Buying a new condo can be an overwhelming experience – even more so when agreeing to purchase based on a model and some floor plans. Go with the basic model or invest in some upgrades? Or are upgrades the condo equivalent of undercoating for a new car? We spoke to Tania Richardson, CEO and co-founder of Tomas Pearce, a commercial and residential interior design services firm in downtown Toronto, to find out what to splurge on and where to save.
Is it fine to just buy the condo in “as-is” condition?
Before investing in anything, it’s important to do your due diligence. Be sure to inquire with the board about what changes to your unit they will allow before you buy. Entry-level products like basic granite or marble counters and ceramic tiles, basic laminate or engineered hardwood and wall-to-wall carpeting in bedrooms are generally standard in condo projects. To get more selection in colour and premium materials and finishes, you have to upgrade.
Are upgrades worth it?
In the long run, if you are looking to sell, it will be what separates your unit from others in the building. Purchasers want value, and the term “upgrades” can signify more for their value.
What upgrades do buyers look for first?
Up-to-date kitchens with upgraded countertops, appliances and plumbing. Bathrooms that have been upgraded from ceramic or porcelain to marble are also desirable. Lighting is also very important. Once a condo unit is complete, you cannot add additional light fixtures since the ceilings in condo buildings are concrete. Window coverings are a high-ticket item and an added bonus if included. Closet organizers are also a great selling feature.
What’s a good budget for buyers to assign to upgrades?
Every building and neighbourhood is different. It’s important to know your area and what units resell for on average. Investors are most likely to select standard finish packages, whereas an end user might budget 10 to 20 per cent of the purchase price for an upgrades budget.
What are the most “value added” upgrades?
Hardwood over laminate hardwood, hardwood flooring in the bedrooms instead of carpet, premium marble or solid surfacing materials (like Caesarstone), smooth over popcorn ceilings, window coverings and blinds, closet organizers, up-to-date home automation and appliances, especially built-in units (like fridges, ovens and stoves).
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