Advice On Upgrades For Condo Unit

[flamesrule_kipper34]

Hey everyone,

So just curious about people's advice/experience in this area, basically my wife and I own a ~700 sq. ft condo unit in downtown and as a whole we love it, but there's definitely a few tweaks we'd love to have in it if we had our way.

We've been in the condo for just past 1 year, and we honestly forsee ourselves being in it for a total of 5-6 years, thereafter buying a new home and either selling this condo off or keeping it as an investment property (depending on what the market is like and our financial situation at that point).

I'm just wondering if it makes sense to put in the following upgrades with the above information in mind, does it make sense financially to put something like that into a condo or should we just wait for our next home? And/or will it increase the property value enough potentially to justify these expenditures?

Ideally we'd love to change our laminate counter tops in the kitchen to some sort of stone (e.g. granite, quartz), do the same to our one bathroom and in addition to that upgrade the sink in the bathroom to a larger/modernized one.

I'm not sure what something like the above would cost me, but if anyone if any advice, pricing estimates, really any help would be helpful at this stage.

Thanks in advance CP!

[mrkajz44]

I've heard that a general rule of thumb is 50% of the money spent on upgrades you can get out in the purchaes price (this of course goes down as time moves on).

For me, if you are living there for 5 more years, I'd make the decisions based on what you want, rather than what you think will be good for potential buyers. Once that timeline goes down to 2-3 years, I'd start making upgrades with the potential sale of the property in mind.

[Northendzone]

have you considered a mirror on the ceiling of the bedroom, or wiring the place with 220 and using those outlets from one of the slovak countries.

Anywyas, usually kitchen and bathroom ren's/upgrades are popular with most buyers - so to me it owuld make sense to start with the bathroom (but what do i know).

Before setting a budget, i'd try and get more of a sense of the current condo market - are similar places being listed for more of less than your place?

i'd think you could do this planned work in your bathroom for a $1,000 or less.

I suppose if you are planning to redo the cournter tops in the kitchen and bathroom, then it maay make sense to do it at once and get the same type of countertop for both from the same place.

the above is my $0.02 - and someone more wise may have better/different advice.

[Locke]

I think most people are going to want their kitchen and bathroom the way they want them, so any upgrades or changes are likely to be redone after sale and buyers will be unwilling to pay more for stuff they intend to rip out and change.

[topfiverecords]

What is the year of construction of the condo? What shape are the cabinets and appliances in the kitchen?

Expect about $75-$100 per sq ft for granite. I wouldn't go through the expense of granite on cabinetry that someone will want to replace.

[GoinAllTheWay]

If you are going to be there for 5 or 6 more years, I would suggest you set it up the way you want it. You will be spending a lot of time in it so why not get it how you like it?

Upgrading kitchens can cost a lot of money. Maybe get some quotes and see if it makes sense for you financially to do it now.

I really don't think there is a single thing wrong with the updates you want to do. Laminate is OK but no where near as nice as granite and doing that upgrade could seperate you from other condos in your area when/if you decide to sell.

[topfiverecords]

Originally Posted by Locke

I think most people are going to want their kitchen and bathroom the way they want them, so any upgrades or changes are likely to be redone after sale and buyers will be unwilling to pay more for stuff they intend to rip out and change.

Potentially, but some more info would help. If this is a 1980 build condo with original cabinetry then new countertops aren't worth it. However, if it's a very recent build condo with good cabinetry/appliances and all it needs is granite to complete it then it probably is.

I'd say only a small percentage of homeowners want to actually do any renovations or upgrades and a lot make their buying decision based on how much or how little needs to be done. Usually it's the unknown costs that scare people, and not the disruption or effort.

[rd_aaron]

If you do the above upgrades, you'll likely be able to charge more than an identical unit without the upgrades (if you decide to keep it to rent).

[bizaro86]

I would say to look at some comparable condos to yours on MLS. In the kitchen, are your cabinets, flooring, and lighting as nice as the comparables that have granite? If so, I would probably put the granite in. If not, consider whether upgrading the cabinets at the same time makes sense for you, since you shouldn't put granite on crappy cabinets.

