I purchased a condo in May. 2 bed, 2 bath, 1018 square feet, ground floor, 1 uncovered parking space.
I had a Brinks security system installed.
The builder is now offering garages for $17k and I'm considering purchasing one. I wanted a carport, but those sold quickly.
Additionally, I want to install hardwoods in the dining room (currently carpeted).
The condo is brand new and has all the fancy stuff (ceramic tile countertops and entryway, stainless steel appliances, etc). But MOST of the condos came that way and I'm trying to make mine stand out for when I'm ready to sell.
Please tell me what you think or if you have more suggestions.
Thank you.
2007-07-18 07:40:49 · 7 answers · asked by LifesAMystery 3 in Business & Finance ➔ Renting & Real Estate
The garage will be an asset, although I do not know if it will increase the value of your condo by the full $17K. The hardwood floor will be insignificant in value. It will make your condo more attractive to buyers than others perhaps, but it won't bring you any additional money at the time of sale.
2007-07-18 07:44:18 · answer #1 · answered by acermill 7 · 2⤊ 0⤋
The only way to add any REAL value is to add square footage, which, as a condo owner, I'm guessing you can't. Adding upgraded hardwoods is fine, but you have to take a look at your net, what you get out of it compared to how much you spent. Chances are you'll break even with those. The garage may net you more (than what you paid) if you're in an urban area where parking is at a premium.
2007-07-18 15:36:22 · answer #2 · answered by cardinalboy97 3 · 1⤊ 0⤋
I'm pretty sure you could get your money back on the garage, especially if you are in an area that gets a lot of snow.
You will most likely get your money back on the hardwood, too. Sure, it's just aesthetics, but that will help it sell faster, which could keep you from having to pay several extra months interest when you get ready to sell.
I would wait a year or two before sinking any serious money into it, though. That will give you an idea of how much the property is going to appreciate on it's own.
2007-07-18 14:44:28 · answer #3 · answered by sortaclarksville 5 · 2⤊ 0⤋
Hi there, the garage will definitly increase its resale value. As for the hardwood, it will make it more attractive to alot of people, as many dont like carpet in a dining room. If you plan on living in it for awhile before you sell it, and dont mind carpet, I would wait until you are planning on selling before i put it in. That way you dont have to worry about refinishing it before you sell it in case its starting to become worn looking, and you can say brand new hardwood. Hope this helped!
2007-07-18 14:54:24 · answer #4 · answered by Anonymous · 1⤊ 0⤋
It depends entirely on what is expected in your area. Contact a local Realtor and ask them to give you a valuation. This is free. When they view the house, ask if the garage, hardwood floors, ect would add comparable value in your area and price range. You should also ask what advice they have to improving the value of your home.
2007-07-18 14:48:03 · answer #5 · answered by TelulahB 3 · 0⤊ 0⤋
Most people want a garage, so that will help when you go to sell.
There are alot of great articles on HGTV's website about improving your home's value, some include return on your investment. Check them out at:\
http://www.hgtv.com
2007-07-18 15:36:43 · answer #6 · answered by godged 7 · 1⤊ 0⤋
If you want your condo to stand out your best bet is to hire an interior decorator. People want to see a lifestyle, not just a cookie cutter condo.
2007-07-18 15:27:42 · answer #7 · answered by Anonymous · 0⤊ 1⤋