I have a condo that hasn’t been painted in about 10 years. It needs a complete gut job, and whoever buys it will be in for a significant renovation. Our real estate agent recommended painting as a refresh, but it’ll cost $10-15K for the entire place due to a complex job with a 2.5 story open wall. I can’t imagine seeing a good return on this. Should I get another opinion? Is it worth spending the money?
If the condo needs a gut renovation, you’re better off just cleaning the walls with water and TSP instead of spending that much on paint.
That $10-15K for repainting sounds high to me. I’d rather list for that amount less than spend it on paint that the next buyer might not even like. Focus on cleaning instead.
Is the renovation mandatory for living in it, or is it something the buyer might say they’ll redo someday? If it’s mandatory, don’t worry about painting.
Generally, you’ll get back between zero and half of what you spend on painting. It might speed up a sale if the unit is priced right. Focus on impaired items instead.
Yes.
Paint has one of the highest returns on investment!
What exactly does ‘gut job’ mean? Are we talking major repairs or just dated finishes? If you’re doubting your agent, get opinions from two others.
If it’s a complete gut job, don’t bother painting. Even a quick semi-gloss on trim can help, but $10K+ for a condo is too much. I painted a big house for $7K.