I’m Selling My Condo. What Updates Should I Make?

Condo Interior

Making updates to your Wilmington condominium can help it sell faster and for more money, but that doesn’t mean every upgrade or refresh will have the same impact. The updates you choose to make should be based on the current condition of your property and other condos in the building or complex. Doing a small project may not be enough to make your property outshine other units for sale. On the other hand, if you pick a project or finish that is too nice, it may hurt your return on investment (ROI). So, it’s important to be thorough in your decision making and follow a logical series of steps before choosing updates for your condo.

Step One: Review Past Solds

First things first, you will want to look at other units in your condo complex that have sold in the past year and ask:

  • Which rooms and features have been updated?
  • What finishes/materials were used?
  • How do these compare to the current condition of your condo?
  • What was the starting listing price?
  • What was the final sale price?
  • How long did the condo sit on the market?

Step Two: Research Materials and Cost

Now that you know what upgrades have been made in other condos in your complex, you’ll want to research what it would cost to make them now. Consider the price and availability of building materials, as well as the cost of labor to complete the project. If it’s simply changing out hardware or a kitchen faucet, you may be able to DIY it. If it’s something more elaborate, like new flooring or kitchen cabinets, you should consider a professional and their costs.

Roller with blue paint on wall

Painting a Wall – Photo by Theme Photos on Unsplash

Step Three: Weigh the Return on Investment

Comparing the costs to the potential sale price of your home can help you narrow down what upgrades will be worth the work and money. But maybe you still have a few projects to choose from and you aren’t sure which will be the best to tackle. There are a few things to consider.

As mentioned before, the return on investment really depends on the current condition of your condo and others in the complex, but there are some upgrades that consistently give a higher ROI than others.

  • Fresh Paint: This is the easiest upgrade with the highest return on investment. You will get back, on average, 107% of your investment when you sell.
  • New Flooring: Installing updated flooring will get you 80% to 100% of the investment back. This depends on the type of flooring you choose. Hardwoods in homes generally have a higher ROI, but you don’t want to install hardwoods when no one else in the condo complex has them, because you would be over improving the property and will get a lower return.
  • Renovated Kitchen: When choosing one room to focus on, the biggest bang for your buck happens in the kitchen. This room can make or break a sale, especially if it hasn’t been updated in 30 years. A full renovation has a 75% return on investment, but you may be able to do less to get a better return. If the cabinets are still in good shape, you may be able to reface or paint them (just make sure you research how to paint cabinets or the paint will quickly wear off). You could also consider adding a backsplash or updating the hardware to a current style.
  • Renovated Bathroom: The second-best room to focus on is the primary bathroom. A full renovation with a new vanity, retiled shower, updated flooring, etc. has a 71% ROI. But a partial update, like a new vanity and sink or a painted vanity with a new faucet, may be effective as well. If the shower has seen better days, retiling may be the best option.

Of course, one way to really appeal to buyers is by solving an issue they have. And what issue do many condo owners face? Limited storage. If there is any way that you can maximize the space in the condo to allow for better storage, you are likely to appeal to more buyers. Consider where you may be able to upgrade a closet system, pantry shelving, or the hardware inside your cabinets (consider custom roll out storage and pan holders). These can be relatively inexpensive compared to other renovation projects and will be a welcoming sight for someone concerned about storage limitations.

If you are struggling to determine what project to do (or if an update is even needed), speak to your Wilmington Realtor. They are a great resource for information about what buyers will be looking for when shopping for a condo in your area. They can also put you in touch with local professionals that can help you complete any updates you choose to do.

I’m Selling My Condo. What Updates Should I Make?

I’m Selling My Condo. What Updates Should I Make?

About the Author
Meghan is the Marketing Specialist for The Cameron Team and a published author of two young adult books. She also creates digital and printable planners and trackers, as well as coloring pages for Larkspur & Tea.