Buying a condo is a smart real estate investment. Whether you decide to live in it or have it rented out, your condo will make for handsome profits in the future – especially if you properly maintain it all throughout your ownership.
Our team has come up with a list of condo upgrade ideas that will help in keeping your investment in tip-top shape in the present, as well as in boosting its market value in the event that you put it up for sale in the future. Note, though, that homeowners’ association rules may prevent you from making overly drastic modifications to your home. Thus, most tips here will be for updating your condo’s interiors. See how your own condo will fare here:
- Keep your condo well-maintained
This is most likely the easiest step to take on how to give your condo unit some TLC, as well as how to increase its value. Condos exhibit the usual wear-and-tear, especially if you’ve been living there for a while, that you might not even notice them anymore. But take a closer look—how clean are your walls? Is there any chipped paint or ratty furniture? Are your rugs looking worn out?
Giving these fixtures and spaces regular cleaning and maintenance checks may seem negligible, but they actually can do so much to improve the condo’s aesthetics and market value.
- Give it a fresh coat of paint
If your walls are looking a little drab, you can give these a new look and feel. Color can set the mood in your home and give it a fresh, welcoming appearance. There are online tools that can help you to visualize how certain paint colors will look like on your walls.
It’s also advisable to check the market’s current color preferences. Many interior designers will recommend neutral colors for a chic yet subdued look that caters to most homebuyers. Bonus tip: a well-chosen color for your kitchen alone could help boost your condo’s resale value.
- Upgrade your kitchen
The kitchen is one part of a home that gets the most attention from potential homebuyers. Upgrading it will require more investment and planning. Invest in kitchen appliances that are not only top-of-the-line but are also instrumental in putting together your condo’s overall look. Consider having modern furnishings in place, as well as space-saving features. Replace your tiles, backsplash, and cabinets if they’re visibly worn.
- Storage, storage, storage
A condo isn’t as spacious as a typical single-family home, so extra storage space here will command instant attention among buyers. You can add some stylish shelves or even a secret cabinet in strategic areas of the home or in spaces that are not being fully utilized.
- Play up your balcony
If you have a balcony in your condo, make it functional and eye-catching by adding plants here. Or you can throw in some chairs and floor cushions and turn it into a lounge area for that premium touch.
Making upgrades to your condo to increase its market value doesn’t have to be a major project right away. You can make things easy on yourself in the long run by staying on top of minor issues as soon as they come. That way, you can keep your condo in good shape without getting blind-sided by things like costly emergency repairs in the future.
The Wenatchee, WA real estate industry may be feeling the pinch of recent global events but Coldwell Banker Cascade Real Estate continues to serve you in realizing your real estate goals. Call us at 509.888.8887 or email info(at)cbcascade(dotted)com to learn more.