Refurbishment of Condominium Common Elements is a Great Way to Attract New Investors.
The Toronto new construction condo market has grown tremendously over the past decade leaving behind the existing condos. Attracting new investors and buyers for existing condos can be difficult as new condos are built every month giving investors many options to choose from. Once way to attract new investors and buyers for existing condos is to focus on the refurbishment common elements/areas of a condominium. This improves the condo’s curb appeal and adds to property value. The lobby, party room, common corridors, swimming pool area, basement levels and recreational facilities all impact how a condo is perceived. Renovating the common elements allows for older condos to stay competitive in the market.
The lobby is one of the first things potential investors see, so updating the flooring, wall coverings and decor leaves a lasting first impression and sets the tone and attracts buyers. Similarly corridors are another important factor that a potential investor takes into consideration. Corridors should have neutral wall coverings, high traffic carpets should be durable and lighting elements add not only functionality but can differentiate your condo from others.
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