There are many reasons GTA condo buyers decide to go the pre-construction route. From the opportunity to live in a mint-condition space to a more flexible down-payment structure, the potential advantages of choosing a new build are clear. What many condo hunters are less sure about is whether to opt for upgrades.
If you’re planning to buy a pre-con unit, you’ll have the option of customizing your space in various ways. Here’s what you should know when you’re deciding which upgrades are right for you…
Types of upgrades
From more square footage for your belongings to your choice of cosmetic finishes, there are a number of ways that a builder may enable you to enhance your new condo. While the precise options available may differ from one development to the next, here are a few of the most common upgrades.
Parking and storage
When you buy a new unit, you’ll likely have the chance to purchase a parking space along with it. Even if you don’t have a car, you may want to opt for the spot. Whether you’re an investor or an end-user, you might have the option of renting it out for a tidy profit. Just be sure you hold legal title to your space (if you’re uncertain, ask your lawyer to review your status certificate to find out).
Storage lockers are another common pre-construction upgrade that buyers purchase separately. As a rule, they’re relatively affordable—and having one can make your unit more attractive when it comes time to sell.
Electrical upgrades
Buyers are often surprised to learn that new-build units don’t always come with ceiling light fixtures in every room. If they’re not included, you’ll likely need to opt-in for this upgrade early on. That’s because there may be electrical components that have to be installed before the concrete is laid. Insufficient outlets can also pose an annoyance in newly-built condos. In many cases, you can have additional ones added.
When it comes to resale value, electrical upgrades may not add much. That said, they’re typically affordable—and they can make life more convenient while you’re living in your unit.
Cosmetic customization
There’s a wide range of potential finishes and cosmetic upgrades that your builder may offer, and some add more value than others. Generally speaking, it makes sense to focus on the kitchen and bathrooms.
Flooring
When it comes to investing in floors, hardwood has long been considered the gold standard. So long as it’s well-maintained, this type of flooring provides impressive ROI.
Bathroom features
From most buyer perspectives, luxurious walk-in showers or soaker tubs are desirable. Sophisticated hardware (such as brushed metal faucets and cabinet pulls) also make a positive impression.
Countertops
Upgrading to stone over wood or laminate is worthwhile. Granite and quartz are always in style, making them the ultimate choices.
Cabinets
Your developer may advise pairing particular cabinets with specific countertops. Following their recommendations will almost certainly lead to an aesthetically-pleasing result.
Paint
The paint that developers use isn’t always of the high-quality, and as a result it can start to look grubby over time. Consider opting for better paint in a neutral colour.
The bottom line
When it comes to choosing pre-construction condo upgrades, consider both the associated costs and your personal enjoyment. Beyond that, you’ll want to factor in potential return. An agent with condo expertise can help you determine which customization options will likely pay off when it comes time to sell!
Thinking of buying a pre-construction condo in the GTA? I can answer all of your questions. Call or text me at 416-500-5360, or send me an email at rashid.notash@rogers.com and ask away!
