Renovations possess the potential to elevate selling prices, but it's essential to conduct thorough research before picking up that hammer. Potential buyers are seeking modernized features and finishes, sparing them the inconvenience and expenses of remodeling on their own. Nevertheless, it's crucial to strike a balance and avoid overpricing compared to similar units in the neighborhood. Here are our top condominium renovation suggestions aimed at optimizing your return on investment and propelling your listing to the forefront.
But First, Get Your Renovations Approved by the Condo Board
If you’re living on a strata property, most home improvements need written approval from the board before a single sledgehammer is lifted. Rewiring rooms, switching around bathroom plumbing or removing a dividing wall are all examples of projects that will need rubber stamping.
Rather than waiting for the monthly meeting, get the process going immediately by sending your strata council an email requesting approval. Break down each project into steps, including progress dates, info on your insurance provider, and bylaw building permits. It’s also wise to take photos at every stage to show how the condo looked before, during and after construction. Now that you’ve got permission, let’s look at what you can do to boost your condo’s selling price.
Totally Floored
Many condos come with carpet pre-installed to help reduce noise, but most buyers aren’t fans of this wall-to-wall flooring treatment. Upgrading worn or outdated flooring with modern, durable materials can instantly improve the overall aesthetic appeal of the space and boost the selling price. Consider options like hardwood, laminate, or luxury vinyl planks that offer a modern and visually appealing look. Selecting flooring that is easy to clean and maintain can be appealing to potential buyers.
For sanitation and style reasons, a buyer might try to negotiate replacing the existing floor with a more popular hardwood into the selling price. Preempt this move — and add more to the listing price upfront — by replacing the current flooring material with hardwood (or engineered wood).
Applied Science
When it comes to appliances, buyers are looking for new or nearly new, so make sure yours are up to snuff. If the dryer has been making a clunky sound for a few months, now’s the time to replace it. Potential buyers often prioritize modern and energy-efficient appliances. Upgrading to newer models can provide a fresh and appealing look while offering improved functionality and energy savings. Consider investing in energy-efficient refrigerators, dishwashers, stoves, and washer/dryer units. Stainless steel appliances are particularly popular for their sleek and timeless appearance. By taking on the hassle of installing them now, you can add them to the features sheet — and selling price.
Counter Offer
Since condos have limited counter space, maximizing what you have will wow prospective buyers, set your condo above the rest and improve its selling price. Instead of ripping out the whole kitchen, replace the current countertops with a classic Carrera marble or white quartz slab. Upgrading to durable and visually appealing materials such as granite, quartz, or solid surface countertops can instantly elevate the kitchen’s aesthetic appeal.
Counters are often the first thing buyers notice in the kitchen, and ample counter space is desirable for food preparation and entertaining, so you want buyers to fall in love immediately. Consider extending the existing counters for added space or adding a kitchen island for added functionality and storage. Also, talk to the builders about adding an overhang to create a breakfast bar, giving you an additional dining area to feature. This is one renovation idea that could increase the selling price of your condo without creating too much chaos or credit-card debt.
Storage Units
Storage closets are at a premium in condos — look at yours and decide if they’re as functional as possible. Proper built-in shelves, pull-out drawers and other smart storage solutions can make all the difference between your unit and someone else’s, increasing the selling price. Here’s why storage matters:
Ample storage space allows for proper organization, reducing clutter and creating a clean and inviting atmosphere. Potential buyers value condos that offer innovative storage solutions to keep their belongings tidy and easily accessible.
Effective storage solutions maximize available space, enabling homeowners to maximize their condo’s square footage. Clever storage options, such as built-in shelving, customized closets, or under-bed storage, help utilize every nook and cranny efficiently.
Versatile storage solutions allow for multi-purpose use of spaces. For example, a Murphy bed with built-in storage can transform a bedroom into a home office or a guest room when needed, maximizing the functionality of the condo.
Well-designed storage solutions can significantly increase the market value of a condo. Potential buyers appreciate the convenience and practicality of ample storage, making it an attractive selling point.
Storage solutions that blend seamlessly with the overall aesthetic of the condo contribute to a visually pleasing environment. Customized storage units or built-in cabinetry can enhance the overall design and make the space more cohesive.
You can tackle this renovation idea yourself with a trip to Ikea or an organization store, but consider hiring a closet professional. They’ll know exactly what will work where and the investment will be worth it, knowing it’s done correctly. You want prospective buyers to imagine their yoga mats and hockey skates sitting in that well-organized closet — and pay for it.
Knock, Knock
When considering any condo renovation idea, don’t forget about one of the most prolific yet overlooked features — existing doors and door handles. Let’s be honest; they were chosen by the original developer more for their affordable bulk price than their aesthetics or high functionality.
Double bi-folding doors are often more practical in small spaces than single-slab doors since they take up less space when open. Look to replace the laundry and hall closet doors with bi-folds and the bedroom closet door with a mirrored version. Don’t forget to replace the door handles with something a little more modern, too, such as a matte black or brushed gold finish. You’ll be amazed how this overlooked feature can boost selling prices.
There are plenty of condo renovation ideas out there, but picking and choosing the right one for your property is the trick. Any of these improvements will help you increase your condo’s selling price. So, which one makes the most sense for you to work on before listing it?
Source: https://blog.remax.ca/5-boost-condo-selling-price/
