5 Condo Renovations That Make Money

One way to potentially earn serious money through real estate is through flipping properties. Also known as the buy-fix-sell method, flipping is the practice of property investors wherein they buy a property below market price, renovate to increase its value before selling it for a profit.  With the rise of condominium units in the market, it is no surprise that property investors see this as great investment opportunities.

If you are planning to re-sell your condo, you might want to spruce up the property with some renovations to make your unit more appealing to potential buyers. Remodeling your condo does not have to be expensive, you just need to choose renovation projects that will give the best bang for the buck. Here are some ideas:

1. Tackle a Home Painting Project

A paint job is perhaps one of the simplest, quickest, and inexpensive way to transform your interiors and make it look new. Paint the walls, moldings, and ceilings with a light neutral color to make it look contemporary and appealing to prospective buyers. Choosing light hues for your walls is also a great way to create an illusion of a larger and brighter space.

2. Kitchen Makeover

They say that the kitchen is the heart of any home. Keeping this area updated to look bright and spotless is one way to attract homebuyers. Even simple repairs and replacements of leaky faucets and rusty fixtures can make a huge difference. Updating the cabinets by using lighter colors by can help make a kitchen appear brighter and more spacious. Adding a fresh coat of paint and replacing the hardware of cupboards can make the space more appealing.

3. Update the Bathroom

A few smart changes in the bathroom can also go a long way in raising your condominium unit’s value. Consider installing new countertops and replacing the stained sinks and leaky faucets. Adding storage and updating the lighting can also make a difference. Do a thorough cleaning of the tiles when needed, and replace plumbing fixtures and enhance the mirrors with frames and lighting.

4. Add Extra Storage

With small spaces in condominium units, storage is often a big problem. Offering ample storage is a huge asset your potential home buyers find appealing. Have built-in closets, shelves, and cabinets installed to help future homeowners keep their space organized.

5. Improve Lighting

As mentioned above, a good lighting can easily enhance a condo’s look and market value. Consider replacing the lights in some areas of the house. Pendant lights in the dining area can add an elegant touch, and dimmer switches in the bedroom will allow for adjustment of lighting intensity to suit different activities and moods. Cleaning the windows may also bring in the benefit of increasing ambient light, making your space appear larger and airier.

These tips should help you improve your property well enough to be able to sell your unit without breaking the bank. The key is to make your condominium a place where you yourself will be very happy to move into.