All condo owners have had doubts about remodeling their place before selling. If you analyze overall cost of condo units and compare them to houses on land that are located in the same area, it is easy to see that cost oh houses is much higher.
Should you even bother with remodeling your condo at flipping point or is the time and investment not worth it? Our team has done detailed analysis on return on investment for upgrading and remodeling different parts of condo unit and we would like to share this information with all readers.
Our research has showed that location and cost of the property has different impacts from remodeling process and this article helps find everyone their answer for their exact condo remodeling.
Improvement Investments with Lower Cost Condos
Reselling condo apartment raises lots of question about remodeling. What will be buyers looking for when he or she walks in for the first time?
First of all we need to understand the purpose of the purchase and compare it to neighborhood. Lower cost condo apartments are located in suburbs of cities and tend to be not in high rises. These places do not have million dollar views and meant to occupy people who are not looking for luxury items inside.
The cost of these places to buy would be anywhere from $50,000 and end up somewhere below $200,000. You can find these condos all around the country in smaller cities.
What to Avoid when Remodeling and Why
Generally speaking you want to avoid spending money for intense renovations. The place will not jump so high in value if you spend hundreds of thousands dollars on upgrades.
Normally building management will not allow you to remodel exterior of your apartment but some of them do and we wanted to mention that it is not worth it. There are some exceptions to this: when placed had fire or was completely flooded.
Stripping down the entire condo to do full remodeling in low cost units is highly not recommended. The largest purchases are not appreciated mot ROI for condo remodeling will not be high with remodeling process is meant for more expensive and luxury living.
Avoid remodeling:
Full new kitchen with appliances
Replacing floors with new hardwood
Complete bathroom remodeling
Walk in closet and luxury cabinetry
New windows and doors
Most Recommended Remodeling in Low Cost Condos
The most ROI for condo remodeling you can achieve but doing most of the work by yourself or hire contractor for touch up and refinishing items instead of replacing everything.
The idea is the place to be just okey looking, because buyers are looking mostly for location and size. Usually in these condos the wow factor is not required to flapping condo the place. Our recommendation is to aim for $5 000 maximum to spend for remodeling and upgrades.
Very often we see home owners getting advice from real estate agents to spend money on many different items. The problem with it, they don’t care because in their mind the more condo apartment sells for the more commission they receive for real estate service. But they are obviously not aware of return on investment for renovation in condos.
Suggested remodeling:
Painting and caulking where required
Intense cleaning
Changing light bulbs
Staining and filling scratched floors
Replacing outlets and light switches
Average National Flipping Condos and Their Upgrades
What does average cost condo even mean? We want to range it somewhere from $200 000 to $1 000 000 in cost. But this of course changes from city to city.
For example in New York Manhattan it is even hard to find any condo for less than a million dollars, while in Dallas for that amount of money you will have very luxurious place and their average is somewhere close to $400 000.
Remodeling these types of condos will take time and money simply because buyers will be expecting to move in into home with nicer finishes and materials.
Newly built condo buildings would not require renovation and we want to discuss situations where apartment units were occupied for at least several years and damage to interior has occurred.
What to Avoid when Remodeling and Why
Just like in cheaper condo apartments, here you want to avoid spending money on extreme luxury items. On Point Remodeling wants to underline few specific items that have low ROI for condo remodeling.
You should be putting on the market in very good condition but without upgrades that require designer involved. If there is absolute need to replace the kitchen, you should absolutely do it, but make it simple and don’t overspend.
We do not say to use cheapest ever material, but be reasonable and use very basic themes/design. If you look at new constructed condo, they do not include any items like heated floor, chandeliers, exotic tiles and marble.
Avoid remodeling:
Structural changes and reconfigurations
Items with personal design/style
Installing new windows
Upgrading mechanical and plumbing lines
Additional modern features
Most Recommended Remodeling for Average Condos
Keeping the standard of the building and similar condos on the market is the rule of thumb. If anything is damaged or outdated it should be replaced before sale.
Most ROI for condo remodeling is always in kitchen and bathroom. But you have to understand that expensive items are not required.
There is a big difference spending $10 000 on bathroom and $20 000 on kitchen renovation because of damaged and outdated materials which we highly recommend, and spending $20 000 on high end materials new bathroom and $50 000 on kitchen with high end design.
Larger remodeling has higher return on investment but keep low profile. For example if you need to replace entire flooring, shop around for material and get lower cost but good looking floors.
Suggested remodeling:
Bathroom remodeling
Kitchen Upgrade
New flooring installation
Baseboards and Casings upgrade
Doors and door handles
Investment in Remodeling for Upscale Condos
Condo apartments that are very expensive on the market should have many items that attract potential buyers. People that intend to buy these places are looking for prime location, awesome views and obviously luxury remodeling with comfortable for living upgrades.
We want to put these properties above $1 000 000 and they are located mostly in downtowns of mega cities like New York, Boston, Chicago, Seattle or in popular vacation cities like Miami and Los Angeles.
It is very hard to call put this as return on investment, because the main goal is to trike attention and this process requires more thinking and planning than actual number of dollars invested.
What to Avoid Remodeling in Upscale Condos
The investment and remodeling process is exactly opposite from average and low cost condos. You should aim to make it look anything but blend and standard.
Everything should be looking new and better than you have seen it in magazines. The actual question is not what should be remodeled it’s actually how to renovate it before sale to bring up the value of condo.
Simple touch ups or replacement of basic features will not have high return on investment in upscale condos. Creating different styles throughout the place is not recommended as well. Appliances, materials, and fixtures cannot be from different brand or it will create image of tasteless design.
Avoid remodeling:
Partial renovation of anything
Touch ups and quick fixes
Things inside the walls
Everything that follows the theme/design
Most Recommended Remodeling for Upscale Condos
Before starting to throw money into remodeling your condo apartment you should stop and think for a second. What do people look for when looking to buy these properties and what should be changed or renovated.
To start discussion we should on two key points. First is large amount of money for property should scream luxury and second is condo living is much modern and open than house, therefore modern is the style you should be aiming for.
On Point Remodeling team has done tons of articles on topics for modern and luxury upgrades and you will be spending more than $100 000 for renovation of your places to attract potential buyers.
Grab attention items in condo are the ones that have most return on investment while renovating and they are listed below.
Suggested remodeling:
Sound system and smart home
Luxury bathrooms and Kitchen
Feature walls and ceilings
Fireplaces and interior waterfalls
Walk in Closets and Cabinetry
