If you’re like many condo or loft owners in DTLA, you’ve made some improvements to your home – but according to the data, you might not make money on them when you sell.
Here’s what you need to know.
Will You Make Money on Renovations When You Sell Your Condo in DTLA?
Kitchen and bathroom remodels are some of the most costly home improvements that many condo and loft owners make in DTLA – and they can really enhance your enjoyment of your home.
However, depending on the size of the overhaul you did, you need to know that you might not get all – or even some – of that money back at the closing table.
In fact, remodeling projects only average a 62 percent return on investment.
That means if you haven’t made renovations to your home yet, you probably shouldn’t make them just to sell. If you’re thinking about making improvements or upgrades, talk to your real estate agent first – they may be unnecessary, and you could end up losing money when a buyer shows up.
In some cases, the renovations will be “too ritzy” for your neighborhood or building; in others, they’ll just end up costing more than what you’d make in your profit by selling the home.
If there’s something that really needs improvement so you can sell your home, your real estate agent will let you know. You can make a decision from there.
Are You Buying a Loft or Condo for Sale in DTLA?
Call us at 213-254-7626 or get in touch with us online to start exploring your options when you want to buy a loft or condo in downtown Los Angeles.
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