HOW TO TRANSFORM A CONDO INTO A PROFITABLE INVESTMENT
A condominium, or condo, is a residential complex with various units owned by different individuals. These properties are popular in Toronto since they’re more cost-efficient than single-family homes. Also, they’re an excellent option for investors who don’t want to deal with immense maintenance needs.
However, as most investors opt for these properties, competition is becoming stiff. Therefore, you need to spruce up your condo and provide desirable amenities to give it a competitive advantage.
If you have a condo unit in Toronto, consider reading this guide to condo property management in Toronto for superior management and understand your duties as a manager. On the other hand, if you want to achieve an outstanding appearance, here’s how you can transform your condo into a profitable investment:
1. Repaint Walls And Ceilings
Old paint can make your condo unappealing, which can turn off most customers. Painting gives it a fresh and good look, which can attract more customers. When painting your condo, remember to use neutral colours that are universally appealing to every person.
Bright colours may distract clients, while neutral ones enable them to visualize their style and furniture in the room. Therefore, you may use neutral colours like cream, beige, and pale grey and let your tenants easily inject their own style into the room.
2. Examine The Condition Of Your Pipes And Electrical Wires
Plumbing and electricity are some crucial aspects you shouldn’t neglect. People will leave your place as soon as they realize the defects. It can also create a negative reputation, and clients may discourage others from renting your condo.
To ensure there are no issues, make sure to do the following regularly:
- Determine if there are leakages or damaged pipes, showers, and faucets. Then make the necessary repairs.
- Repair any electrical problems as soon as you detect them.
- Make sure all the electrical fittings are functioning perfectly.
3. Pay Attention To The Floor
Flooring is a vital element of any property. Making any necessary repairs and ensuring you add a perceived value to your floors is essential. You may also change the flooring type. For instance, you may want to invest in hardwood floors. Most people love these floors as wood is timeless and doesn’t trap dust. This makes them easy to clean and maintain.
Tiled floors are also so popular because, like wood floors, they’re easy to clean, and you can effortlessly keep them clean for a long time. Tiles are also antibacterial, making them safe for humans. Therefore, if your condo’s floors are only cemented, consult an interior designer who could suggest what kind of floor can go well with the vibe or aesthetic you’re planning to achieve.
4. Upgrade The Kitchen
The kitchen is one of the most used rooms in a home. And one of the best ways you can transform your condo into a profitable investment is to upgrade the kitchen. Some remodelling projects you might want to consider are:
- Installing Quality Countertops:Countertops significantly influence the overall look and feel of the space of your kitchen. For this reason, consider using quality materials such as quartz, granite, and marble. These materials are durable and can blend well with most appliances surrounding them.
- Update Or Upgrade Kitchen Appliances: If you have old appliances in your kitchen, consider replacing them with new ones. Aside from having functional and efficient kitchen appliances, newer models tend to be more aesthetic too.
- Repaint The Cabinets:This can be the best option if you’re on a budget. Instead of buying new cabinets, you may paint the existing ones and give them a fresh look.
- Add New Decors: Consider adding a vase of flowers to the kitchen counter. You might also want to add new paintings and decorative fixtures that can make the kitchen more inviting.
- Install New Lighting:One thing you may need to remember to look into is the lighting. A well-lit kitchen can significantly improve the space’s ambiance.
Those are just some of the kitchen remodelling projects for your consideration. Choose what’s best for your unit and give your kitchen a new face.
Conclusion
Condos are one of the best investments you’d want to try in Toronto. However, with the stiff competition, you’d want your house to be outstanding and earn you some returns. The best thing to do is make significant renovations on the various rooms, including the kitchen, floors, and walls of every room. In addition to remodelling, ensure you manage your property well and add tremendous value to your condo investment.