According to a report, the city’s apartment vacancy rate increased by 6.6% — the highest level since 2016.
While you love your condo, from time to time, situations arise where we need to consider selling. This is a situation that is normal to find yourself in, and we've got you covered! Today we want to give you 8 easy ways to add value to your condo.
The focus is on locking in the best sale price possible. By employing some simple tips, you will add value to your condo and have a better chance of finding a buyer sooner.
Ways to Add Value to Your Condo #1 - Pack Up the Clutter
You have all sorts of precious items on display in your home. But, at times, they make it harder to see the features of the condo. Since all those items will be moving with you anyway, why not pack them up now? Rent a climate-controlled storage unit and put it to good use. Once the clutter is out of the way, you’ll find it easier to see what it will take to add value to your condo.
Ways to Add Value to Your Condo #2 - Clean Every Inch of the Condo
You think the condo is clean, but it isn’t. There’s little pockets of dirt and grime all through your place. They only become apparent when buyers attend open houses and peer into the cabinetry, or look behind the toilet.
Have a cleaning service come in and clean every last surface in your home. Go all out and pay for the super-duper cleanliness package!
That includes areas that you’ve not touched in years. Along with getting rid of the grime, you’ll notice that the place smells fresher.
Ways to Add Value to Your Condo #3 - Take a Good Look at the Floors
If you have hardwood flooring in your condo, make sure that it’s cleaned and freshly coated with a sealing agent. Something with a low gloss will work well. Along with protecting the floors, the slight sheen will be appealing to prospective buyers who wonder how their things would look in the space.
If you do have carpeting in one or more rooms, consider the condition. Cleaning carpets will certainly add value to your condo. When the carpet is beginning to show signs of wear, consider replacing them as an investment in your condo. Fresh carpets will do wonders to your sales appeal.
Ways to Add Value to Your Condo #4 - Freshen the Walls with New Paint
Getting rid of those hot pink walls may be hard, but remember that you will not be living there much longer. Potential buyers will be much happier when they walk in and see wall colours that won't clash with their furniture.
Ways to Add Value to Your Condo #5 - Make the Most of the Natural Lighting
Those heavy window treatments are going with you anyway, so pack them up and invest in lighter treatments that allow in a lot of natural light. More natural light creates the illusion of more space, and will certainly add value to your condo.
Ways to Add Value to Your Condo #6 - How About the Ambient Lighting?
Consider updating the switches and any recessed lighting in the condo. The cost is minimal, and it will give the place a more contemporary look. Dimmer switches are an excellent idea for overhead fixtures, since the light can be adjusted to show off the room's best features.
Ways to Add Value to Your Condo #7 - Update the Door Pulls in the Kitchen
Replacing the door pulls on the kitchen cabinetry is an inexpensive way to increase the visual appeal of the space. Pulls that are a little larger do add something extra that many buyers will appreciate.
Ways to Add Value to Your Condo #8 - Install Closet Organizers
Condos don’t always have an abundance of storage space. That includes the closets in the bedrooms. Consider investing in organizers that ensure every inch of the closet is put to good use.
Prospective buyers will take one look and picture if it's possible to fit all their Maple Leafs apparel in the closet. You want the answer to be "heck yes!"
In sum, enhancing the market value of your condo is not as hard as you think. There a several inexpensive ways to make your condo more appealing to prospective buyers. So, block off one day to work on your condo, that's all it will take!
Trust me, when your agent tells you that more than one buyer has submitted an offer, you’ll know the effort paid off.
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Connect Asset Management works with clients to secure high yield investments in the pre-construction condominium market. We work with you to establish a real estate portfolio that will work for you leading up to and during your retirement.
How does it work? We negotiate with the industry’s leading developers to secure deep discounts reserved exclusively for our clients. By promising a high volume of sales in a short period of time, developers extend exclusive incentive packages to us that we can then pass on to our subscribers.
We are committed to getting you the best units at the best prices at the best projects. In an attempt to bring transparency to an otherwise muddled industry, we take a data-centric approach to providing you with actionable insight into the world of condominium investing.
For more info, contact:
Ryan Coyle, Co-Founder
CONNECT Asset Management
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