Increasing your home’s resale value is key to selling it on-time and at a great price in the real estate market. And like stand-alone houses, there are also certain modifications you can apply in a condo renovation to help increase resale value. In this article, we’ll be furnishing you with those condo renovation secrets that real estate investors utilize to maximize profit.
- New paint
Old houses are notorious for having worn-out paint which is easily a turnoff for anyone looking to buy such a house. Painting the exterior and interior of any condo with fresh paint convinces buyers that the house is in good shape, even if certain areas need major upgrading. Fresh paint also increases the value of a condo and attracts potential buyers and real estate investors. Be sure to cover those old spots, cracks, and unpleasant areas of your condo with fresh paint.
- New flooring
A condo renovation can be a minor window replacement or major flooring. However, both have their various advantages. Realtors favor condos with new flooring, especially hardwood, which can be expensive. But if done correctly, you can easily get a good ROI on the house. Other less expensive options are laminate and carpet.
- Update light fixtures
You can get cheap lighting fixtures to upgrade the lighting of your condo. Focus on improving the interior lighting inside the condo with new and better designs. Check for outdated lampstands, bulbs, and chandeliers. These can make your condo look old and no one is looking to buy old condos unless real estate investors. To sell any condo, you need to make it look modern as much as possible.
- Update the essentials
Old essentials in the condo can easily be a turnoff to interested buyers. Old appliances mean having to spend extra money on repairs and new purchases, and with this current economic climate, the new motto is to spend less. But won’t buying new appliances mean more spending on your part? Yes, but then you can add it to the value of the condo. Essentials that need an upgrade include the washing machine, electrical panel, and furnace.
- Update the exterior
Last but important is updating the exterior of your condo. This is the first part of your condo interested buyers will see and it must be appealing. Painting and refinishing your front doors can come in handy here. Hiring a condo renovation contractor will help you find the best ideas to achieve a whole new look.