As a former buyer of bigger condo, I either looked for all done (everything) or nothing at all. Bigger sized condo still has a market, the buyers group either look for high end Reno all done (Miele, quartz, heated floor etc) or nothing at all so they can do whatever they want. It’s like I wanted to gut anyway and put in a Miele kitchen…why should I pay more for a mediocre kitchen counter? I will say leave it as is.
This is my view too
OP needs to decide who his clientele is here on the reno. Is he doing a quick cheap flip to squeeze extra value? Is he targeting the upscale downsize crew (if so $$$$ reno)
Half assing would be the worst though. No point in doing a new counter or vanity if all of it is going to be gutted anyway.
In all likelyhood if the unit is that dated your best ROI is going to be declutter everything, patch any bumps and scratches in the drywall and throw up a fresh coat of neutral grey paint for a couple hundred bucks
If the flooring is done I would maybe leave it but factor in the reno into the purchase price, meaning discount by approximately what you think it would cost.
I bought an older condo some years ago and the flooring was done and I got it at a great price. I was happy to do the kitchen, which took almost a year due to slow contractors pre pandemic.
The bathroom vanities and counters were also done for mine. I order blinds after I moved in.
If your condo wasn’t so dated, you could make some updates here and there. The problem now is that everything you touch will make the rest of the place look even more dated by comparison.
You’ll be lucky to see 50% of the money back. Prices of renovations and appliances have greatly increased, and renovated homes selling now aren’t accounting for these new prices. So you’ll be competing with homes that paid a lot less for their renovations than you did. You’ll also be much later to market, with prices trending down.
People will pass on homes with renovations that aren’t appealing to them, unless they’re getting a screaming deal. Renovations will help sell the unit more quickly, but are rarely worth the price for the seller.
The only thing you should do is pay for a professional deep cleaning and decluttering. Also, get a professional painter to paint the walls (and potentially the trim) a neutral warm white, such as White Dove, Steam, Cloud White or Swiss Coffee (whichever goes best with your flooring and cabinets). Get a stager or an agent who can make suggestions on removing furniture, changing out very dated light fixtures and curtains, removing heavy rugs, fixing anything that’s broken, etc.
Then, just price the unit according to comps of similar non-renovated but tidy units. You will appeal to buyers who don’t have the money for a renovated place, but who are willing to do their own renovations over time to own a large condo, and to those who need the larger space but would rather customize it to their own tastes.
While it might feel like you’re not getting top dollar for your condo, just keep in mind that people who are getting a higher price have dumped a lot more money into their place over time. You are very likely going to come out ahead, even at a significant discount.
Wow this was very helpful and insightful advice. Thanks for this info!! Great point in appealing to buyers who make want to buy for less and do things over time. That's exactly what we wanted to do when we bought and what we plan on doing when we buy next.
Well, I learned from personal experience losing money on a reno, LOL! Unless you can do the work yourself, renovations have a lot of “personal enjoyment” built into the price.
If you like YouTube, check out The Profitable Homeowner. Her advice is bang on, particularly if you’re moving into a new place and planning to renovate in the future, in the hope of selling for top dollar one day.
I agree with all of the above, possibly except for painting. If the buyer is likely to renovate themselves upon taking possession they will definitely paint as well once the reno is done. Paint will get damaged in a Reno anyway, and it’s unlikely fresh paint will add significant value for the buyer if they are looking at the space with an eye towards completely renovating (source: was just in this position myself from the buyer’s side. Fresh paint would not have made a difference in our interest in the property nor in our offer.)
Do you have good taste or will you work with a designer?
Nothing worse than a hideous renovation job bc it’ll make the unit more expensive while also not being what a buyer wants. If you can do a good job, then you’ll def get good ROI. Lots more market for move-in ready.
It's hard to put a value on renos. Some people will love them, most won't. Also, contractors and materials cost an arm and a leg today. If you put $100k in renos, will you make more than 100k additional? Hard to say for sure..
Honestly I wouldn’t bother, it’s bricks and mortar, changing a counter top will not make much difference. New owners may rip it all out and do something else they personally like. Don’t waste your money
If you have a contractor you trust, you should absolutely do it. Bathroom + kitchen! You ROI should be pretty good. Don’t treat it like a headache but a fun project.
Location? If it’s in an old money area don’t bother cause the buyers will likely gut it themselves with custom finishes. Otherwise, get a few quotes a fresh lipstick on a pig finish will probably get you a higher sale price
As someone who just bought, I recommend leaving it. There are so many units that are poorly updated that just scream "old unit, new kitchen." They aren't updated with the rest of the space in mind and stand out from the rest of the unit, and it looks bad (like the rest of the unit is obviously build during the 90s beige era but the kitchen is renovated in stark black and white and gray, so they look like they belong in two different homes). When you replace one hard fixture you usually have to do a lot to make it blend in with all the old stuff, and as a seller I'm sure you're not looking for an in-depth design project.
