If you are considering selling your condo be sure to first maximize the value of your home.
Renovations provide an excellent opportunity to upgrade your space and improve the worth of a home.
The Luxury Living team is here to share some worthwhile condo renovations that increase home value and optimize the return on your investment.
How Renovations Increase Value of Condos
Home improvement projects prove to be one of the best ways to boost home value.
By remodeling your condo, you can improve the functionality and beauty of your property, which ultimately increases the selling price of your home.
If you can list your condo at a higher price than what you purchased it for, you may be able to pocket a significant amount of money once the deal closes.
However, to ensure a return on investment, it is critical to chose your renovations wisely. You want to be sure that the cost of enhancing your property will pay off when you resell.
Best Condo Upgrades
When deciding on remodeling projects to pursue, you want to consider the desires of prospective purchasers.
Here are some of the best condo upgrades to entice potential buyers and improve your home value:
- Kitchen: According to real estate experts, the kitchen is the most significant upgrade. Many new home buyers rank ‘modern kitchen’ as a top priority in their house hunt. Invest in refitting this area with brand new quartz countertops, refitted cabinets, and stainless steel appliances.
- Hardwood Floors: Floors are also a major selling point for your home. While hardwood floors may cost more out of pocket, they prove to be a worthwhile investment by helping units sell faster and for higher prices. There’s nothing worse than bad, outdated carpet.
- Bathroom: Similarly to the kitchen, the bathroom speaks volumes to potential homebuyers. It is worth your dime to upgrade the cabinets and other features throughout your bathroom. Good news is that these upgrades tend to run at a much lower cost compared to kitchen renovations.
- Paint: Even a fresh paint job can work wonders for increasing the value of a condo. Play it safe and stick with a neutral color scheme. Whites and off-whites remain the top-selling interior colors and appeal to most homebuyers.
Should you Renovate?
For any homeowner planning to resell, renovations may be the key to increasing your condo’s value.
If your condo unit is looking outdated or in need of a structural change, then renovating may be a no brainer.
Even if your condo is in good condition, simple changes, such as a fresh paint job, or new appliances may lead to greater interest and higher asking prices.
Consider meeting with a local real estate expert or contractor to get advice on which renovations are right for you.
Now that you have insight into remodeling and renovations that improve home value, it may be time to begin a project of your own today!