Times are tight for sellers. The past couple of years we've seen declining values and this has whittled away at equity in condos and other real estate. When it's time to sell, folks are looking to maximize return.  Remodeled and renovated condos always sell more quickly and fetch higher prices.  So let's take a look at remodeling on a budget.  You have to start with the basics.

• Paint --- Paint is the cheapest, most effective way to increase the value of your condo.  Paint costs $25 to $75 per gallon, but has a tremendous impact on the feel and value of your condo.  Together with some strategically placed caulking, this is the first step of a "remodel". 
  
• Fixtures --- Lighting fixtures date a unit. If your fixtures are from 1972, your condo will feel like 1972.  A lighting fixture that is 20 years old still works, but unless it adds to the unit's charm, it subtracts from your bottom line.

So far we haven't spent much money and the place is already looking nicer.  Now let's drill down in to a few of the rooms that might need attention.  The kitchen is one of the most important features of a home and an older kitchen means a lower sales price. But what do you do if you don't have the money for a big remodel?

• Paint the cabinets --- If your kitchen cabinets are old, dated or otherwise need attention: paint them.  All white cabinets are much more appealing than a faux-wood panel from 1970 or 1980.
• New knobs -- Replace or install new knobs on your cabinets.  This is a great way to modernize your kitchen and knobs only cost pennies each.
• Install new countertops -- Don't do a kitchen remodel.  Just replace the countertop.  Depending upon your strategy and budget you can do this with a stock counter from a home improvement store (less than $150) or bite the bullet and put in a major upgrade like granite.
• Appliances --- You don't need to spend$20,000 on designer appliances to have an impact on your equity, but you do need functional, presentable appliances. You might want to consider store-brand appliances for a cheap upgrade.

In the bathroom, we will repeat some of the tips we've already presented.  Replace that old lighting fixture!  Now take a look at your vanity.  You'd be suprised at just how much vanity you can purchase for $50 to $150 at the local home improvement store.

That leaves the bedrooms and living area and we really have one area left to tackle that will really impact your equity without crushing your bottom line: flooring.  Whether it's new carpet or new hardwoods or a pergo floor, new floors will really make the difference in how the buyer perceives your home.  Floor is more expensive than paint and unlike paint most homeowners can't install a floor by themselves. That said, I know it's a little more money, but you owe it to yourself to get bids and if it fits your budget make it happen.  

Now the last thing you need to do: staging. You could hire a professional stager, but we're doing this on the cheap, so you'll do it yourself.  Take a critical eye to your condo and start by decluttering.  Strip the condo down to the barest essentials.  Remove anything unecessary. Your condo's storage space will be jammed and you might even need to rent a space, but you'll be glad you did.  Install a motion-activated air freshener near the entry.  (These are cheap and available in your local grocery store.) Remove personal items, momentos and pictures.  

Depending upon the grades of material you select and the area you live in, this quickie remodel will probably cost you between $2k and $15k and will probably add $10k to 50K to your bottom line.  And, in the worst case scenario is that you still have a much nicer living space!  

If you'd like help selling your condo or home in Northern Virginia please contact us.

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About the Author --- Will Nesbitt is the principal broker of Condo 1 Alexandria / Will Nesbitt Realty LLC. Will specializes in condos, townhouses and single family residences in Alexandria, Arlington, Fairfax County, Crystal City, and Kingstowne. Will resides in Belle Haven Estates just outside Alexandria VA in Fairfax County.