Why Unfinished “White Box” Condos Are the Next Big Thing
In Toronto alone it’s expected that 18,000 to 43,000 new condos will come on the market within the next 12 months – but you can’t possibly expect to get all of those decorated and ready to be shown in such a short time! Many consumers today are wear about another recession, they’re not looking to pay for all that window dressing. That’s why “white box” condos are coming back into fashion. White box is exactly what it sounds like. No fancy floor, window treatment or even appliances – what you see is what you get.
Spending Less Time, Spending Less Money
Like mentioned earlier, a white box condo is the ultimate “tabula rasa” of condos. It’s an unfinished condo, no floors, no furnishings – no muss, no fuss as the Americans say. Sellers won’t have to spend too much money to dress the place up, and buyers can save a quarter to a third off the cost of a home.
It’s estimated that there’s a 50/50 split between those that want a finished condo with all the trappings and those that want a blank slate that they can work on themselves. Some want the thrill of working through problems on their own, others just can’t afford a condo in an expensive neighbourhood.
Price is the Major Appeal
It goes without saying that price is the major selling point for these white box condos. Just think about it – if the average “finished” condo price in the Greater Toronto Area is $400,000, but an unfinished white box condo is only $300,000, which one is the savvy homebuyer going to go for? Probably the cheaper one.
But it’s not just the fact that they’re cheaper, it’s what they represent. These condos are often a gateway into a neighbourhood that they wouldn’t be able to afford otherwise. Condos have often been an alternative to a more costly, traditional home – condos tend to trend much lower in price than their counterparts in the same area. With an unfinished “white box condo” costing even less, many are attracted to that.
The Ultimate Home DIY Project
But if it’s not price, it’s the fact that you get to choose where everything gets to go. You’ll get to decide where to put the recessed lighting and the acrylic paneling on the terrace. You’ll be able to direct everything from “a to z” – and you won’t have to wait three years and deal with shifty builders, hoping that your condo will get build and worrying about losing your deposit.
You’re in the pilot’s seat, and you can have a fully finished condo to your exact specifications for just about the same amount as you would spend on a fully finished condo – in about 3-6 months, depending on your builder.
It’s easy to see the appeal of these white box condos to the buyer, but what about the seller? If you’ve ever had to sell a home before, you know how much can go into it. Upgrading all those appliances and maybe netting a return on your investment. For many buyers and sellers, a white box condo just makes sense.
The Goodale Miller Team is the #1 team in Canada for Century 21 8 years running. Specializing in Oakville luxury real estate including Lakefront homes, infill building lots, condominiums and more. You can visit their website here: http://www.goodalemillerteam.com/
Tags: Condo Real Estate
, Condo Pricing
, DIY Condos
, Goodale Miller Team
, Condos in Toronto
, Buying a Condo