Great article in www.TheGlobeandMail.com
It was a horror show. The condo kitchen was fitted with expensive cabinets by the high-end Italian company Scavolini – coloured hot pink. In another condo, the back splash behind the stove top was made of a metal – impossible to clean.
These are disasters for condo owners looking to sell. They are upgrades so bad, they downgrade the property’s value. And while most owners obviously want to maintain their condos’ worth, there are differing views on how to do so.
For people buying new condos with the expectation of reselling only a few years from now, Leslie Richardson, a real estate agent in downtown Toronto with Property.ca Realty Inc., recommends selecting the best package of appliances and fixtures right off the bat from the builder. This goes both for people buying a condo to live in and those buying it as an investment to rent out.
“You want to be purchasing from a quality builder. And when you’re doing that, your standard package that’s included in the price should be fairly decent and require very few, if no, upgrades,” she said.
However, “if you’re buying from a builder where we’re still seeing carpeted bedrooms and laminate counter tops, in that situation we would want to spend money on upgrades,” she adds.
Some, though, believe a condo should be continually upgraded. Even for condos only two or three years old, upgrading is key in order to keep pace with the market, said Renee Didiano, a Toronto agent with Condos.ca and also affiliated with the brokerage Property.ca. “I think now more than ever people need to be upgrading, and I’ll tell you why.
“When I bring people around and show them different spaces, you’ll find that there have been a lot of new buildings coming up,” she said. “[Builders] have been able to get better appliances, more state of the art. Because of that, you’ll find that condos built only three years ago will start to look dated.
“There are things you can do to change the look, but on a decent budget,” she added.
1. Hardwood floors throughout
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