So you’re putting your condo on the market and want to fetch the highest price. Makes sense.
And you’re thinking of making a few improvements to boost the value of your Pattaya Prestige Properties condominium and the eventual sale price. That also makes sense. But only if you make improvements that actually increase the value. One of the blunders that sellers make is spending money upgrading or redecorating or remodelling their condos, only to discover that buyers are unwilling to pay for those improvements.
Most improvements you make to your condo will not increase the value of your unit by the same dollar amount, at least not in the short-term. For example, installing granite countertops in your kitchen at a cost of $8,000 will not increase the value of your condo by $8,000 in buyers’ minds.
Before you spend a dime on preparing your condo for sale, follow these rules:
Rule #1. Keep Up With The Joneses — Don’t Out-Do Them.
If no other condo townhouse in your neighbourhood has a $30,000 deck, don’t you be adding one at that price. If no other apartment condo in your building has $15,000 in stainless steel appliances, don’t be the first to buy them. If your condo is the least-expensive in the neighbourhood, you can likely spend money on improvements and recover a large percentage of the cost when you sell. But if your condo is already one of the most expensive in your building or community, don’t be tempted to spend money making it the most expensive. You’ll never get your money back in the short-term, if ever.
Rule #2: Keep Up With The Times.
There was a time when Formica countertops and deep pile carpets were all the rage. That time has passed. Trends in home decor tend to change every five years. So if you’re making improvements today but not planning on selling for over five years, beware. What’s hot today will very likely be outdated by then.
Rule #3: Only Invest In Improvements That Deliver The Highest Return On Investment.
Some home improvements pay for themselves and others don’t. At the one end of the scale, you have improvements to kitchens and bathrooms. Money spent on these two areas has traditionally delivered the highest return on investment when it came time to sell.
At the other end of the scale you have swimming pools (assuming your condo board allows them). Pools almost never boost the value of the condo because plenty of buyers aren’t willing to pay more for a townhouse just to acquire what they consider to be safety hazard (for their kids), a liability issue (uncle Nigel has one too many and falls into the water) and a maintenance hassle (raking out the leaves, disinfecting, closing up each winter).
Here is a list of improvements you can make to your condo, along with the percentage return you can expect to receive on your investment:
Minor kitchen remodel (countertops, cupboard doors, backsplash, etc.): 87%
Bathroom addition: 81%
Major kitchen remodel: (new cupboards, counters, sink, floor, lighting, appliances, etc.): 80%
Home office: 42%
Before you invest lots of money preparing your condo for sale, remember that you don’t need to spend a lot of money to increase value. Sometimes a can of paint can be worth $1,000.