If you’re the owner of a condo or townhouse, you probably know how difficult it can be to make improvements. However, it’s not impossible – and you can even add value to your home by changing things up on the inside.
In this article, we’ve outlined our top five risks and condo improvement tips that will create value without emptying your wallet.
Is It Easy to Make Condo Upgrades?
Before getting started, it’s important to remember that upgrading a condo is different than making changes to a typical home. If you’re considering any condo improvements, keep these potential obstacles in mind:
1. Association Rules and Regulations. In most cases, condos belong to homeowner associations (HOAs) that implement rules for making improvements. Without your HOA’s approval, you may be restricted from making certain changes to your condo.
2. Budget Constraints. Even on a budget, your condo improvement projects could add up. It’s important to plan carefully and avoid going over your allocated spending funds. After all, you’re trying to create the most value out of your condo with the least money spent.
3. Limited Space. Unlike traditional homes, some condos may have limited space to work with when making improvements. It may be necessary to get creative with your design choices to make the most of your space.
4. Shared Walls. Because of your potentially limited space, it’s important to consider how your neighbors might be affected by renovations. Be sure to communicate with them and follow your HOA’s rules to minimize the impact on others.
5. Limited Control Over Common Areas. In a condo, you typically don’t have control over common areas such as hallways, elevators, and lobby spaces. This can make it difficult to make certain improvements or changes to the building as a whole.
If you’d like to learn more about upgrading your condo or want to finance one, find a Total Mortgage loan expert near you.
Five Tips to Improve Your Condo’s Value
Now that we’ve laid out the obstacles of condo upgrades, let’s dive into our top five value improvement methods.
1. Purchase new appliances
Old appliances can make a beautifully decorated room look archaic. A simple upgrade from old appliances to stainless steel options will make your rooms look sleek and modern, which can greatly enhance the perceived value of your condo. Upgrading your appliances can also help you save on your monthly utility bills.
2. Paint and redo flooring
Floors, walls, and ceilings are the first things that people notice in a room. Old floors, stained carpeting, or cracked walls can be a big turn-off to guests or potential buyers; however, a small investment in paint and flooring can drastically increase the value of your condo.
Before jumping into a project like this, make sure you carefully plan out each room and the condo as a whole. It is important for the colors and flooring of your condo to flow nicely from room to room.
3. Touch up the bathrooms
Condo bathrooms are typically smaller than bathrooms in a house. Since space is limited, each improvement can have significant benefits. If you are working on a very limited budget, simple fixes like touching up the tile or paint can help add value.
After that, bathroom upgrades such as new countertops, tile flooring, light fixtures, showers, toilets, sinks, drawers, and cabinets can help boost your condo’s value even more.
4. Finish the basement
An unfinished basement is an incredible opportunity for owners to add space and value to their condos. Finishing your basement adds to your home’s total square footage. It’s also a great selling point for potential buyers, as a finished basement can easily become a man cave, office, child’s playroom, or spare bedroom.
5. Upgrade the kitchen
Improvements to the kitchen often yield the highest return for condo owners. The kitchen holds many areas for improvement including cabinets, counter tops, sinks, faucets, and lighting. Often considered the heart of the home, the kitchen can make or break the perceived value of a condo.
Our pro tip? Look at your kitchen before making improvements elsewhere in the home.
See Your Condo Options With Total Mortgage
If you’re considering a condo for your next stage of homeownership or want to sell an existing residence, get in touch with Total Mortgage. Loan experts across the country are standing by and would be happy to assist with your financing needs.
Source: totalmortgage.com