I would do the bathroom upgrade. You can buy a whole new vanity with a nice cabinet, lots of storage, and granite top for ~$500, maybe less (check lowes). Figure in another few hundred for getting it installed and its worth it just to have the space for you, plus it'll look good later. If I was ripping out the vanity, I'd probably put tile on the floor at the same time if it doesn't already have it. A few hundred for install, plus the cost of materials. You can get tile from $0.50 to $50 per square foot, so spend some time and find something reasonable that you like.

edited to add: this is the vanity I've used for similar projects in the past, its $248 for the 31 inch width, obviously size depends on your bathroom.
http://www.lowes.ca/bathroom-vanitie...ductItemsImage

[flamesrule_kipper34]

Wow guys thanks a lot for the information/help so far, that's all great!

Just as more background, this place was built in 2008 and in addition to the stock unit the previous owners updated the flooring from carpet to laminate hardwood and the kitchen cabinets to a more modern mocha colour.

Most units in our condo do NOT have the upgrades I'm talking about, in fact I'd be surprised if any of them do (some have the laminate hardwood and kitchen cabinet upgrades though).

The bathroom and kitchen are tiled, every other area of the unit is laminate hardwood.

In my opinion the granite countertops in the kitchen and bathroom would NOT look out of place which is why I'm considering them...I'm not a very construction/carpentry-savy guy so this will all have to be done by someone so I guess what's holding me back is figuring out what the cost will be to do so and if it makes sense.

If bizaro86's estimate for the bathroom is true, that definitely sounds like a no brainer, I'm just curious now about costs for the kitchen to be done...anyone else with any info or directions on where to go get some good estimates?

Again, thanks all for the help so far!

[HockeyIlliterate]

Originally Posted by flamesrule_kipper34

. . . do the same to our one bathroom and in addition to that upgrade the sink in the bathroom to a larger/modernized one.

I don't know what is meant by a "modernized" sink, but I hope it doesn't mean one of those huge, above the countertop, glass bowl sinks.

Personal preference, of course, but I hate those things. They are a pain to keep clean (and clean looking) and are not particularly user-friendly. As a renter (or a buyer), those kinds of bathroom fixtures are a turn-off.

[Travis Munroe]

If your going to be there for another 5 years....have at it and enjoy where you live. Chances are these upgrades might be slightly out of date in 5 years compared to what you have now which would be very out of date.
If you shop right (not as in cheap but compare, negotiate, etc), new sinks, faucets, granite for your bathrooms and kitchen should be around 10k
10k over 5 years is 500 a year. Im sure most people would pay $500 a year to live in their perfect place as you describe it would be.

Really what I am trying to say is not to worry about re sale with such a long term plan. If you were moving next year or in 2 years then yes but 5....make it fit to your likings.

[PowerPlayoffs06]

Originally Posted by Realtor 1

10k over 5 years is 500 a year. Im sure most people would pay $500 a year to live in their perfect place as you describe it would be.

Where did you learn to make the maths? 10k over 5 years is 2000 a year.

[bizaro86]

Originally Posted by flamesrule_kipper34

If bizaro86's estimate for the bathroom is true, that definitely sounds like a no brainer, I'm just curious now about costs for the kitchen to be done...anyone else with any info or directions on where to go get some good estimates?

Again, thanks all for the help so far!

If you truly just want granite tops added, estimating it isn't that hard. Measure your countertops and determine how many square feet they are, and multiply by a reasonable price per square foot as mentioned above. I've gotten quoted as low as $49 per square foot from a place that went out of business shortly after and seemed like a front company, and I've paid as much as $110 per square foot for the bar top in my basement, which was a piece of granite my wife loved. (The price goes up if you take your wife to the showroom and she loves the piece.)

I've used victory granite and pacific stone and tile in the past and was happy with both. Victory was cheaper, but pacific stone has more selection and a nicer showroom. I'm sure other contractors are good as well, ask around.

You probably want to get a new sink/faucet at the same time, neither of which are especially expensive.

Also, ask if they have any remnant pieces that might work for you. If you're not too picky and don't have a big kitchen (condo size) sometimes you can get a deal that way.