Should you renovate before you sell?
Depending on the age of your condo and how well-kept your place is, you may want to consider upgrading to add more value to your condo. Since there is an abundant supply of condos at any given time on the market, it is important to make sure that yours stands out. This is especially true if the condo market you live in is currently in a “buyer’s market”, which means that there is more supply in the market than demand. The opposite holds true in a “sellers’ market”, where a new bathroom is not going to make the difference for buyers who are competing with other buyers over the limited options.
At the end of the day, you want to make sure that you are making the best renovation decisions at the right time, to give you the highest return on your investment.
Keep in mind though that there are never any guarantees that you will get your expected return on investment on major renos such as completely replacing your kitchen, bathroom, and flooring. This is because it is the market demand and supply that will ultimately determine the final selling price of your condo, and not what your mom or your best friend thinks it is worth after completing your renos. And after all is said and done, some buyers may not even appreciate that you spent $2,000 on a new granite counter top.
If you decide to upgrade your condo, it’s best to spend your money where it counts. In some cases, all you will need is a fresh coat of paint. But if you’ve neglected repairs and upgrades for years, then it may be time for an overhaul. Fortunately, since condos are generally smaller places to refurbish, the renos do not have to cost as much as you might think, especially if you do-it-yourself (DIY). In all cases, make sure that the changes you make will keep your condo looking spacious, and not cluttered with new furniture and décor.