Remodeling a condo to increase home value is a good decision only if you ask yourself why?
If you want to remodel your home so that it can bring in rewards, you can work towards various upgrades and changes that home buyers in the future might enjoy. Home renovations in general do cost a significant amount, which is why the first step you should be to make yourself comfortable with the budget you want to spend on remodeling your condo.
So, what kind of remodeling will bring you a significant return?
Get New Appliance For A Modern Refreshed Look
Even if your condo is aesthetically decorated, old and rusty appliances can always give it an archaic set back. If you are looking for interior improvements that can add value to your condo, then a simple upgrade to stainless steel appliances can give your condo a modern and sleek touch.
Not only does it increase the perceived value of your property, but it can also help in saving on monthly utility bills. Modern appliances give your property and expensive feel which has an instant effect on any homebuyer who is interested in taking a tour of your condo.
Bathroom Touch Up
Since there is limited space in a condo, each minor change can have a significant impact on the overall value of your house. Bathrooms inside a condo are typically smaller compared to other properties which is why little changes such as better lighting, tiling, or fresh paint can help increase their value even if you have a limited budget.
You can also upgrade new countertops, sinks, toilets, shower, or cabinets to boost your condo’s value further. Comfortable, aesthetic, and neat looking bathrooms are a great selling point because it is one of the few personal spaces that a homeowner would use multiple times a day.
Condo Remodeling Holy Grail: A Modern Kitchen
Next, another great usable renovation that offers a good amount of value is a remodeled kitchen. Home buyers in several states almost always inspect the kitchen first when they are considering a condo purchase.
Today, kitchens play the role of a much-needed watering hole where people come together, share food, and make memories. Open and beautiful kitchen layouts attract buyers. Therefore, a modern kitchen is a definite way of adding value to your condo.
Take Note: Value vs. Return On Investment
However, when it comes to remodeling your condo, it is very important to understand the purpose behind it. While remodeling your kitchen can boost the value of your home, it may not give you a high return on investment.
if your goal is to increase your home value in order to sell it off in the near future, you might want to focus more on minor cosmetic changes rather than a big and costly remodel. For example, minor remodels include a fresh coat of paint, new cabinet covers, laminated countertops and replacing any outdated technologies or appliances around the house.
Why Consider Cosmetic Changes?
The reasoning behind choosing minor cosmetic updates compared to larger ones is that they are more substantial in terms of the return on investment. Of course, the scenario is completely different if you want to remodel your house for personal purposes, then return on investment may not be your top priority.
As any contractor would tell you, it is always best to consider income producing changes and practical upgrades to your home rather than large investments which do not match up in value or return. Any home buyer will expect good air conditioning, plumbing, and electrical systems at the very least which is why these should always be the top priority before you move on to anything else.
Wrapping Up: Who Can Help?
If you opt for a mortgage broker to help you make decisions when it comes to financing and estimating the value of your home, there is a high chance that you will save time and money because of their experience and expertise.
Other than saving you time and effort, they may be able to save you some coin too! Mortgage brokers receive loan products from lenders at a wholesale rate, which is why they can offer you a rate that is both satisfying and of great value! Through their market experience, they can advise you to make financial decisions that are beneficial for YOU.
In the end, increasing home value comes down to the right timing, smart decisions, and impeccable research. Expert mortgage brokers at e-Finance Mortgage LLC are equipped with the right tools and knowledge to provide you with a smooth sailing process – from increasing the value of your home to all your other mortgage needs!