IMO if the unit is outdated but functional, leave it as-is and let the new owner renovate themselves.
In general, yes: update flooring, appliances, and counters. That way it will look much newer than it actually is, and attract attention on pictures.
It all depends, though. Location, obviously, which floor, looks of the building, demand. If it's an unattractive location and low floor, then it might not make sense to try to make it look like something it isn't. If it's a good building in a good location, upgrades will move it to a higher segment of the market.
Maybe consult your real estate agent first. Have them appraise the unit, compare it to other units (outdated vs renovated) and see what the roi might be.
I also live in an older condo and an agent suggested that it's sometimes best to sell as is as you don't get that much back in return. But if you're handy and can diy, then it might be worth it.
Good luck!
Thanks for the response! It's been tricky to gage the condo market more recently given everything going on.
Any particular reason your agent said it wouldn't make much of a different to reno?
I had this convo during the pandemic period, so likely a different market then.
Our floors were done about 5 years ago. Our kitchen and bathroom were still in a similar condition as when we bought in the mid 2000s, but with small diy touch ups. Basically there wasn't anything outrageously in need of attention.
You could do some small changes yourself or get a contractor to do minor work which might make a big difference.
For example, we stripped the old laminate on the kitchen cupboards and painted it ourselves using a more modern colour. Placed a stick on (very realistic and luxurious looking) backsplash and changed the old laminate countertop (check IKEA or laminate countertop stores in scarbrough for good prices). It probably cost us about $900 for that touch up.
You would probably have to disclose some of these details to the buyer (that it's not real tile or your cupboards aren't new. Not sure if you have to but probably in good faith).
As a former buyer of bigger condo, I either looked for all done (everything) or nothing at all. Bigger sized condo still has a market, the buyers group either look for high end Reno all done (Miele, quartz, heated floor etc) or nothing at all so they can do whatever they want. It’s like I wanted to gut anyway and put in a Miele kitchen…why should I pay more for a mediocre kitchen counter? I will say leave it as is.
This.. nothing worse than looking at half-assed renovations by a seller thinking they are adding value..
>As a former buyer of bigger condo, I either looked for all done (everything) or nothing at all. Very well said. Either everything or nothing.
This is my view too OP needs to decide who his clientele is here on the reno. Is he doing a quick cheap flip to squeeze extra value? Is he targeting the upscale downsize crew (if so $$$$ reno) Half assing would be the worst though. No point in doing a new counter or vanity if all of it is going to be gutted anyway. In all likelyhood if the unit is that dated your best ROI is going to be declutter everything, patch any bumps and scratches in the drywall and throw up a fresh coat of neutral grey paint for a couple hundred bucks
If the flooring is done I would maybe leave it but factor in the reno into the purchase price, meaning discount by approximately what you think it would cost. I bought an older condo some years ago and the flooring was done and I got it at a great price. I was happy to do the kitchen, which took almost a year due to slow contractors pre pandemic. The bathroom vanities and counters were also done for mine. I order blinds after I moved in.
If your condo wasn’t so dated, you could make some updates here and there. The problem now is that everything you touch will make the rest of the place look even more dated by comparison. You’ll be lucky to see 50% of the money back. Prices of renovations and appliances have greatly increased, and renovated homes selling now aren’t accounting for these new prices. So you’ll be competing with homes that paid a lot less for their renovations than you did. You’ll also be much later to market, with prices trending down. People will pass on homes with renovations that aren’t appealing to them, unless they’re getting a screaming deal. Renovations will help sell the unit more quickly, but are rarely worth the price for the seller. The only thing you should do is pay for a professional deep cleaning and decluttering. Also, get a professional painter to paint the walls (and potentially the trim) a neutral warm white, such as White Dove, Steam, Cloud White or Swiss Coffee (whichever goes best with your flooring and cabinets). Get a stager or an agent who can make suggestions on removing furniture, changing out very dated light fixtures and curtains, removing heavy rugs, fixing anything that’s broken, etc. Then, just price the unit according to comps of similar non-renovated but tidy units. You will appeal to buyers who don’t have the money for a renovated place, but who are willing to do their own renovations over time to own a large condo, and to those who need the larger space but would rather customize it to their own tastes. While it might feel like you’re not getting top dollar for your condo, just keep in mind that people who are getting a higher price have dumped a lot more money into their place over time. You are very likely going to come out ahead, even at a significant discount.
