Renovating a condo is a wise investment to enhance your living space’s function, aesthetics and overall value. However, not all upgrades are created equally. Whether preparing to sell your condo or improve your home, you should consider which renovations will add the most value. Take the time to decide which projects offer the best return on investment (ROI) regarding both personal enjoyment and potential resale value.
Best Upgrades to Increase Your Condo’s Market Value
Don’t underestimate the power of a coat of paint when looking to freshen up your living space! However, if you want more bang for your buck, it’s time to explore which home improvement projects add the most value to your condo. Here are the top condo remodeling projects that will increase your condo’s overall value:
Condo Kitchen Remodel
Year after year, kitchens reign supreme. Often referred to as the “heart of the home,” this remains true even in condos. Kitchens are often the first thing visitors and buyers want to see once they walk through your door. Not only will a kitchen makeover positively impact your daily life, it will significantly boost the value of your condo. According to Zillow, the ROI of a remodeled kitchen varies from 53% to 81%, depending on region, the local market and the level of renovation. That’s an impressive return, especially if you get to enjoy the remodel for a few years before you list your condo.
Condo Bathroom Makeovers
Outdated bathrooms can negatively affect your condo’s worth, especially if you’ve put it on the market. Potential buyers shy away from homes with bathrooms requiring some serious TLC. To give your condo a significant boost in value and aesthetics, address all of the bathrooms in your home. A stunning primary bath and renovated guest powder room can deliver a healthy increase in value. Based on data from Remodeling Magazine, Zillow says that midrange to upscale bathroom remodels garner about 57% to 70% ROI. Next to kitchens, bathrooms are a significant talking point for potential home buyers and are worth updating.
New Flooring for Your Condo
Replacing the floors throughout your home provides an updated look that is luxurious and attractive. Professionally installed flooring, especially quality hardwood floors, will increase the value of your condo. New floors are a great selling point if you are considering selling soon. If you have multiple flooring materials with seams or transitions, consider creating a consistent look by installing one type of durable yet attractive flooring, such as high-quality tile, laminate or wood.
Add Storage Solutions
Many condos have a smaller footprint than single-family homes, so storage space is an issue. Without attic space or garages, condo owners need to maximize their space with attractive built-ins, extra closets and closet organizers.
Smart Home Technology
Automating your home makes daily life more convenient, increases your condo’s value and creates a unique selling point. Features like programmable thermostats, security systems and smart lighting make your home energy-efficient and attractive to tech-savvy buyers.
Condo Renovations That Bring the Most Value
Renovating your condo is always a great idea, especially when you find the sweet spot between increasing your resale value and enjoying the space. Choosing to upgrade high-traffic areas like the kitchen and bathrooms delivers the most impact on value and aesthetics. Making other improvements such as flooring, lighting, smart home tech and storage solutions helps widen the audience that your home appeals to if you choose to sell.
In the meantime, each upgrade allows you and your family to enjoy your condo and its new amenities fully. Remember, the key to a successful condo renovation is careful planning, an experienced contractor and quality workmanship. These factors ensure that your investment delivers the maximum return in enjoyment and financial value.