Should you renovate your NYC apartment before selling it?
When it comes time to sell, many homeowners wonder: can I get more money for my house, if I renovate it first? It’s one thing to renovate your apartment or brownstone when you will be enjoying the results. Homeowners are aware that buyers gravitate toward features like contemporary bathrooms, and kitchens with energy-efficient appliances. But how much should you renovate before you sell?
The truth is complicated, though, because certain renovations will never raise the value of your home enough for you to break even on the cost. For starters, you need to consider the type of property you are selling, the condition it’s in, and how much you’re able to spend. You need to be strategic about the home updates you make so that you meet your goal of netting more money or selling your home faster without accruing more costs for yourself.
Here’s what you need to know about renovating your NYC home before putting it on the market:
1- Kitchen and Bathroom: Kitchens and bathroom renovations will give you the most value for money.
2- Fixing major issues: Single-family houses with habitability or structural problems must be renovated for a buyer to be able to obtain a mortgage.
3- Light It Up: Maximize the light in your home. Good light is the one thing that every buyer cites that they want in a home.
Remember that renovating is not your only option. Staging your property can go a long way. There are a lot of small things sellers can do to make a huge difference. Absolutely make all the small repairs and clean thoroughly. If your floors are in bad shape, consider having them refinished. Painting has to happen too.
When trying to figure out about renovations and how much to raise the asking price, always consult your broker, who can find out what is on the market and the sales prices of comparable apartments.
Beatriz Moitinho is a Real Estate Salesperson, specialized in Luxury Real Estate and a Productivity Coach at Keller Williams New York City.