Are Condo Upgrades Worth It?

The initial investment required to enter the housing market has been on the rise for some time and there is no real signs of it slowing down. Even if you have owned your home for a few years and selling it today would yield a good return, chances are that taking that money and investing in a new property will lead to you taking on a larger mortgage (assuming you remain in the same vicinity, and size of the property increases). This has led homeowners to evaluate if they are better off moving or upgrading their current space. If you and your family have outgrown your current condo space, unfortunately upgrading will more than likely not create additional living space. But, there are certain condo renovations you can complete that will increase your condo’s value, allowing you to receive top dollar once you put it on the market.

Here is a list of top condo renovation for maximum return:

1. Increase Storage Space

Condos have a finite amount of living and storage space, this forces many condo owners to be particular when it comes to the furniture, small appliances, decorative pieces, and knickknacks they bring home. Investing in the storage capacity of your condo will attract potential buyers and will help create a living environment that is more organized and open. Custom closets are a great way to organize your wardrobe while increasing storage space for personal items and a built-in media unit with floor to ceiling cabinetry is an attractive way to frame your television while concealing cable boxes and creating additional hidden and open storage.

2. A More Efficient Kitchen

Any real estate agent will confirm that kitchens sell houses, and holds true for condos as well. The kitchen is the heart of the home, and in a condo it is the hub for gettogethers with family and friends. Upgrading your kitchen with new countertops, new appliances, new hardware, sinks, and faucets is a great way to change the look and feel of this important space. Keep in mind the kitchen layout. You do not need to keep the same layout when completing a condo kitchen renovation, think about the layout and how your kitchen can be more efficient. Perhaps moving the location of appliances or even decreasing the size of your fridge to increase cabinet space. An upgraded kitchen, that looks amazing but is also functional will stand out in potential buyer’s minds, and draw larger offers.

3. A Bathroom to Remember

You do not encounter large sprawling bathrooms in most condos, and chances are your condo is no different. However, you can still impress your guests with an effectively upgraded bathroom. Replacing the builder quality pedestal sink and faucet, as well as towel racks and toilet paper holders with a granite topped vanity with upgraded hardware, faucet, towel rack and toilet paper holders will turn your plain, uninspiring bathroom, to your own personal spa like getaway for your most private moments. If you have the space to add some additional built in storage in your bathroom, this is a great place to tuck away cleaning supplies and personal hygiene items.

If you are thinking of upgrading your condo, start by making a plan that includes a budget and timeline. But, most importantly know who you are upgrading for. If your remodel is for your personal enjoyment any upgrade you completed that makes you happy and more comfortable is worth it. If the renovations are to prepare to sell your condo for top dollar, you need to focus on the areas and items that will yield the largest return and with finishes that will appeal to the general buyer.