One angle worth adding for condo owners weighing this - the renovation rules inside a condo corp are not the same as freehold work, and that catches people.
Anything that touches the building common elements needs corp approval. Most often that means:
- Bathroom waterproofing (the slab is common element)
- Kitchen plumbing relocations
- HVAC unit replacement (in many corps the air handler is shared)
- Hardwood flooring (most corps require minimum STC ratings + underlayment specs)
- Window treatments visible from outside
In-suite finishes (paint, cabinetry, fixtures, non-load-bearing wall changes) generally do not. Worth getting the declaration and rules from your property manager before you spec anything. We have had clients sign quotes for engineered hardwood only to find their corp requires luxury vinyl with a specific impact rating - $4 per square foot delta on a 900 sq ft unit.
Status certificates also factor in. If you are renovating to hold long-term, the timing of any major reserve fund study or special assessment matters. A corp that just funded a $40K-per-unit window-replacement assessment is not going to value your $80K kitchen reno when it comes time to refinance.
The 34% renovate-instead-of-sell number tracks with what we are seeing on quotes coming in. The condos getting renovated this spring are mostly 2010-2015 builds where the owners are 5-7 years in, the kitchens are dating, and they have no interest in eating $50K+ in transaction costs to move sideways.
If anyone is mid-decision on this and wants to talk it through, the FAQ thread covers the core questions: https://home.renovation.reviews/t/most-commonly-asked-questions