18 May 5 Simple Upgrades To Increase Your Condo’s Market Value
The majority of home owners would tell you that if they had an opportunity to update their living space, they already have an idea of which rooms and items that they would like to upgrade. The challenge many face is that they do not know where to focus their efforts, and what upgrades would have the biggest impact on their space. For condo owners these decisions are amplified, as the limited space means each decision affects a larger portion of the overall living space. Whether you are thinking of listing your condo in the near future or just completing upgrades for your own convenience and pleasure, you should always keep in mind how the upgrade will impact the value of your condo.
A complete condo renovation is not required to increase the value of your unit. Here is a list of 5 simple upgrades that will increase the value of your condo and are sure to catch the attention of your guests and potential buyers:
Probably the most common update that can add value to your condo is adding a fresh coat of paint. New paint will cover any scuff marks, while freshening up your space. If selling your condo, this gives you the opportunity to cover up any bright coloured walls with a neutral colour that will be appealing to a wider range of potential buyers. Even though it may be difficult for you to paint over the canary yellow kitchen walls you truly love, it will help with your condo’s overall appeal with potential buyers. Although fresh paint may be the first upgrade that comes to mind, it should be one of the last projects completed. You do not want moving furniture or materials from other projects to scuff up your newly painted walls.
Your existing appliances may be functional, but potential buyers will be comparing your space with other units they have seen. The kitchen is always a focal point during the search for a new home. If your appliances are older, mismatched, or even slightly worn, new appliances will help move your space up on buyer’s lists. If your old appliances are still in good working condition, you can recover some money by selling them on the used goods market, or you can donate them to an applicable charity and hold on to the donation receipt for tax season.
3. Kitchen Updates
As mentioned above, kitchens are a key focus area for prospective home buyers, so it is no surprise that they yield the highest return on your upgrades. If a complete refresh is in the budget, pay attention to the flow of your kitchen. This is your opportunity to not just increase the visual appeal of this space, but also increase the functionality. Cabinetry that extends right to the ceiling is a good way to increase your storage space. If a complete overhaul is not an option, consider updating the countertops, faucet, and cabinetry hardware. These changes alone will give your space a fresh new look.
4. Organize Your Space
Condos have limited space to begin with, a cluttered condo can make it feel as if the room is closing in on you. Organizing and cleaning up your space will help your condo feel much more spacious. Closet organizers or even a custom closet is a great way to create additional space. A custom closet will allow you to organize your wardrobe in a more accessible manner and free up space for additional items. Built-in media centers are another way to create additional storage space, while having the ability to display your treasures and hide items such as your cable box.
5. Bathroom Touch-Ups
Your bathroom can easily be the highlight of your condo. A few simple updates like new lighting, a new faucet, and a fresh coat of paint can transform this space. For a real eye-popping update, include a new granite topped vanity, a rainfall showerhead, and floor to ceiling cabinetry for additional storage. Friends, family and potential buyers alike will all be taken-a-back with your updated bathroom.
Updating the look and feel of your living space is something every condo owner should consider to personalize their space and for their own comfort and enjoyment. But when it comes time to put your condo on the market, the above updates will help your unit stand out to prospective buyers and ultimately help you get top dollar for your condo.