Do Common Area Renovations Improve Property Values for a Condo Building?

Whether it’s a unit within a condominium, a single-family home or another type of investment property, one of the biggest perks of buying into real estate is the returns one can gain from rising property values. While many gains are the result of changing market conditions, there are also actionable steps your condo association can take to improve property values for your building.

Improving Property Values for Your Condo Building One Maintenance Project at a Time

As property values for your condo building increase, the entire association benefits. And while individual units will speak for themselves when they are on the market, keeping up with common area maintenance projects and renovations will play a big role in improving property values for the building.

Here are some areas the board can focus on if they’re looking to attract new buyers.

●  Aesthetic improvements – An easy place to start is by taking a fresh look at your common spaces. Are the colors dated or drab? Is your flooring completely worn? Are the hallways dark and dingy? Aesthetic upgrades don’t have to be expensive but they can make a huge difference in how modern and fresh the condo building feels.

●  Common area amenities – You should also review your common areas and amenities. If you’re considering a larger renovation to your lobby, gym or community spaces, be sure all opportunities and costs are discussed at board meetings. Gathering input from owners is the best way to ensure that any renovations or upgrading will enhance property values and the quality of life for owners.

●  Sustainability efforts – New buyers are looking for energy-efficient alternatives and condo associations that prioritize sustainability. Areas to improve when it comes to sustainability initiatives include reducing energy and water consumption and adding features like EV charging stations.

Any renovation project will need to pass a vote at a board meeting, and some may require a special assessment. Whenever making financial decisions, it’s the condo board’s responsibility to act as fiduciaries and maintain transparency with all decisions.

To learn more about improving the property values of your Chicago condo building, contact us at First Community Management today.