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How To Boost Resale Value Of Your Condo

by DMCI Homes Leasing on February 24, 2015 | Categories: Condo Advice and Tips, Home Improvement, Real Estate Industry, Renting

Owning a condo is not all about conveniences and luxuries. Anyone who makes the big purchase has his eyes clearly set into the future —resale. How much will a 2-million peso condo in the Philippines cost in ten years? Okay, can you just hear the cash registers now? Condo homeowners associations have set limits as to renovations and upgrades an owner can do in his condo, but that should not stop you in increasing the resale value of your unit.

increase resale value
Photo courtesy of Aag Photos via Flickr

There are a lot of smart condo upgrades you can do even if you just keep the improvements inside the unit. Simply keeping the wear-and-tear to a minimum as dwelling ages will add greatly to a value of a condo. So don’t worry if you can’t add an indoor pool or grow a massive indoor garden; you will never run out of upgrade ideas to make your condo looking fresh and spanking new even after a decade.

 

Go for Worth, Not Luxury

luxurious condo interior
Photo courtesy of Dereschuler via Flickr

First of all, bear in mind that not all upgrades will increase a condo value. The website OwnACondo warns that not all upgrades are created equal. Before making improvements, make sure that your condo is in good shape over-all. Who cares about a spa bathroom when everything else about the condo is awful? There are renovations and makeovers that add luxury, but not worth. Think function, think long-term. Do not impress with the top-of-the-line and most expensive granite tile in the world. Impress with a well-designed space that is practical and updated.

 

Go For Green

green home
Photo courtesy of Chrisjagers via Flickr

Ten or fifteen years from now, you will be hearing more of everything eco-friendly, green, and sustainable. So when you are looking to increasing the resale value of your condo, think eco now. Green features like having energy-efficient appliances, a low-flow showerhead, good insulation, additional ventilation, and LED lighting are things that future buyers will definitely look into. Even just adding some indoor plants will make your home greener in an instant. Eco-friendly design ideas for condominiums will be worth thousands and even millions in the years to come.

 

Keeping It Spotless

clean condo interior
Photo courtesy of Betta Living UK via Flickr

Cracked tiles, chipped paint, and wall smudges may look normal to a dweller but a prospective buyer in the future will surely notice the tiniest of details. Take a look around your condo as if you were buying it so you can see it in a different perspective. Do not underestimate what regular cleaning and maintenance can do to add value to a condo. Brighten walls with fresh paint, replace broken tiles, touch up furniture, repaint kitchen cabinets, and so on. Do not wait for the time when you have to sell your condo before you make minor maintenance works or you will be greatly overwhelmed with all the repairs before you know it. It will also help if you keep all records and receipts from all maintenance works and replacements so you can price your condo better once you sell it.

 

The Smell Matters

odorless kitchen
Photo courtesy of Betta Living UK via Flickr

How a condo smells makes an impression. Imagine a buyer walking into your condo and smelling stench. You should be lucky if he still checks your place out. Make sure the carpet is well-kept and the couch is looking and smelling fresh. Make sure the kitchen doesn’t smell like a microwave left unclean for a month. Make it a habit to keep your condo smelling nice to increase its value in the future.

 

Get Smitten With The Kitchen

clean condo kitchen
Photo courtesy of Urbaneapts via Flickr

The kitchen is arguably the most important upgrade. Some home experts peg its returns to be at 90% of its costs, making it a valuable condo improvement. When redesigning your kitchen, don’t spend on a built-in sub-zero refrigerator, imported tiles, and designer faucets. A quality mid-range kitchen will also have these features anyway. Go for function like an L-shape work space. Repaint kitchen cabinets, invest in a new cooktop, and update counters.

 

Makeover The Bathroom

spotlessly clean bathroom
Photo courtesy of Paragon Apartments via Flickr

First thing to remember is to keep it clean and always smelling fresh. Resolve plumbing problems all the time. Make it a habit to keep the tiles from looking yellowish and dirty so you won’t have to spend on replacing bathroom tiles all together when the time comes to sell your condo. You can update a bathroom by upgrading countertops, sinks, and faucets. Another affordable way to upgrade it is to invest a few pesos to bathroom interior decors like cabinets, storage, and mirror. Repaint cabinets and enhance the mirror with a modern frame.

 

Look Up And Down: Popcorn Ceilings And Cracked Floors

clean condo floor
Photo courtesy of Pictures by Gab via Flickr

You will be surprised at how much time buyers spend looking up and staring at ceilings. They are on the lookout for leaks, stains, and cracks. An inexpensive way to keep the ceiling looking new is to repaint it whenever necessary. When you do, go for neutral colors to suit a more general taste. Say goodbye to popcorn ceilings and scrape it off before coating it with fresh paint.

When it comes to flooring, wood floors are a hot item today and are classic enough to last a few more decades. Consider installing hardwood when you have extra budget. Tiles are very pricey to replace so address cracks right away and minimize the damage. When cleaning, do not ignore the floor space beneath the carpet. Come on, you are not fooling anyone.

 

Invest In Storage

bedroom storage
Photo courtesy of Rubbermaid via Flickr

Slowly invest in built-in and hidden storage and thank yourself later. Remember this: storage sells homes. Storage is especially expected in a condo because of the limited space. Just like you when you bought it, future buyers would look for all kinds of storage everywhere. Have a storage in the bedroom, kitchen, bathroom, under the stairs, and in every corner possible. Built-ins are fairly attractive to any buyer and a hidden storage behind a kitchen wall for example will surely wow them. So while living in your condo, invest in smart condo upgrades such as a storage for you to enjoy (while you can) and give you some valuable returns in the future.

 

When you buy a condo, you have to think into the future. What do you intend to do with it ten years from now? What makes a condo worth a thousand investments is that it is easy to acquire and easy to resell. When you are lucky to have one, constantly think of ways to improve your space. Remember that improvements do not have to cost a lot, especially if you are faithful to regular maintenance, repairs, and cleaning. When you make renovations today, minor or major, look far into the future and make your beloved space of value a decade from now as it is today.

 

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