If you own a condo and are looking to sell it, you may wonder what you should invest your money in in terms of renovations and repairs, and what you should skip. Stylish condominiums go for a good price in most markets, so getting your condo sale ready without breaking the bank is a good way to turn a tidy profit. When deciding what to do or not do, ask yourself these questions:
Will the results (aka the profit) justify the time and money you’ll spend? In many cases, renovations are not justified in terms of the return on the investment. However, in some cases, you’ll get a good return. For example, updating a kitchen or bathroom to be more modern can be a very good investment, as can a simple coat of paint.
Do I have the skills to get professional-looking results? Nothing screams “amateur” like a shoddy renovation job. Although painting your home can give it a nice look that will attract buyers, if you do a poor job it could potentially lose you the sale because a buyer doesn’t want to have to fix your mistakes before they move in. If you can’t do the job well, either choose not to do it or hire a professional if it is going to be worth the investment.
What should I fix? When it comes to selling your home, there are several things you should consider renovating and/or fixing. First, anything that is unfinished (such as a project you started but abandoned before completion due to lack of money) should be finished. Don’t expect a potential buyer to see your vision. Finish the job for them. Also, if there are any signs of water damage in the home, it’s very important to address those. Perhaps you had a leaky roof once, and your ceiling now shows signs of staining. Even though your roof may now be fixed and perfectly fine, a potential buyer may be scared off if they see staining. A quick coat of paint can fix that. As already mentioned, renovating your bathroom or kitchen can give you some of the best return on your investment when you sell your condo. If either of these spaces looks dated, it’s time for a facelift. Ensure all doors and drawers open smoothly, all faucets and toilets work properly, and all lights and outlets are in good working order.
Don’t waste time renovating rooms and spaces that don’t need it. If your rooms are clean, uncluttered and have a fresh coat of paint, that’s all most of them will need.
Selling your condo can be a stressful experience, but if you help your place put its best face forward without going broke, your home will not only sell more quickly, you’ll make a better profit.