Catalyst condos

Appreciating What’s Yours: Five Tips to Help Increase the Value of Your Condo Building

When it comes to financial investments, the home a person lives in will likely be one of the biggest endeavors many of us commit to throughout our lives. Just like when it comes to dealing with stocks and RRSPs at the bank, it’s important to have the peace of mind that your investment is working for you and appreciating in value – or at least not losing money in the long term! 

While it can be a little difficult to predict which way the market’s going to go when determining where to put your money, it’s far easier to take a few simple steps to ensure your condo building maintains its value and that your own real estate investment stays secure and pays dividends for years to come. Want to know how to go about making that happen? Read on for more.

Five Key Steps to Building Condo Real Estate Value

1. Keep in Mind: First Impressions Matter

This is likely one of the most obvious pieces of advice we can give condo owners when it comes to maintaining your property’s value, but we’ll go ahead and give it because it bears mentioning all the same: make sure the place looks great! 

Curb appeal matters and first impressions really do make a difference in the world of condo real estate. Keeping up with landscaping and general repairs, maintaining modern security practices, and even ensuring the interiors and exteriors(balcony deck) look stylish and contemporary will go a long way towards guaranteeing your condo building continues to increase in value. 

2. Keep Caught Up with Inspections

This piece of advice is one that will be less obvious on its face than maintaining your building’s curb appeal, but one thing you’ll want to ensure is that the bones of your building are in good shape as you go about looking to maintain or increase its value. 

Not only do regular inspections help further dial in the state and condition of your condominium, but they can also work to catch any potentially catastrophic failures before they have the chance to cause a main mechanical system to go completely sideways on you and your fellow residents. By keeping up with your inspections, you’re ultimately saving your condo board from the burden of trying to budget for costly, unforeseen expenses while also ensuring that there aren’t any ruinous scenarios that occur that could do lasting or hard-to-repair damage to the building – ultimately impacting its value (and potentially, by extension, that of your condo unit) as a result. 

3. Chronicle Those Meeting Minutes

Another way to increase your condo building’s value is to run a minimum of two to three condo board meetings per year (depending on the size of the board) and ensure those meetings are chronicled properly via detailed minutes. Proper meeting minutes should include a quorum, specific dates, a list of issues discussed, and a detailed capture of any major decisions that were made. 

By maintaining meticulous board meeting minutes, you’re building a history of your condo building’s chronicles, trials, and tribulations. Its sort of like selling a car with its service records – detailed meeting minutes will tell the tale of your condo building’s history, providing peace of mind to any potential buyer, and contributing to the value of your condo unit for the trouble. 

4. Balance That Budget

Having a balanced budget is one of the most effective ways to increase the value of your condo building. While annual fee increases are more or less a fact of condo living these days thanks to inflation and ongoing insurance premium increases, having a balanced budget can ensure that you avoid any jumps that outpace the typical 2-5% hike most condo owners see annually.

Additionally, if you have an accurate budget, your condo community should find itself in a position that allows it to avoid most, if not all special assessments, with even unexpected repairs ideally covered by a robust and strategically-managed reserve fund. This is the ideal that both boards and condo management companies should be striving for – and a detail that will also reflect positively on your condo building and your condo unit’s value, too. 

5. More Bang for Your Buck

Looking for more ideas to take things even further? We’ve got covered. Consider, for a start, exploring various green initiatives within the scope of your condo community, as these sorts of innovations can go a long way towards further increasing value in your condo. Community-building strategies can also be incredible contributors toward property value, as every condo owner knows that buying a condo unit is much more than simply purchasing a property – it’s buying into an entire condo community, too. 

The first step to making all of this happen, though, is to raise the discussion with your condo board. If you need tips on how to bring this up at your next meeting – or have questions about any of the ideas we suggested here– give us a call at Catalyst Condo Management and we’ll do what we can to make sure you’re on the right path towards increasing the value of your condo building today!

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