Renovating for Resale: How to Renovate a Condo to Maximize Resale Value

Renovating your home is an exciting process that can help you breathe new life into your living space. It’s a chance to have fun and completely reimagine the look and feel of your space and make it more functional to live in – what could be more exciting than that?

While transforming your home to make it more modern and aesthetically pleasing is one of the most common reasons to renovate a space, home renovations can also be used to help boost resale value and make your space more attractive to potential buyers. For instance, did you know that the average Return on Investment (ROI) for home renovations is 70%? 

When it comes to renovating for resale, there are certain improvements that often end with a higher ROI. So, if you’ve decided you want to renovate your condo but haven’t yet decided what upgrades you want to do, you may want to consider the following resale-friendly renos.

Flooring

Floors are one of the first things people notice when they walk into a room, so having brand-new hardwood or laminate flooring throughout your unit can really pay off when it comes time to sell. In fact, it’s estimated the new floors can boost property value by 100-150%! 

To help you get the most bang for your buck, we suggest going with flooring that is neutral and classic and will pair well with any furniture or decor – think light or medium tone brown, beige, grey, or greige. When buyers are able to picture their lives in a space, they are more likely to buy, so choosing flooring that appeals to a wide variety of buyers is always a smart choice.

Painting

Painting the walls is one of the easiest and most inexpensive ways to give your space a new look and can help add 5% or more to the sale price. Again though, in order to appeal to a wide range of buyers, try to opt for more light neutral tones as they pair nicely with different furniture styles and are also easy to paint over. If you want to add a pop of colour and go for a more modern, bold look, painting an accent wall with a contrasting colour will do the trick!

Storage

Whether it’s for you or a potential buyer, the feeling of having an ample amount of storage space in a condo is unmatched. Built-in cabinetry and shelving are a couple of examples of storage solutions that can make a unit more profitable when it comes time to sell.

Kitchen & Bathroom

Upgrading your kitchen and bathroom not only helps improve the overall look and functionality of your home but are also the best renovations when it comes to resale. With brand-new, modern kitchens offering an average ROI of 83%, it really is true what they say – kitchens sell homes!

When it comes to bathrooms, going all out with a brand-new vanity, tiled flooring, light fixtures, plus bath and/or shower can also go a long way, leading to an average ROI of 75%.

Upgrading Appliances

If you decide to renovate your kitchen, investing in new stainless steel appliances can help make the design look more modern, finished, and cohesive. Plus, it’s a major selling point – new appliances can boost home value by up to 7%!

While renovating your home and condo is always a good idea from a resale perspective, don’t forget to prioritize your wants and needs. At the end of the day, you still have to live in your home (unless you plan on selling right away), so the resale value doesn’t have to be the only consideration. 

When renovating your condo, ensure that your preferences are balanced with resale value by working with an experienced condo renovation company like RENU My Condo. RENU has renovated over 500 condo units in the past 10 years and has the expertise to make your home look more modern, functional, and buyer-friendly. Contact us on our website to get an estimate, and in the meantime, stay tuned for more great blog content.