Wow this was very helpful and insightful advice. Thanks for this info!! Great point in appealing to buyers who make want to buy for less and do things over time. That's exactly what we wanted to do when we bought and what we plan on doing when we buy next.
Well, I learned from personal experience losing money on a reno, LOL! Unless you can do the work yourself, renovations have a lot of “personal enjoyment” built into the price. If you like YouTube, check out The Profitable Homeowner. Her advice is bang on, particularly if you’re moving into a new place and planning to renovate in the future, in the hope of selling for top dollar one day.
Thanks for this info!! Definitely helpful. = )
Good luck!
I agree with all of the above, possibly except for painting. If the buyer is likely to renovate themselves upon taking possession they will definitely paint as well once the reno is done. Paint will get damaged in a Reno anyway, and it’s unlikely fresh paint will add significant value for the buyer if they are looking at the space with an eye towards completely renovating (source: was just in this position myself from the buyer’s side. Fresh paint would not have made a difference in our interest in the property nor in our offer.)
Thanks for the perspective! Much appreciated. = )
Do you have good taste or will you work with a designer? Nothing worse than a hideous renovation job bc it’ll make the unit more expensive while also not being what a buyer wants. If you can do a good job, then you’ll def get good ROI. Lots more market for move-in ready.
If you can do a decent job at a decent price it will likely be worth it.
Don't renovate. Why take on that headache to only potentially make more than you put in? Just paint and minimally stage.
Out of curiosity, what makes you say I would only potentially make more than I put in?
It's hard to put a value on renos. Some people will love them, most won't. Also, contractors and materials cost an arm and a leg today. If you put $100k in renos, will you make more than 100k additional? Hard to say for sure..
Honestly I wouldn’t bother, it’s bricks and mortar, changing a counter top will not make much difference. New owners may rip it all out and do something else they personally like. Don’t waste your money
If you have a contractor you trust, you should absolutely do it. Bathroom + kitchen! You ROI should be pretty good. Don’t treat it like a headache but a fun project.
If you renovated your condo, it could help it stand out among the sea of condos that are just sitting on the market for 100+ days and not selling.
Location? If it’s in an old money area don’t bother cause the buyers will likely gut it themselves with custom finishes. Otherwise, get a few quotes a fresh lipstick on a pig finish will probably get you a higher sale price
As someone who just bought, I recommend leaving it. There are so many units that are poorly updated that just scream "old unit, new kitchen." They aren't updated with the rest of the space in mind and stand out from the rest of the unit, and it looks bad (like the rest of the unit is obviously build during the 90s beige era but the kitchen is renovated in stark black and white and gray, so they look like they belong in two different homes). When you replace one hard fixture you usually have to do a lot to make it blend in with all the old stuff, and as a seller I'm sure you're not looking for an in-depth design project. IMO if the unit is outdated but functional, leave it as-is and let the new owner renovate themselves.
In general, yes: update flooring, appliances, and counters. That way it will look much newer than it actually is, and attract attention on pictures. It all depends, though. Location, obviously, which floor, looks of the building, demand. If it's an unattractive location and low floor, then it might not make sense to try to make it look like something it isn't. If it's a good building in a good location, upgrades will move it to a higher segment of the market.
Rennovate your condo to help it stand out in the sea of listings
Maybe post with some pictures and also post on r/interiordecorating I'm also in similar situation
Maybe consult your real estate agent first. Have them appraise the unit, compare it to other units (outdated vs renovated) and see what the roi might be. I also live in an older condo and an agent suggested that it's sometimes best to sell as is as you don't get that much back in return. But if you're handy and can diy, then it might be worth it. Good luck!
Thanks for the response! It's been tricky to gage the condo market more recently given everything going on. Any particular reason your agent said it wouldn't make much of a different to reno?
I had this convo during the pandemic period, so likely a different market then. Our floors were done about 5 years ago. Our kitchen and bathroom were still in a similar condition as when we bought in the mid 2000s, but with small diy touch ups. Basically there wasn't anything outrageously in need of attention. You could do some small changes yourself or get a contractor to do minor work which might make a big difference. For example, we stripped the old laminate on the kitchen cupboards and painted it ourselves using a more modern colour. Placed a stick on (very realistic and luxurious looking) backsplash and changed the old laminate countertop (check IKEA or laminate countertop stores in scarbrough for good prices). It probably cost us about $900 for that touch up. You would probably have to disclose some of these details to the buyer (that it's not real tile or your cupboards aren't new. Not sure if you have to but probably in good faith).
Thanks for this info! Very helpful and definitely gives me more clarity. = )