Every year owners who are thinking about selling invest in the maintenance and improvement of their condos in an attempt to increase their market value. Only some of these decisions ultimately pay off. We’ve put together some tips for you on how you can increase the value of your property without having to spend a ton of money.
When renovating, it’s often the cost of labor, in addition to the materials, that can make things very expensive. The benefit of installing new appliances like refrigerators, ovens, dishwasher, washer/dryers, is that you’re paying for the item, but no further work is required beyond the basic installation. And people love new appliances! Just make sure you’re buying a cost-effective set and not springing for premium level, because you likely won’t get your money out of the latter.
When repainting your room, think about keeping things as much of a blank canvas as possible. Neutral tones offer an elegant yet easy to imagine atmosphere for new buyers. You should consider one to two feature walls in the entire condo, but the patterns should not be fussy. You may also want to repaint any areas that need a touch up.
When considering the flooring, gauge its condition and think about whether you might want to pay a couple of thousand dollars to have the floor refinished — it’s pricey, but new floors can make a dramatic difference in the condo’s entire aesthetic.
Rethink kitchen and bathroom upgrades
The kitchen and bathroom are the most functional spaces in the house, and they are undoubtedly more attractive with upgraded amenities. However, these renovations also tend to be some of the most expensive. Ask yourself if your condo would sell for sufficiently more post-renovation to warrant the trouble. In most cases, the answer is “No”, and kitchens and bathrooms are best left unrenovated. If you do want to do something, paint, and consider new fixtures like bathroom vanities or a new kitchen countertop.
Add extra storage in the home
Storage in any home is important, and this is even more true for condos, where space is often at a premium. Plenty of people find themselves being unable to take all their furniture and ornamental decorations to their new condos and end up placing things in storage. If you can make use of the space and create more hiding areas for new buyers’ possessions, it will have a positive effect on your condo’s value. Storage ideas include lofted spaces, built-in cabinetry, and generally using any space that is currently “dead” space.
Need some help selling your condo quickly, and for the best possible price? At Hales Property Management, we’ve literally managed hundreds of buildings over the past two decades — we know what makes condos (and condo-buyers!) tick! Contact us today for more information!