How extreme do you go for condominium renovations?

Of course everyone want their condominium to be exactly to their taste and style, but how extreme do you want your condominium renovation to be? This applies to both new and old buildings, to different levels.

In most older buildings, a buyer will purchase a property knowing that they will have to put a good chunk of money into the condominium to renovate the kitchen, but in hardwood floors, etc. But, at what point are you spending too much? Some buyers and owners need to be careful on how much they spend on renovations. Although you might think $30,000 on custom granite counters will help the property, some potential buyers in the future only wanted regular granite counter tops, and would only put a $10,000 price tag on the counters. When selling the property, many new purchasers won't put the same dollar amount of what the renovations are worth to them.

This is even more the case in newer buildings. Most new condominium buildings, especially in Northern Arlington, already have pulled out all the bells and whistles when it comes to appliances, flooring, lighting etc. If you spend even more money on top of the premium you paid for a newer building, your condo might not resell for the total amount you put in.

On another level, if you go overboard with renovations, decorations, etc., your condominium might not be in the same taste as many buyers, which majorly hurts your resale potential. For example, there is a new listing on the market in a stunning building, but the owner "glammed" up the condo, creating a bachelor pad, Vegas, shinny motif to it, installing numerous mirrors, ultra glossy paint, extreme crown molding, new cabinets, etc. Because the owner spent about $80,000 extra that what he paid to do all of these upgrades, he expects to get that back when he sells it, yet it is quite the opposite. The other units are much more low key, beautifully designed and finished from the developer, which makes them much desirable, and at a much more affordable price.

Just something to keep in mind if you're thinking about remodeling...