ACMO Blog

Innovative Design, Elevated Value: The Impact of Smart Design Projects on Condo Market Value

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As the condominium market continues to evolve and grow, common element corridor redesign projects have become a necessary event to keep pace with newer buildings. In the past, redesign projects were conducted every 20 to 30 years. Of late, as the condominium market has evolved, so has the owner resident. Condominium living is now often a first-time buyer or owner investor versus what was an empty nester form of housing. With this change, redesign projects are happening more frequently in an effort to stay competitive with new condominium communities.

While common element redesign projects can be seen as a burden, they are essential to keeping buildings in line with the current marketplace, helping to maintain market value and attract potential buyers and residents.

Redesign projects led by a dedicated design-build team simplify and streamline the process - aligning design solutions with economic resources from the outset. This makes the overall process timelier, less tedious and reduces the burden on board members and property managers alike. Additionally, design-build teams offer a more efficient and effective approach, reducing the likelihood of delays and added costs.

Selecting the right design-build team to work with is about evaluating their credentials, work experience, references, and skills, as this is fundamental to the success of any redesign or renovation project. It is common to have differing design solutions that effectively address a project’s needs; as a result, the adage of an "apples to apples” comparison is less relevant.

What is important is that the team is responsive to the building’s needs, can work within economic constraints, and helps set a renewed vision for the community. In many ways, a good fit with a responsive and attentive team makes the process less cumbersome, daunting and adversarial, opting for a far more cooperative approach.

Look for a team with the necessary experience, credentials, and references. Review their portfolio to see if they have similar project experience, and look for referrals from other property owners/managers who have collaborated with them recently. The team should be able to provide you with a clear understanding of how long the project will take, what resources they will need, and how much it will cost. This information is crucial to ensuring that the project is completed on time and within budget.

To ensure that renovations deliver the desired results, have an intentional plan that provides a comprehensive design solution for the building - a logical approach to completing the project will save time and resources in the long run.

It is important to avoid the temptation of conducting half a project or cutting back on the scope to meet budget resources, as this may lead to a project that won't deliver meaningful aesthetic design impact and the objective of achieving improved market value. It is far better to wait until you have the resources to complete a strategically scoped thorough project rather than parring back on necessary items. Cutting corners may seem to provide a short-term solution, but it often leads to change that does not deliver the needed impact.

The design-build approach offers several advantages over the traditional tender approach, including a streamlined process and a collaborative team providing solutions driven by impactful design aligned with economic constraints. By opting for an intentional and well-planned approach, you will ultimately save time and resources while delivering a better value with higher quality.

Delaying in an inflationary marketplace rarely saves costs, but prudent planning often identifies creative solutions that can make your next project a reality.

Contact our team today at info@lardesignbuild.com or call 416-250-7696 for a complimentary site review. For more information on this article, please reach out to Madeleine Meneguzzi at Madeleine@lardesignbuild.com

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