Renovating small homes and apartments before a sale can often be more confronting than taking on the challenge of a large property.
Every decision you make feels as if it has a greater impact. A mistake or misjudgement can feel like a gargantuan setback when a similar outcome might barely be noticed in a larger home.
So attention to detail is essential in a single-space home or small apartment. It’s also best if you consider beforehand whether any planned changes might need the approval of the condo or co-op board. You should check your rights with the management company or board.
Once you’ve done that, consider talking to a real estate agent to find out the latest buying trends and price expectations for properties such as yours. I’d be happy to help! It’s essential to find out what elements of a small home command a premium with today’s buyers, as this will maximize the return on your renovation investment.
As an experienced agent in your neighborhood, I would walk through the property with you to discuss potential enhancements that would likely increase the value of your home.
Below is a list of opportunities that would likely increase the value of a small home and meet the current demands of buyers.
- Declutter as if your life depends on it. Kitchen tops and your bedroom floor should be free of life’s flotsam and jetsam. The whole point of decluttering is to create a feeling of space. This is critical in smaller properties. Prospective buyers will know the square footage of your home, and they’ll want to see how it is used effectively.
- If your property is generally in good order, focus on cosmetic improvements. This might include repainting or laying new flooring.
- Resist the urge to buy premium brand materials in a small property, as these can be expensive and may not offer an excellent return investment compared with equivalent but cheaper products. The exception is major kitchen appliances such as an oven or stovetop.
- Focus on the kitchen first. In small properties, the kitchen often forms the all-important first impression. If your kitchen needs some sparkle, replace the cabinet doors, drawers and their handles. You are unlikely to need to rip-and-replace.
- Double-down on the bathroom. At a minimum, it must be clean and functional. Storage is a big plus in a smaller home. Consider updating the faucets and showerhead to give it a modern feel. A vanity is easy to replace and not expensive. Work gets a little more serious if you want new tiles, bath and toilet, but it will likely pay dividends. Quality bathrooms are red-hot with buyers right now.
- Consider a dedicated work area. The home-office is becoming an essential element of any home because of the pandemic. Install a workstation or desk in a nook that you can screen off. Buyers will get the same effect, and you don’t have to break the bank to get it done.