What To Do Before A Condo Remodel?

Before planning a condo renovation, it is essential to understand the relevant policies of your condo board, who you are renovating for, your limits, and the importance of moving the eye instead of your fixtures. This will help ensure that your renovation project comes within your budget and on time.

In a condominium, you must obtain permission from your condo board before starting any work. Condo renovations include building rules, permits, elevator bookings, building access for trades, parking permits, noise limits, and more. To make sure you are not hit with any unpleasant surprises, consider these six things before diving into your condo design project:

1. Know the rules: Before starting a condo renovation, consult your condo board well in advance to understand the regulations.
2. Know who you’re renovating for: Before starting, consult your condo association to find out the renovation rules and materials allowed.
3. Know your limits: Move the eye, not your fixtures, and lower your lighting.
4. Build up instead of tearing down: Build up your living space by replacing the flooring in your entire living space and installing new windows.
5. Stay flexible: Be prepared to make adjustments to your plans as needed, such as changing the layout of your condo or adjusting your timeline.

By following these steps, you can ensure that your condo renovation project is within your budget and on time, making it an exciting and rewarding project.

Can you change the flooring in a condo?

Condominium owners have the freedom to remodel their homes, such as painting, flooring, and fixing kitchens and bathrooms. However, they are responsible for large exterior projects, which are left to the condo, including residents and the owner. Collective strength is beneficial for major projects like roofs, painting, or driveways, as it takes the burden off the owner and allows them to focus on their daily activities.

However, there are some stumbling blocks, such as proposing blown-in cellulose insulation to the board, which may or may not be done. Additionally, condo owners may not have control over permits for building projects.

What is the first thing to do when remodeling?

The planning and design phase of a remodel involves setting a budget, collaborating with a designer and builder to communicate your vision, securing permits, and other pre-planning steps. A clear financial plan is crucial to ensure the remodel stays on track and within your means. Collaboration with the designer is essential to translate ideas into actionable plans, and securing permits early on can prevent delays. Your builder will also assess the impact of the remodel on your daily life and advise on temporary relocations for comfort and safety.

What renovations add the most value to a condo?

This blog provides DIY condo renovation tips that can add value without breaking the bank. Common renovations include open-plan kitchens, fancy spa bathrooms, and double walk-in closets. However, these may not always yield the best return on investment (ROI). DIY condo renovation tips include painting your property with a neutral tone like white or beige, creating a modern look that resonates with buyers. White paint also makes rooms appear more spacious, increasing the perceived value in the buyer’s eyes.

Painting can be achieved in a day or two for minimal cost, and the direct/indirect impact on the property’s value is remarkable. Additionally, it is important to paint baseboards and decorative trim, as interior designers often suggest a slightly alternate color within the same color palette. First impressions are crucial, so it is essential to remember to paint these areas.

Should you renovate a condo before selling?

While renovating a property prior to selling it can be advantageous in certain circumstances, it is not a universal strategy for maximizing the sale value of a home. In the event of uncertainty regarding the optimal course of action with respect to proposed updates, it is advisable to seek the counsel of a local real estate professional in order to ascertain which of the proposed updates will yield the greatest return on investment.

It is recommended that a home renovation project be initiated without delay, with the assistance of lenders who can provide guidance on how to navigate the specific financial circumstances of the individual in question.

Is renovating a condo worth it?

The renovation of a condominium can result in a notable increase in its value, particularly if the intention is to sell the property at a future date. A growing number of prospective purchasers are seeking residences that have been refurbished to a contemporary standard, without the necessity for further renovation work. The provision of a remodelled space is therefore a highly valuable selling point.

Can you modify the interior of a condo?

Condo owners can make interior changes with express permission or HOA board approval. However, in some cases, HOAs can mandate interior changes, such as replacing water heaters every 10 years, even if the water heater is functioning properly. This is because malfunctioning the water heater could severely damage common property, even if it is on the condo owner’s property. This ensures that condo owners are not causing damage to common property.

Is it smart to flip a condo?

Flipping condos for a profit is typically less expensive than flipping a house due to the owner’s responsibility for the property and the HOA’s responsibility for exterior repairs or shared HVAC systems. Understanding the condo agreement is crucial for a renovation budget and avoiding expenses for curb appeal. This can result in lower repair/upgrade costs, as most upgrades are cosmetic. Flipping condos can be beneficial for inexperienced real estate investors, as they require fewer issues and can provide experience for growth. However, the profit margin may be lower due to fewer repairs needed to increase the selling price.

What I wish I knew before I renovated?

The text discusses the challenges faced during a renovation project, particularly when piping mains water to The Quist. The mistake was that the wrong diameter water pipe was installed, leading to potential risks. It is advised to hire independent tradesmen instead of relying on an end-to-end contractor for full responsibility.

Renovation is a marathon, not a sprint, and it takes patience to self-build, especially when working with children or other responsibilities. It is crucial to maintain a positive team environment and make trades on-site feel welcome. However, everyone works best when the client is on-site, so it is essential to be present as much as possible.

The text also mentions the importance of planning and organizing belongings before starting the project. It is suggested to be ruthless and donate unwanted items to charity shops or car boot sales before the move begins. Additionally, finding a new home for items you no longer use is recommended, as storage space is always in demand, regardless of the size of the house.

In conclusion, the text emphasizes the importance of planning and organizing belongings before starting a renovation project. It also highlights the importance of considering the time spent on tasks and finding a suitable location for unnecessary items.

Are condos harder to resell?

Condos can be challenging to sell compared to houses, especially if there are multiple units in the same complex. To determine if a condo is an investment property, review the number of units for sale in the past few years. If you’re considering purchasing a condo as an investment property, ensure the property allows subletting. If multiple units are available for subletting regularly, it may be harder to find a tenant or charge higher rental fees.

However, condos with excellent amenities in popular neighborhoods are often good investments, as there will likely be a steady flow of willing renters. Condos generally cost less, require less maintenance, and offer access to shared amenities and a built-in community, making them desirable for older people looking to downsize and meet others, as well as younger people with smaller budgets and a desire for community and city nightlife proximity.

What is the most expensive part of renovation?

The kitchen, bathroom, basement, and other entertainment areas are the most expensive parts of a home remodel. These areas can transform a living space into a more functional and aesthetically pleasing environment, but they also require significant financial investment. Understanding which parts of a remodel are the most expensive can help homeowners plan and budget more effectively. Structural changes and repairs, particularly those involving the foundation, are one of the most costly aspects of a remodel. Repairing or reinforcing a foundation and removing or altering load-bearing walls requires professional expertise and can significantly increase costs.

Do condos ever increase in value?

The appreciation of condominiums tends to occur at a slower rate than that of single-family residences. In January 2024, the median sales price of a condominium exhibited a nearly six-year increase.