You can boost the value of your condo with a few repairs and upgrades to get maximum returns upon selling it. However, you should work with a professional to help you make informed decisions in valuation and pricing. Here are important tips to increase your condo value. The main reason to increase the resale value of your condo is to get great returns when you sell it. While the upgrades will cost you money, they can significantly boost the overall reselling price, helping you reap the most profits.
According to Zillow, more than 35,000 condos are listed for sale in the United States as of July 2023. Other condos are on sale, too, so house buyers have plenty of options to choose from when buying condos. Therefore, your condo competes with thousands of others, including newly built ones.
Upgrading or repairing some parts is a sure way to influence the asking price while attracting the most home buyers. Home buyers are usually picky and will consider a well-maintained house over an old, poorly-maintained one. Increasing the resale value is an important step that attracts buyers and helps your condo sell faster at a great price. Before you start the upgrades, it’s always advisable to work with experienced realtors to evaluate the current condition of the condo and advise on the best upgrades you could make.
Maintain Your HVAC
How often do you inspect or clean your HVAC unit? Maintaining your HVAC unit is an important tip on how to increase condo value. If the HVAC system has surpassed its lifespan, chances are some parts are not as effective as they should be. Also, the general appearance of the unit may not be appealing, so you may need a few upgrades to improve it before selling your condo. Here are helpful tips to consider when maintaining your HVAC.
- Changing filters is one of the most straightforward HVAC repair and maintenance practices. Dirty filters prevent efficient airflow in the unit, making the HVAC work harder than it should, and increasing the overall energy costs. Remove air filters and check if they are dirty for a cleanup. You can also replace them if they are worn out.
- Every part of an HVAC unit is useful. Inspect the HVAC unit and clean both the inside and outside parts. A thorough cleaning process can unblock the dirty ducts and improve the unit’s aesthetic appeal.
- You may consider replacing the entire HVAC system if it’s old. Modern HVAC units are energy efficient and easy to control with a thermostat. If you feel like the old system is broken beyond repair or consumes excess energy, replace it to increase the overall condo value.
Add to Your Backyard
A backyard is your favorite playing ground for kids. It is where you relax after a busy day and is a great gathering area for your visitors. Therefore, upgrading your backyard will be a great solution for how to increase condo value. Many home buyers consider outside the house to know if they will have a perfect relaxing zone. If the backyard is poorly maintained, chances are you may lose potential customers, or the house value may be low. Learn how to increase condo value through the following backyard upgrades:
- A deck can either be freestanding or attached to your condo. Its main purpose is to provide shade, add to your condo’s beautiful look, and provide a perfect environment for resting at any time of the day. Find a great deck builder to help you design the ideal structure based on the look of your condo.
- If your condo is large, you will likely attract a buyer with children. Therefore, consider adding playground features like swings and sandboxes, which make the backyard child friendly.
- It’s cozy and entertaining to spend the night hours with family and friends outside at the fire pit. If your backyard lacks a fire pit, add one to increase the resale value of your condo.
- Outdoor lights are cheap to install, but they add significant value to the resale of your condo. Find the ideal lights for your backyard to illuminate the area and also increase safety.
Installing storage is another incredible idea for increasing the condo value. Many homebuyers seek extra storage units for their valuable belongings, garden tools, and other equipment. If the condo is small but has a huge backyard, maximize the outdoor space with effective storage solutions. The ideal storage ideas will create an impression that you are organized and care for the new buyer. Here are helpful suggestions on how to increase condo value with storage solutions:
- A well-built shed offers many benefits, making it an incredible addition to your condo. Other than storage, a good shed can blend well with your home’s décor and increase the general appeal of the condo. Find a shed building expert to help you choose the right materials and designs for your shed.
- A console table is another great storage solution that combines style and functionality, maximizing the value of your condo. You can create a large table with multi-levels to accommodate most items.
- Outdoor storage baskets and shelves can also boost the appeal of your backyard while providing perfect storage solutions. Find the ideal location for the shelves in your compound, and create them using high-quality materials to increase the value of your condo.
Control Your Water
Water is another vital factor to consider when planning how to increase condo value. Is your source of water reliable? What about your consumption? You could be spending more on water and energy bills due to upgrades you haven’t made. Here are practical ways to control your water and increase the value of your condo.
- Drilling a well provides water reliably and increases water independence. If you have been using municipal water or a community borehole and the source is no longer reliable, invest in water well drilling, which is more sustainable and rarely exhausted.
- Leaks on your faucets, sinks, and other areas of your plumbing systems can lead to gallons of water wasted daily. Inspect the entire water plumbing system to ensure no leaks which could bring moisture into your home or increase water bills.
