One of the most exciting parts of purchasing a new home is making it your own. It’s an opportunity to take something ordinary and fit it to your particular style/vision and it usually starts before you’ve even moved in.
Most builders construct each new home with a set of standard finishings that are consistent across the board but in addition to the standards, there’s usually a variety of upgrades for everything from flooring to appliances to plumbing fixtures and more. So what determines a standard finishing, and what determines an upgrade?
Each Development Is Different
At StreetSide Developments, there are no universal sets of standard finishings. Like many developers, StreetSide builds a variety of home styles, from apartment condos to townhomes to attached bungalow communities. The reality is that no universal standard finishings exist as each development’s style is completely different. In the same way a four-door sedan has different features than a full-size pickup truck, condo developments are different than suburban bungalow communities, and thus have varying finishings and upgrades. You won’t likely find 10-foot ceilings in a condo located in the urban core, but you might find it in a suburban bungalow.
Standard Finishings Made To Match
So how are standard finishings chosen? Well, the short answer is, it’s left up to the professionals. Standard finishings and optional upgrades for all of StreetSide Development’s homes are handpicked by interior designers to match the look and the feel of each development project and neighbourhood. But there’s more to the decision-making process than just that. The real key is price point.
Price Point Is Key
There is an endless list of factors that go into baseline price points for homes. Two of the major ones, however, are location and square footage. At half the square footage, an apartment style condo will be priced differently than a suburban bungalow. And a condo at a premium address will be priced differently still. Standard finishings are also chosen to match these price points.
For example, a new condominium with smaller square footage will start at a lower entry price than an attached bungalow. So standard features in a new condo may include vinyl plank flooring and laminate countertops, while upgrades might include hardwood plank flooring and quartz countertops.
A bungalow on the other hand, which may start at nearly double the entry price, is more likely to include features like hardwood flooring and quartz, and perhaps offer them throughout the home. For the bungalow, optional upgrades might include luxury features like a fireplace and built-in shelving. And because the bungalow has more real estate to work with, it may come standard with 10-foot ceilings, an impossibility for a condominium.
Simply put, finishings and upgrades are made to match the price. But they also help make the price right.
The Customer Comes First
Why are features unique to each property? It really comes down to offering the right price for the customer. A suburban condominium, luxury downtown condo and urban townhome are all going to start at a different price point. What may be an upgrade at a lower price point becomes a standard feature in a home with a significantly higher entry price. For the customer, this means that there are price points that are accessible for all homeowners. And for those who want a little extra, a few upgrades should do the trick.