16 Apr What Increases Condo Value?
Increasing the value of your condo is important in planning for a future resale or refinancing a mortgage. When it comes to condo renovation it can be a challenge to know where to focus your efforts. Not all upgrades and renovations are created equal. Some might offer great returns while others will ultimately cost you more money.
So, how do you make your condo stand out from the rest? How do you increase your condo’s value without shrinking your wallet? If you’re looking for a return on investment, here are 5 upgrades to increase your condo’s value:
1. General Maintenance
Over the years your condo would have experienced wear and tear. There might be worn carpets, chipped paint, cracked bathroom tiles, and finger smudges on walls. In addition, you might think your condo is clean, but there might be pockets of dirt and grime. Therefore, you should keep up with day-to-day cleaning and maintenance in order to maintain the value of your condo.
2. Kitchen Renovation
Did you know renovating your kitchen often yields the highest return for condo owners? The kitchen has so many potential areas for improvements such as sinks, faucets, lighting, cabinets, and countertops. If you’re able to afford a kitchen renovation, you should keep things simple and stylish. Don’t get carried away with the upgrades because it could ultimately cost you more money in the long run. If you’ve only got a little to spend, focus on giving the room a facelift. You can do this by painting the cabinets, installing new fixtures, and replacing the sink and faucet.
3. Bathroom Renovation
Do you have an out-of-date bathroom? If so, it probably needs some serious TLC. There are so many things you can choose to upgrade such as new toilets, vanities, showers, and light fixtures. If you’re able to afford bathroom renovation, the return on your investment is usually rock solid. However, don’t go over the top. Don’t be tempted to go all out for luxury because it’s one of the mistakes you can make. If you’re looking to sell, keep the design neutral. If you’re working with a limited budget, simple fixes can also help add value to your condo.
4. Refresh Appliances
Simply refresh your old appliances to stainless steel appliances. Doing this will make your rooms look sleek and modern, greatly enhance the perceived value of your condo, and also help you save on your monthly utility bills. In addition, upgrading your old appliances is an investment that can influence your asking price. Buyers are a lot happier when they don’t have to spend money on upgrading old appliances.
5. Add More Storage
The space in a condo is very limited and lacks effective storage solutions. Look to add more storage to improve space utilization in your condo. If you’re looking to sell, every inch of storage count. Buyers will be shopping with an eye to determine whether or not they fit in your space.