Condo Pro: Upgrade Wisley for Maximum Value
By on Nov 23, 2010
When you purchase a new condominium, one of the most exciting steps in your buying experience is your colour selection appointment. This is the time for you to choose from the wonderful features and finishes that truly transform your suite into your “home.” It’s important for you to come home every day to surroundings that are comfortable and reflect your personality, and in Toronto you will find the most beautiful and varied choices in North America.
What’s interesting is that compared to the condos of one and two decades ago, most suites today are already luxurious with the standard features alone. For example, years ago, granite kitchen countertops and hardwood flooring were always upgrades, but nowadays, they come standard in many condominiums.
If you do decide to upgrade, there are some considerations that can help you select wisely, keeping in mind the possibility of selling your suite in the future. Kitchens are particularly important to buyers, so investing in upgrades in this room can contribute to a higher price tag when and if you do decide to sell. And the list of extras you can choose from is exciting. I have seen upgrade lists that include self-closing drawers, elaborate closet organizers and cabinetry with glass fronts for displaying special dishware.
If granite countertops and stainless steel appliances are not on the standard list, you may want to consider selecting them as upgrades. I notice a trend toward paneled appliances too, especially with the linear kitchens that become a part of the main living room. The paneling gives them a furniture look. Tall upper kitchen cabinets are also desirable in kitchens with 9- and 10-foot ceilings, as is under-counter valance lighting. People love gadgets, and a wine fridge is a popular upgrade.
In bathrooms, marble countertops are considered luxurious, and we are seeing more marble and sustainable stone flooring. For the main living area, hardwood flooring is the preferred choice of many buyers today. It is durable and non-allergenic, and you can always add area rugs that complement the décor. Built-in shelving, cornice moulding and higher baseboards are always great upgrade choices that make your suite more beautiful for you to live in, and more desirable to future purchasers.
It can be well worth your while to upgrade. If there are two comparable suites up for resale, all other things being equal, buyers will usually choose the one with the better finishes. They often prefer neutral colour schemes, so when selecting your finishes, you might want to stay away from a dramatic palette. Choosing something out of the ordinary tends to marginalize you when it comes to resale value, so select with care. If you do want to inject a punch of colour into a room, consider painting one wall in a deep hue. It would be easy to repaint when you decide to sell. Or pair a dark floor with cream-coloured walls for contrast. Today, grey is in and has become a new neutral. White is also interesting and never goes out of style.
Before your colour selection appointment, do some research and pay attention to what interior designers put together, especially in model suites. These professionals are paid for their services that include appealing to the spectrum of purchasers. They are experienced in working with compact condominium spaces and tend to choose combination palettes that work. And if you purchase in a high-end building, you may have the luxury of a two-tiered finishing selection appointment. Some builders offer this so that buyers to have a separate sound and media consultation to ensure that their wiring, surround sound and other electronic items are complete before construction is too advanced to accommodate their specific needs.
Remember that as tempting as it is to choose upgrades with future resale purchasers in mind, your first goal in selecting your finishes should be to make your suite feel like “home” to you.
Barbara Lawlor is president 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.
