value-avoid\/\" target=\"_blank\" rel=\"noopener\">New Condos : Are Upgrades Worthwhile; Which Ones Are Best for Resale Value; Which Should You Avoid<\/a> by Condo.ca<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For new-build condominium home-owners who take the long-view \u2014 to maximize future resale value \u2014 deciding on the appropriate value-adding upgrades can be the most important decision \u2014 after which &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/08\/which-new-condo-upgrades-are-best-for-resale-value\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-6598","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Which New Condo Upgrades are Best for Resale Value &#8226; 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