Condo Remodel Tips
Learn what remodeling a condo can do for you
With all of the home renovation shows, blogs and magazines out there, it's easy to be motivated to start remodeling your condominium. A condo remodel can not only make you feel more at home, but it can also help increase your home appraisal if and when you decide to sell.
How to make a condo remodel work for your needs
- Modernize your home. Updating your major home appliances with ones that are energy-efficient can save you time and money while updating the look of your home. Energy-efficient appliances are affordable, easy to install, and will pay off in the long run.
- Get all warm and cozy. Installing new carpet can change not only the way your home looks but also feels. New carpeting can make your home more inviting, as well as make it seem more comfortable and livable.
- Let your true colors show. Just because you live in a condominium does not mean that you need to give away individuality. For a little money and effort, fresh paint colors can liven up a room and give a dramatic new look that's easy to change and update. Painting your walls can express your personality and set the mood of the room—blues and greens can create tranquility while reds and yellows add a bit more flair.
- Think of the big picture. Artwork is another inexpensive and easy way to liven up any space. Whether it's DIY, a gallery piece, or something your child made in art class, putting it in a frame and hanging it on the wall will instantly change the look of the room.
Learn the restrictions of remodeling a condo
Before you buy new fixtures, start demolition and begin major home improvements, you may want to check your deed. Many condominiums are a part of what's called a common interest development that is tied together by a document either referred to as the Covenants, Conditions and Restrictions (CC&Rs), Master Deed or Rules and By-Laws. This document disclaims the things you can and cannot do with your piece of property.
Also, consider asking your neighbors and others in the community what past renovations they have completed that were within your HOA (Home Owners Association) limitations. Asking around for examples may also give you feasible home renovation ideas that will help you personalize your space and hopefully increase your home's value.
The type of condominium you live in may tell you what updates are reasonable
Typically, those in condominiums own only what is on the inside of the walls. That means the pipes, electrical wiring and other structural materials are considered to be common and therefore are owned not only by you, but also by the owners of the other condominiums in your area.
It's best to check your deed to determine what restrictions you may have with your condo remodel, but here are a few tips to help get you started:
- The type of condominium you live in may tell what you what updates are reasonable. If you live in what's considered a site condo, a townhome or a planned unit development, you may have more freedom to make the updates you'd like.
- Maintaining consistency on the outside of the condominium is key. Because keeping the "look and feel" of a common interest development is important, it's best to keep any personal touches you want to make indoors.
- When you're unsure, play it safe. If you are remodeling a condo and are unsure what the restrictions are, stick with surface changes that are easily fixable. You don't want to end up paying a heavy fine from the homeowners' association on top of what you already spent on the remodel.
Consider financing a remodel with Citizens Bank
Whether your renovation ideas are big or small, Citizens Bank has great options for financing a remodel that will fit your needs. Our home loan advisors can help you decide whether taking out a home equity line of credit or home equity loan is best to finance your remodel. For more information on home loan borrowing or to start your application, speak to a Home Loan Advisor.