The Key to Selling A Condo: 5 Renovations That Make the Most Impact
With home prices at an all-time high and the Bank of Canada making helping to keep mortgages at all-time lows, it’s a great time to be selling a condo.
The condo market, though, is not as hot as the detached housing market at the moment and it makes sense to take some steps to make your unit stand out to potential buyers in order to get the best price when selling a condo. If you’re considering remodeling your condo before selling, consider these 5 renovations that will add the most value and get you the highest sale price.
- Updates to kitchen and bathroom – Smaller renovations and updates in these rooms typically cost less than $5,000 per room but can increase a unit’s value by up to 30%.
- Addition of a bar-height kitchen island – This addition in the kitchen will drastically increase countertop space and give your condo increased resale value.
- Paneling of walls – If you’re planning to update the look of a room without spending much, this renovation can have a big impact for a low cost. Similarly, paint colors priced at $50 per gallon yield tremendous results if you’re changing multiple rooms. For example, painting both bedrooms and dining room such that their color schemes are either contrasted or aligned will have a notable impact on your condo’s visual appeal.
- Replacement of vinyl flooring – Vinyl floors typically aren’t found in luxury condominiums and their replacement will be seen as an improvement. Be aware, however, that some surfaces can increase the noise level. If you’re planning to replace the floor for this reason, consider acoustic underlayment for increased sound insulation.
- Systemic enhancements throughout the property – For a middle-of-the-road budget, consider replacing fixtures such as light fixtures and electrical outlets- this way, you’ll have a new system that will be compatible with any updates made in your old kitchen or bathroom.
One of biggest concerns we hear from people getting ready to sell is the cost of investing in renovations upfront when selling a condo. They either don’t want to or aren’t able to spend a bunch of money upfront in order to get a better sale price down the road.
That’s exactly why we created the Property Concierge program. Through this program, we actually carry the cost of your renovations until we sell your condo so you are never out of pocket but can still make changes to get a higher sale price.
I hope the ideas here help figure out what to do with your condo to get the highest value. These are general tips and they apply in a lot of situations, but every condo unit is different and buyers vary location-to-location as well. If you’d like to get some more custom recommendations for how to increase the sale price of your condo, we’re happy to give you a free consultation.
We can do it in person or you can send us some photos via email, but don’t hesitate to ask. Our goal when we started this business was to help as many people as possible get the absolute best price and most profit when selling their house or condo and we’d love to help you.
If you’d like to learn more or get a free consultation, give us a call or fill out this form.
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