Upgrading Your Condo to Maximize Its Property Value and Improve Your Residents’ Lifestyles
One of the many benefits of condominium living is that your home extends beyond just your personal residential suite. Residents get access to shared amenities like an outdoor terrace, gym, or pool, gaining additional living space to enjoy. Therefore, upgrades throughout the property are important considerations to not only improve your current residents’ lifestyles, but to increase your property’s value which will satisfy your condo’s owners/shareholders. Here are some of the top building enhancements to examine.
Green Features
As a condo board director, one of your responsibilities is to manage your corporation’s finances and find ways to reduce costs and maximize savings. One of the most valuable investments you can make is to add energy efficient upgrades throughout your condominium.
For example, upgrading from traditional incandescent light bulbs to LED lighting in shared areas like building hallways and parking garages will ultimately increase your energy cost savings. Because LED light bulbs consume a lot less power, they are not only more environmentally-friendly, but over time they can help you cut down your corporation’s electricity bills.
Another energy efficient consideration is to add Electric Vehicle (EV) Charging Stations in your condo. A few years ago, the province of Ontario introduced new regulations and government incentives to make the installation and access of EV chargers in existing condos easier. Offering this upgrade will help attract and retain owners and tenants who own an electric vehicle, and at the same time decrease your condo community’s overall carbon footprint.
Adding green features will not only satisfy environmentally-conscientious owners and tenants - especially millennials - but will also greatly increase the value of your property and help your building become a leader in sustainability.
Lobby, Amenity and Common Area Upgrades
Over the years, design and décor trends evolve. What was trendy a few years ago can quickly become outdated and undesirable today. The lobby is one of the most important features of your building as it is the first impression that current and prospective residents see when stepping inside. Lobby improvements can help increase the value of your property and warrant the expenditures.
This also pertains to other condo amenities and common areas. Hallways may need special attention over time as the carpets get worn or stained, requiring a replacement. Similarly, walls may need a new coat of paint to freshen them up. In your gym, the current equipment may require an update as new state-of-the-art equipment comes to market. In terms of your condo party room and guest rooms, they also will benefit from an upgrade as the more residents will want to use it, the more revenue you will generate for the corporation by renting these spaces out.
Landscaping Features
Curb appeal is also a very important feature to owners and residents. If your exterior grounds are neglected, will prospective owners and tenants even bother stepping inside to see what the state of the actual building is like? Consider even the most minor landscaping adjustments like adding planters with flowers during the warmer months, painting over any graffiti or fixing chips or cracks in the walls to attract the best prospective residents and help increase your building’s value.
