Renovations have the power to pump up selling price, but do your research before reaching for the sledgehammer. Buyers want updated features and finishes without the hassle and costs of having to do it themselves. However, you don’t want your price to be at the top of the range compared with similar units in the area. Here are our top condo renovation ideas to help you get the maximum return on investment and put your listing on top.
Approved for Duty
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 right away by sending your strata council an email requesting approval. Be sure to breakdown each project into steps and include progress dates, plus info on your insurance provider and bylaw building permits. It’s also a smart move to take photos at every stage to show how the condo looked before, during and after construction. Now that you’ve got the permission, let’s look at what you can do to boost your condo’s selling price.
Many condos come with carpet pre-installed to help reduce noise, but most buyers aren’t fans of this wall-to-wall flooring treatment. 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).
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. A stainless-steel fridge, stove, and dishwasher are on the top of homebuyers’ wish lists, so consider upgrading soon. By taking on the hassle of installing them now, you’ll be able to add them to the features sheet — and selling price.
Since condos have limited counter space, maximizing what you do 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 counter tops with a classic Carrera marble or white quartz slab. Counters are often the first thing buyers look at in the kitchen, and you want them to fall in love immediately. 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 closets are at a premium in condos — look at yours and decide if they’re as functional as they could be. Having 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 selling price.
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 properly. You want prospective buyers to imagine their own yoga mats and hockey skates sitting in that well-organized closet — and pay for it.
When thinking about 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 over-looked feature can boost selling price.
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?
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