Is it worth renovating an apartment? The better the condition of the apartment, the easier it is to sell it for a good price.

According to an interview conducted by Helsingin Sanomat, buyers of used apartments value move-in readiness the most and do not want to have to renovate their new home as their first task. It is still worth considering carefully what kind of renovation you are going to do or whether it is needed at all. Sometimes, renovating does not always increase the value of the apartment in proportion to the costs.

Choose the right materials for the right property

The renovation should be in line with the standard of the area. A basic renovation is often enough for an apartment in a less expensive residential area, while the renovation of a luxury apartment in a good location should be of a higher standard. However, keep in mind that the nostalgia value of some properties can act as an attraction for buyers and it is not always worth modernizing an old house too much.

When choosing materials, it is often worth aiming for light and neutral tones that suit the low-key Finnish style. This makes it easier for a wider pool of potential buyers to imagine themselves living in the apartment. The materials used in the renovation do not necessarily have to be the most expensive, but you should not try to get by too cheaply either. A few euros saved may end up costing you a lot, as the buyer will notice a poor quality renovation.

DIY as much as you can

Potential buyers pay attention to the overall appearance of a home, which consists of many small parts. Broken moldings, a dangling door handle, dilapidated paint on the walls and cracked tiles can give the home a poorer image than it actually is. These are things that should definitely be fixed before selling. Over time, many people may become blind to the small defects in their home, so it may be a good idea to ask an outside party to help assess the home’s repair needs.

A small surface renovation, such as painting the walls or wallpapering, can make a significant improvement and if you have the skills, doing it yourself can significantly bring down the renovation costs. Painting the walls (of small homes in particular) is quick and inexpensive, although the works price per square meter is among the highest. Older townhouses and detached houses often use wood-colored surfaces, which when painted white brings light and freshness to the home. Painting the kitchen cabinet doors and laminating the floor is also possible with little money and effort. Installing laminate is easy because laminate flooring can be conveniently installed over existing flooring.

Outsourcing the renovation

If you decide to outsource the work, you should consider what kind of contract you will make for the work and with whom. A bad contract can skyrocket the cost of the renovation.

According to Urakkamaailma, you should pay special attention to certain things, such as a carefully agreed schedule, the content of the work, the basis for invoicing, the maximum price of the work, who will purchase the materials and whether they are included in the price of the work. Be sure to draw up a written contract and contact a professional if you are unsure.

A neat kitchen and bathroom sell the apartment and you should definitely pay attention to their condition. However, these renovations are the most expensive, so it is not worth gutting them fully for nothing. If the kitchen has seen its best days on the surface, but is otherwise in good condition, you should focus on small changes, such as renewing the old cabinet doors, countertops and, if necessary, household appliances. If the budget is tight, you can also cover the surfaces of the countertops with self-adhesive PVC-film. It is not worth undertaking a very expensive renovation without a reason, as there is a risk that the buyer’s taste will not match the seller’s. Smaller changes are usually more likely to get your money back.

A bathroom in good condition is also a trump card when it comes to selling. When it comes to the bathroom, it is worth considering whether the look can be updated inexpensively by painting old tiles, cleaning tile joints, or replacing furniture or the sauna door. Larger renovations in wet rooms require a permit from the housing company, and a certified professional is always required for electrical installations. If there are several wet rooms in an apartment, it will increase the price of the renovation. However, if you can use the renovation to create, for example, an additional bathroom in a family apartment, it will give you the opportunity to get your money back with interest when selling.

When considering a larger renovation project, it is worth finding out if there are any major renovations coming up in the building. For example redoing the bathrooms when the entire housing company’s plumbing will be done soon isn’t recommended. In that case, the buyer will usually understand the poor condition of the bathroom. This also offers the buyer the opportunity to renovate the bathroom to their own taste in connection with the renovation of the housing company.

Modifying the number of rooms and space may also increase the price. For example, by dismantling dividing walls and opening up rooms, a spacious open concept kitchen and living room can be created. Apartments with a lot of square footage but relatively few rooms can be made into extra bedrooms or a home office, if it fits the floor plan. It is possible to easily modify shared apartments into a family home or vice versa. Building or demolishing a walk-in closet can provide additional storage space or possibly free up space for building a new bedroom or sauna.

Avoid unnecessary renovations

Renovation is not always necessary to brighten up the look of an apartment. With a good cleaning, more lighting and mirrors, the property can be made to feel more spacious and tidy in an instant. Mood lighting combined with dark surfaces can make an apartment feel smaller than it is.

Remember that you can only sell your home in Finland tax-free if you have:

• Owned the home for at least 2 years.
• Lived in the home continuously for at least two years during your ownership.

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Otsikkokuva: ©Anete Lusina

Sourced cited:

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Tällainen on remontoijan unelma-asunto. Kiinteistölehti. 5.1.2018. https://www.kiinteistolehti.fi/tallainen-remontoijan-unelma-asunto/

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Teksti: Mikaela Laukamo, ROOF, copywriter.