How to Maximize the Value of a Condo
Whether you are planning to sell your condo in the near future or in a few years, there are certain improvements you can make right now that are sure to retain value over time. If you are confused about where to begin, this guide is sure to get you started.
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Instructions
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Start with the kitchen. Install stainless steel appliances or, at the very least, upgrade your counters to granite. It might seem like a large investment now, but chances are good that you will see a higher return down the road.
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Modernize your bathroom. If you can't afford to retile the floor and tub, at least replace the faucets and showerhead. Outdated fixtures and dark colors will only detract from your home's value when it comes time to sell.
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Re-paint your walls using muted colors and get rid of any old-fashioned wallpaper. Buyers need a neutral palette to visualize their own décor and bold design choices will detract from their ability to do that.
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Tear out old carpets and replace them with hardwood or bamboo floors. Hard surface flooring is easy on the eyes and easier to maintain than most carpets, which is a huge plus when it comes to maximizing your home's value. However, if you insist on keeping carpet in your condo, replace the existing one with something that is smooth and low to the ground like Berber.
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Transform open spaces in a creative way. If you live in a loft or a condo with extra large rooms, consider installing dividers or curtain panels to section off living areas. Besides freshening up your own state of mind, this will show buyers that your condo's floor plan can be easily changed to suit their needs.
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Add storage. Built-in cabinets may put off buyers who don't like your placement choices but extra shelving in closets or kitchen cabinets (particularly in smaller condos), are sure to impress and maximize value.
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Tips & Warnings
Think twice about making structural modifications to your unit--it might seem like a great idea now, but a buyer may think it's too complicated to reverse and you might have to answer to your condo board, which may bring a whole new set of frustrations.
