Bronte is looking to break some records for a condo townhouse, and I’m pretty sure they will. BUT with a supposed $125,000 in renovations on a condo townhouse, I make the comparison in today’s episode to a Hyundai Sonata with a Ferrari engine. It’s just not good business sense to improve that type of home by that much. Sure, they’ll break a record, but if you’re going to spend that money, go buy a detached home on a decent lot.
I would estimate that at least half of the renovation budget would be wasted by the “cap potential” of a home.
I think about that often. What’s the ceiling price for certain homes? With my mortgage renewal coming up soon, I’m considering doing some improvements, but I’ve already established the absolute maximum that my house would be worth, if I changed everything… and now I’m working backwards.
If you need a hand with this approach, you can feel comfortable reaching out to me.
Plus, another condo townhouse is listed for $299k with a garage and baseboard heating. I used to be pretty harsh on these properties, but in my old age I’ve softened up and even started to recognize a few benefits.
And if you want a BIG condo, there’s one that’s nearly 1500 square feet at Greenlife II.
Enjoy the episode and thanks for watching!