Whether you’re interested in selling or refinancing your condominium soon, there are always ways to increase its value. Learn how to get the most out of your property and boost your condo’s value with these five tips.
1. Make the most important update
The kitchen truly is the heart of the home, and the most important upgrade you can make if you plan on putting your condo on the market any time soon. It’s vital that the prospective buyer gets excited and can envision themselves preparing meals for their family in that kitchen!
Depending on your kitchen’s condition, you may consider everything from a really deep clean with a few updates, all the way to a complete makeover. Take a good hard look at your countertops, cabinets, backsplashes, and even the appliances. Would the cabinets benefit from a fresh stain or coat of paint? Would a new pendulum light look amazing over the sink?
Whether you upgrade your kitchen DIY style or you do a full overhaul, any investment in your kitchen is a good investment.
2. Get approved for Federal Housing Administration (FHA) lending
In the world of real estate lending, there are many different types of mortgages available, with FHA loans being one of the lowest cost and often most desired loan option. When it comes to condominiums, the entire complex must receive approval for any one of the condos within the complex to take on an FHA loan. Even if you, yourself do not have or want an FHA loan, request that your HOA become FHA approved so that the pool of prospective buyers opens dramatically. This could be a huge bonus for property values!
3. Serve the community
The general aesthetic of your condo complex is absolutely a contributing factor to a condo’s property value and healthy sales price. Thought you have an HOA that takes care of the community landscaping and upkeep, but they can always use a second set of eyes.
Take a few moments to walk the community grounds and make note of anything that could use a little love. Look for cracked or peeling paint, weeds, dirty or unkept recreation areas such as a community pool, and the general condition of the landscaping. Provide your list to your HOA management as is your right as a member of the complex.
4. Upgrade the bathroom
Coming in a close second, just behind kitchen upgrades, bathroom renovations are a huge factor when it comes to home sales. This is a great opportunity to take another good, hard look at the current situation. Could you use a new shower curtain or sink faucet? Is there an opportunity to upgrade a key element such as the tub, shower, and vanity area?
If you’d rather allocate all your renovation dollars to the kitchen (not a bad plan!), still be sure to give the bathroom some love by keeping it tidy, organized, and a matching set of decorative towels can do wonders.
5. Tidy up your ‘front yard’
Make the best first impression by creating an inviting experience at the front door. Clear any clutter, freshen the paint on the door, update lighting, and your door knob for maximum impact with minimal
effort and cash. Once everything is spruced up, set the scene by hanging a warm wreath and dropping a welcome mat at the door. Now that’s a good look.
Interested in learning more from a local condo specialists? Turn to your Little Italy team for all of your real estate needs! Contact us at (619) 322-2262. Our team looks forward to helping you find your new home.