Toronto’s real estate landscape is a mix of new condos and old homes – everyone has an opinion on which they prefer to own. What do you think nets better value when you throw a design overhaul into the mix?
It really is all about choice and your lifestyle. If tackling the complete renovation of an older home fills you with excitement and you are happy that this will be your ‘hobby’ for the next year then jump right in. If, on the other hand, it fills you with horror then please run. If you are handy and can do much of the running around and some renovations yourself, then this is still the best way to increase your investment.
Where should my money go?
A new kitchen and bathrooms are the most important jobs to tackle. You really don’t have to buy top of the line; new is new. If you have hardwood floors or parquet it’s wise to refinish them, everyone loves smart flooring. Knocking walls down and opening up these older spaces is very much in vogue and will always benefit resale.
And what about condos?
In the case of a new condo I always feel that you should take every upgrade that you can afford. In the case of updating an older condo, again, it is the kitchen and bathrooms that need the overhaul. There are some amazing new materials around, from crushed glass countertops, even flooring made from recycled materials. Dated wood cabinets can be spray painted glossy white for a fresh look and will save on budget, which can then be put towards new appliances. Just replacing outdated fixtures in the bathrooms, a fresh coat of paint and new towels will brighten up the space. Lay carpet tile in interesting patterns and colours for the bedrooms.
Any favourites?
The flueless fireplace: these I love. They can be just hung on a wall and immediately create a warm cozy ambience.
And the bottom line?
Whether you are reviving an older home, an outdated condo or a new condo, first start with your budget and spend your money where you get the biggest bang for the buck.
Need help with your home or condo renos? When the time is right, contact me directly at 416-219-6662 and let me educate you about the benefits of renovating, staging and a pre-inspection. I can help!
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