Condo Market : Upgrades Can Work For You In More Ways Than One!

When purchasing a new condominium, or any new home for that matter, you have the advantage of being able to select your features, finishes and upgrades.How wonderful it is to ensure that your surroundings reflect your personality and aesthetic preferences! Your choices certainly enhance your lifestyle. Even if you plan to live in your new home or condo for many years, however, remember that it is also one of the largest financial investments you will make in your lifetime. When you pick out features, finishes and upgrades, think about what will bring in the best return-on-investment when you sell someday. All things being equal, something like hardwood flooring, granite countertops or crown moulding could be the deciding factor for potential purchasers.Of course, today’s new condominiums come with standard features that are of such high quality and beauty that many buyers are happy with them. In fact, our typical roster of standards is far above what builders in the United States offer. Those who opt to upgrade would do well to think about their effect on future value. Upgrading at the time of purchase rather than waiting and doing it in a few years enables you to factor your choices into your mortgage now, while rates are still incredibly low. In addition, you eliminate the mess and hassle of renovating in the future.It is of the utmost importance to be well prepared for your colour selection appointment, which is one of the most exciting steps in your new condo purchase journey. Bring in photos of décor elements you love, as well as fabric swatches and accessories you intend to use, and ask your décor consultant to guide you through the possibilities of making these work in your suite. Keep an open mind as well – your consultant knows the products and understands what will complement your chosen design.Usually, upgrades have to be paid for at the appointment, so go in with your chequebook ready and choose carefully. Most people know that historically, kitchens and bathrooms sell homes. Upgrades in those two areas are most likely to bring you a substantial return-on-investment. The scope of upgrades available in many condos today includes wine fridges, quiet self-closing drawers, paneled appliances for a furniture look (nice in an open-concept area), cabinetry with glass fronts, pasta taps, under-counter valance lighting, stainless steel appliances and extended islands. In your bathroom(s), you may have the options of luxurious marble flooring, soaker tubs, rainwater showerheads, unique vanities and more. Think, too, about environmentally friendly upgrades such as natural stone countertops.Of course, all of this depends on your budget. You want your living spaces to be both beautiful and practical, and you also want the most for your condominium dollar. A few upgrades may be the way to go for comfort now and resale value later on. Give it some thought, do some research and ask your decor consultant for some advice.BARBARA LAWLOR is president and CEO of Baker Real Estate Incorporated and an in-demand columnist and speaker. A member of the Baker team since 1993, she oversees the marketing and sales of condominium developments in the GTA and overseas. Keep current with The Baker Blog at blog.bakerrealestate.com