When you decide to put up your condo on the market, you might be faced with the dilemma of whether to renovate or not? Renovations are worthwhile if they help you get a higher price on your condo or if they help you sell your condo faster than expected. On the other hand, if you don’t renovate, you might have to sell your condo at a lower price or even have it on the market longer than is convenient for you. Still, there are various scenarios that make it flexible to renovate or not. These are what we will look into in this article, helping you prepare for selling your condo.
One of the reasons that renovating your home would be a good idea when you plan to sell is that most buyers look for a house that is ready to move in. While there are buyers for “fixer-uppers”, the price they are willing to pay would be substantially lower.
When you could get away with not renovating:
- If the market is currently conducive to sellers, you could get your condo sold with fewer repairs and renovation costs.
- If you are not in any hurry to sell your condo and have more time on your hands to wait out a good deal, then you could make do with some minor cosmetic changes in your condo, rather than any full blown renovations. These could be as simple as clearing out the clutter and doing some small paint jobs.
- If your condo requires an exorbitant number of repairs that would cost you a fortune in renovations, then it is better to save that money and reduce the price of your condo instead.
When you need to renovate:
- If the market is currently conducive to buyers, then you would definitely need to do some renovations in order to make it look attractive to prospective clients. You can understand how the real estate market is faring right now by consulting with real estate agents, going for some open houses yourself, and reading through the listings in local real estate directories.
- If you need to get your condo sold as soon as possible, maybe due to financial issues or due to a relocation because of your job, or because you have already placed, the down payment on another property, you may need to renovate to make your house appeal to buyers and get it off the market sooner.
- Check out the other condos that are up for sale in your area. See how your condo fares compared to them. If you feel your condo has a feature that could significantly lower its value in the real estate market, then it would be wiser to spring for a renovation.
- If certain essential items are not functioning as they should, it could be a turnoff for potential buyers, such as leaky plumbing, tiles that are broken, electrical points that don’t work, etc. These should be repaired if you need your condo to be attractive to buyers.
- First impressions are lasting impressions. If you have something that is broken or damaged and can be noticed as soon as a buyer walks into your condo, then it is better to get it fixed, repaired, or renovated.
If you want a higher price on your condo, and want to get it sold as quickly as possible, here are some things you can do to renovate your home which will not cost you much in terms of money, time, and effort, but will still pay off in a big way when it comes to closing the deal!
- If your kitchen has an outdated design which does not compare favorably to the other condos in the market which have a modern layout, you can still get by without going for a full-blown kitchen remodel. You can achieve a fresh, modern look by upgrading certain hardware, like knobs and handles, to the trendier ones, changing the paint colors on the cabinets, changing the light fixtures, etc.
- New light fixtures and bright lighting can literally make buyers see your condo in a new light. Throw out old fashioned and dull lighting and bring in a fresh new vibe to your condo.
- Painting your walls in a pleasing and neutral color will brighten up your condo very quickly.
- New carpets and rugs can bring in a touch of warmth and help demarcate spaces in your condo, making it easier for buyers to visualize themselves living there.
- Buying new and shiny kitchen appliances for display, which are not that expensive, and which you can use in your new place anyway, will make buyers instinctively like the place and feel at home.
- Remove all clutter and any personal items from your home. Give it a natural look and yet retain a feel of warmth. Let people visualize themselves living in the condo. Having a lot of clutter and personal items strewn around will put off buyers.
- If you have already vacated your condo, and it is now bare and empty, try to give it some life by renting out furniture to fill it up while it is on the market for sale. This helps because people are able to visualize living in a space much more easily when they can see furniture around, rather than when everything is bare.
- Make your door attractive, which is easily done with a fresh coat of paint.
- Make sure your condo smells nice! Be sure to eliminate all odors of pets, sweaty sports equipment and shoes, clean out any boxes of litter, etc. You can use scented candles or air fresheners, both spray as well as plug-in, to make sure your condo is uniformly pleasantly scented.
- Getting your house professionally cleaned would cost just a fraction of the cost of renovation and yet it could give your buyers a really good first impression when they walk in the door and inspect every room.
Following these simple suggestions will ensure that your house is all spruced up and well prepared to greet potential buyers and is sure to impress them enough to buy it immediately!