Building Renovations on a Budget

September 2021

Communities are constantly challenged with keeping building assets looking their best.  Rejuvenating a dated condo building offers many benefits including higher unit resale value and resident satisfaction.

Few have the financial resources to undertake everything desired without compromise or raising fees.  Creativity, knowing where to save money, and where to focus renovation efforts can provide desired enhancements while adhering to a budget.

It can be best to work with an interior designer on larger projects.  They can offer creativity, find cost-savings opportunities, and make effective use of the available budget.  They offer a wealth of experience and knowledge to aid boards in making more informed decisions.

Corridors and hallways can provide the greatest value.  Carpeting, painting and wall coverings in these spaces can be the most important renovations.

Good lighting is essential to the overall look and feel.  Retrofitting existing fixtures can improve lighting at lower cost than replacement.  Surface-mounted pot lights in corridors offer a cost saving alternative.

New artwork, sculptures and paintings can be pricey.  Consider relocating existing pieces.  Obtain any new artwork from local artists rather than galleries.  Furniture can be reupholstered or relocated to give new life and perspective.

When it comes to dated floors one option is to replace with new.  When replacement isn’t an option floors can be enhanced by hiding visible marks or damage with planters.  Damaged floors can be made to look good by adding wider borders or additional lighting to make spaces look more natural.