3 Condo Renovation Projects with the Highest ROI
We all want the perfect condo, and of course, we want it to be comfy, updated and welcoming at all times! Keeping it updated can force us to dip into our savings account and it may seem as though the updates are a never-ending-list. It is important to know the average return on investment (ROI) of the projects you are thinking about completing so you can get the biggest bang for your buck. This could help you with the decision-making process of what needs to be renovated in your condo before you sell.
Being happy with your condo is a big factor with ROI, however, below are the 3 Highest ROI Home Renovation Projects.
Replace Old Carpet
Old carpeting can be a significant deterrent for buyers especially if it's stained or in bad shape. If the carpet in your unit is looking dull and worn, it might be best to replace it. You don't have to drop a ton of cash but redoing the floors with laminate, real wood or even new carpet can really make a big impact. You can expect to spend anywhere from $1-$6+ per sq foot for different types of flooring plus the cost of installation if you don't DIY it.
Add a Fresh Coat of Paint
Painting your unit is a simple update that will make your space much more visibly appealing. Additionally, you can save a lot of money by painting yourself, as this project requires minimal equipment or experience. When selecting your color scheme, it's best to avoid overly bright or intense colors, as these will not be attractive to a wide range of people. It's best to keep the colors neutral so that potential buyers can envision themselves living in the space. For example, off-white, beige, and greige, will look beautiful without being too much. A professional paint job can cost anywhere from a few hundred to a few thousand dollars depending on the size of the condo and how much paint is used.
Want to make your home impossible to walk away from without receiving an offer? Update the kitchen. Kitchens can yield you around 90% return on your investment and is the most valuable upgrade. It's also a good idea to update the appliances, especially if they are old. Depending on the appliances you select, it can cost anywhere from $500-$3,000 and up. A fairly modest but full kitchen renovation can run you $10-$15,000. If you do not have enough in the budget to update the entire kitchen, start with these spots:
Most Popular Replacements in a Kitchen Remodel:
74% Update Countertops
70% Update Paint/Wallpaper
67% Update Cabinetry
64% Update Flooring
We hope these tips help you decide which renovation projects you want to tackle this year.
If you need any help, feel free to contact us and we can customize your list to make sure you get the highest return!