Jimmy The Renovator: Condo Needs A Face-Lift

With so many Apartments & Condos from the 60's & 70's having to compete with the newest fad in Buildings, I am being hired more often these days to renovate these dinosaurs. I know renovating a building can cost millions of dollars but in most cases if nothing is done it can bring vacancy rates up and value way down. I'm going to give you a list of all of the renovations that must be done in a building to reverse depreciation.

Jimmy's Street List:

1. Entrance Renovations: When you enter the building, how are the tiles, walls, and appearance?
Is it from the poltergeist years? Does it look like a cheap hotel? First impressions are everything. If your first impressions are run down, chances are the units and rest of building are as well.

2. Amenities: Does the gym look like the video physical? Have there been any updates? New amenity updates are necessary. Fees go up but nothing ever gets added or maintained. Sometimes an addition to the amenities will bring the value up to par with the new development down the street.

3. Outside of Building: When was the face of the building painted or re-faced? This is very costly, but an outdated face of the building can really drag a building down. How do the balconies look? Are they dirty? Destroyed? A paint job at least will help a little bit if nothing else. Spend the money, start with the outside.

4. Floors: Get rid of old dirty carpets. I see this so much in buildings. Carpets that haven't been clean since Happy Days. Get rid of it an replace it. Tiles can also go! Get some new tiles that are modern.

5. Security: Every building should have security now. It should be incorporated into the building and fees. This will reduce vandalism, help prevent crimes and lower insurance overall.

6. Technology: A building should be wired with the newest wires for data transfer and phone carriers.

With some renovations done, investors will see potential in a property again. They will see great deals, buy a unit or building, and renovate individual units for resale and rental. This can significantly change a building. Its like a re-developed neighbourhood that was run down. It just needs some smart planning to rejuvenate it. After a few years it will be a hot property again. It will also force existing owners to do some renovations because they will know the potential in the building.

See you Next Week Jim!

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Ernie Arrizza

Ernie Arrizza

Sales Representative
CENTURY 21 Kelleher Real Estate Inc., Brokerage*
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