- Some shower heads and toilets are water efficient and can help in water conservation. They can also increase the overall value of your condo when installed well. Get rid of the old water fixtures and install new ones to increase the value of your condo and enjoy better water usage.
Repave Your Front
A driveway is one of the most important features at home, which can significantly increase the value of your condo. However, the pavements are prone to wear and tear, meaning you can notice potholes, dents, and other damages that reduce the pavement’s appeal. Is your driveway unsafe and unattractive? If so, you may need to do a few repairs to improve the look of your front and increase the value of your condo. A great paving contractor can help with the repair process or advise more on how to increase condo value. Here are some benefits you enjoy by repaving your front.
- A damaged front pavement may pose safety hazards, mainly if there are notable cracks or potholes. Repair or resurfacing smoothens the area, making it safe for humans and vehicles.
- Resurfacing the front pavement is an excellent practice for improving the curb appeal of your condo. A great look generally adds value to the property.
- Asphalt, concrete, and other materials used in pavements are durable because they are highly resistant to wear and tear. Therefore, pavement resurfacing can increase the durability of your condo front area, preventing damage from heavy vehicles and harsh environmental conditions.
Customize Your Entry
Your entryway creates the first impression, which can increase or reduce the value of your condo. Thankfully, it’s easy and affordable to improve the curb appeal of your entry and boost the property’s overall value. Here are helpful ideas to get you started:
- Add a unique, inviting special finish to your front door to make it more appealing to the eye. The color you add should match the other decor aspects of your house for the best look. Similarly, you can consider replacing it with a newer front custom door. These doors come in many designs and styles, and you can choose the ones that enhance the look of your condo.
- Front door lighting is often overlooked when upgrading the front area. However, the ideal lights can beautify your front yard, mainly at night. Use lanterns, hanging lamps, and add the chandeliers which bring the most light to your condo front area.
- Evergreen plants can make your front area more inviting. If you like plants, find the flowers/plants that thrive well in almost all seasons and customize them well on your door or the wall next to it.
Renovate Your Kitchen
A kitchen is an important part of your condo where family meals are made. Thanks to modern kitchen upgrades, your kitchen doesn’t have to be unattractive or boring. You can enhance it with a few tricks to improve its functional and aesthetic benefits while making it more useful. Learn how to increase condo value with the following kitchen renovations:
- Painting is one of the simplest and most affordable ways to boost your kitchen look. Fresh paint makes the old walls or cabinets look newer again and can significantly increase the value of your property. Choose good colors which match the other aspects of your house.
- Use LED strip lights or lamps and install them in the most open parts of your kitchen. Involve an experienced electrician for recommendations on the best kitchen lights to use for your kitchen and expert installation.
- The countertop is one of the most notable areas whenever you get into the kitchen. As such, upgrading the countertops can be a great idea to make your kitchen look better. Common materials to consider for the upgrade include stone, granite, concrete, stainless steel, and wood.
- Lastly, appliances like dishwashers, gas cookers, ovens, microwaves, blenders, and mixers can improve your condo value when you upgrade them. Buy new ones which are energy efficient and also easy to use.
Refinish Your Floors
The initial glossy look of your floor may fade now if your condo is over a decade old. As such, you may consider refinishing it to enhance the look of your condo. Many homeowners consider the floor condition when buying a house, so a floor upgrade will greatly boost your condo value and resale price. Whether the floor has porcelain tile or hardwood, a flooring expert can help you acquire the look you need and offer more suggestions on how to increase condo value with the floor choice. Here are the main benefits you enjoy by adding floors refinish:
- A damaged floor can be dangerous to your kids, pets, and everyone in the house. Professional floor refinishing can eliminate the main hazards and increase safety in your condo.
- Open crevices or floor cracks can be perfect breeding zones for pests like cockroaches. If your floor is old and has visible signs of damage, a floor refinish can reduce the occurrence of pests on your property.
- A well-installed and finished floor enhances the beauty of your condo. It can significantly boost the resale value of your house if you plan to sell it.
- The last important practice on how to increase condo value is to clean the house for showings. When a potential house buyer comes with their real estate agent for the house tour, they will expect to see the best, so you should clean it well.
Clean the windows, doors, walls, floors, and the hidden places in your home. Scrub the carpets well and remove any dust on ceilings which could create an impression you have neglected the house. You may need to pressure wash the house or hire professionals to provide the best cleaning results. The exterior parts of your condo are as important as the interior, so you should maintain the yard well ahead of the showings. Cut the long grass, remove weeds, declutter, and ensure everything is perfectly located to create a great first impression. You can hire a dumpster rental to help remove excess waste and garbage from your compound.
The real estate market is competitive nowadays, and only homes with great features sell fast. Hopefully, you have learned how to increase condo value to make your house more attractive and increase the resale price.