Investing in a condo is a wise strategy if you want to diversify your investment portfolio. Real estate investments are almost always lucrative, especially if you’ve flipped houses before.
Condos are considered to be a safer area of real estate to invest in, which makes them the perfect alternative for investors who don’t want to take risks. There is no shame in choosing the safer option when it comes to spending your hard-earned cash.
Once you have found the perfect condo to invest in, you may be interested in making a few improvements to it to increase your profit when you sell. These five practical improvement projects are the perfect way to kick off 2022 on a high note:
1. Increased Storage Space
Condos are the perfect living solution for so many people, from young professionals starting in their careers, to older retired couples looking for a smaller and more manageable living space with wheelbarrow storage.
The only downside to a condo is that it generally doesn’t have a ton of free space to work with. Improve your condo by adding storage space in clever ways, like under the stairs or by installing shelves along the perimeter of the walls.
2. Install A Stair Runner
A stair runner is a must-have item for practical reasons as well as added aesthetic value. Runners make wood stairs safer for seniors and children to use – and even pets!
They will protect the stairs from wear and tear and provide noise insulation as well – there is nothing worse than the clippity-clop of heels going up and down wooden stairs.
3. Repaint The Interiors
Interior paint is an effective way to protect the walls, the doors and the trim from moisture. The condition of the paint on your walls will show signs of all those little bumps and scratches from years of wear and tear to your home decor.
By repainting the interior walls and doors you can instantly give your condo a facelift and make it look ten years younger. Painting walls is the perfect way to set the design tone of the room so choose neutral colors that will suit every season.
Once you’ve found tenants for your property, you can enlist the help of the top condo property management companies in Toronto to help you to manage it.
4. Add Crown Molding
Crown molding has a magical way of enhancing a room. There is just something about it that makes you stop and take notice. It is a beautiful way to finish any room, particularly the living spaces.
That molding is usually used for capping cabinets, interior walls where the wall meets the ceiling, and on columns as well.
5. Revive The Bathroom
The average cost to remodel a small to a medium-sized bathroom is around $12 000 to $15 000. You should be able to recoup about 50 to 60% of the project’s cost for a mid-range remodel job.
Under ideal circumstances, a small bathroom project can be completed in 2 to 3 weeks. Bathroom improvements, when done correctly, are one of the top ways to add value to your condo.