Renovating a condo in Boston Beacon Hill before you put it on the market can help you attract potential buyers and increase the value. However, renovating isn’t quite as quick and easy as some home improvement television shows make it out to be. Before you start your renovation, make sure to take these six important steps.
1. Learn All of Your Condo Board’s Policies
Beacon Hill Condo boards typically have rules about logistical things like when renovations can be done, what types of things you can alter, and how your contractors can take materials through the building. Make sure you’re all caught up on these rules before you start, because it may cause major problems later on if you break these policies.
2. Talk to Experts About Upgrading Condos
Before you get your heart set on knocking out walls to create an open floor plan or getting rid of a weirdly placed pillar, talk to a professional. Boston Beacon Hill Condos tend to have some architectural quirks that may limit your renovation plans. Knowing about them beforehand may help you decide on feasible renovations.
3. Apply for Necessary Permits
Depending on what you need to renovate, you may need permits from either municipal departments or the condo association to make changes. Apply for Beacon Hill permits before you start to avoid legal hassles later on. Having everything up to code and properly permitted means you don’t have to worry about unapproved renovations causing sellers to back out.
4. Plan to Renovate Areas That Attract Sellers
Skip costly and unnecessary renovations like installing a wet bar in a living room. Potential buyers mostly just care about kitchens, bathrooms, flooring, and walls. Research shows that updating bathroom fixtures, installing hardwood floor or new carpet, renovating kitchen cabinets, painting walls neutral colors, and adding trendy door and cabinet hardware offers the biggest return on investment.
5. Know the Average Costs of Condos in Your Area
To get a wise return on your investment, the combined costs of the condo renovations and the price you paid for the condo shouldn’t equal more than the price you’re likely to get for a condo in the area. Increasing the potential value of your home too much with renovations may end up making it too overpriced to sell in your neighborhood.
6. Test Run New Colors and Materials
When you’re planning on selling your condo, it may be tempting to think you don’t need to bother with samples since you’re not going to be living there long anyway. However, overall color schemes are one of the biggest first impressions on buyers, and colors can look very different in specific lighting. A beige paint that looks weirdly peach on your walls could end up being enough to turn away a buyer.
When it comes to the Beacon Hill real estate, Downtown/Midtown properties are some of the hottest commodities. If you own a Boston Beacon Hill condo, loft, or penthouse and are planning to sell, make sure to connect with a local real estate agent who knows the downtown districts well. Reach out to Ford Realty today at 617-720-5454.
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