Builder Upgrades for Condos
PSV condos are under construction in our Downtown Mississauga. The Amacon builder is booking decor center appointments in order to select finishes and upgrades. I have sold some units in this luxury condo project and I often receive phone calls from my clients to help them with tips on choosing the right finishes.
Decide if you will rent or move in!
Here is what I suggest, first decide if you are moving in or you plan to rent it out.
You should also decide how long you intend to keep the unit before selling it. If you are planning to move in then you can go for some upgrades that you find essential. But don’t go over board by spending thousands of dollars. You might not be able recoup the full cost of upgrades. For example, if an average 1 bedroom costs $250,000 and you spend $20,000 in upgrading it, any informed buyer will hesitate offering you more than half of this money. Try going for minimal upgrades that you feel are very important and buyers can see the value when purchasing your suite.
If you are an investor planning to rent your condo, then you need some basic upgrades that will help protect your investment in the long run. Some essential upgrades may include swapping the standard combo washer dryer with separate duet type double capacity washer dryer units. This will protect your unit from repairs and water leaks that are associated with cheap combo style washer dryer units.
Wood flooring in kitchen is a no-no!
Replacing hardwood in kitchen area with tiles is also a good idea to save flooring from water damage. No matter how careful one is, it is hard to stop water falling out of dishwasher and sink.
Replacing carpet with hardwood in bedrooms is always a good idea. Carpets need shampooing every time a new tenant moves in. Builder carpets are also not top of the line and wear out in four or five years. Hardwood (in actual, it is engineered laminate flooring) is more durable, easier to clean and has a longer life.
These are a few upgrades that I feel are necessary, they can be estimated around $2,000 for a standard 1+den unit.
Tips regarding a new flooring product
Recently, I was introduced to a new type of vinyl flooring that is waterproof and looks just like any high-end laminate flooring. This product is very useful for investment properties with high traffic.
Armstrong and Krausa are two manufactures who offer this type of product in Canada. Some of my clients have used this product successfully.