A GUIDE TO RENOVATIONS THAT ADD VALUE TO YOUR RESIDENCE-
AND ONES YOU DON'T
When it comes to a renovation- be a kitchen, bathroom or an entire apartment - it's natural to want it to reflect your needs and tastes. But you should take the long view: In terms of resale, which renovations will hold their value and , more important, which my help or hinder a sale?
Having work with both New York City buyers and sellers, I observed: "It's less about the bling than about quality work. Assume that everything you put in, you aren't going to get back- but using high - quality materials that aren't taste- specific can only improve the apartment and increase it's value".
There's not definitive formula for calculating the value you get form specific renovations. But the 2010-11 Remodeling Cost vs.Value report from Remodeling Magazine notes that even with a minor kitchen renovation- which in NYC averages $24,000 and includes replacing cabinet fronts and counters and installing midpriced sink, - energy eficient stove- one can recoup nearly 87 percent of the costs.
I can say from my discussions with brokers tht it's certainly worth it to renovate and modernize the kitchen and bathroom and use better- quality appliances.
A broker gives an example of a three-bedroom West Village combination, where the owner did a number of things right, including adding lots of storage in the kitchen, going with modern fixtures in the bathrooms, installing a white oak floors that were"elegant, very neutral" and skim coating the walls.
"In a building where a typical three-bedroom went for around $2 million this apartment
sold for $3,14 million"
MORE UPGRADES THAT ADD VALUE:
Home office. "One place had a long, narrow closet, and they open up the wall, put doors on it and created a home office that became a very important point when they were selling.
Lighting. Mix things up for a better look and feel, using decorative and halogen, conces and pendants
Entryway. Carve out small gallery space at the front, so there is a sense of arrival in the home.
Central Heat and Air. Very expensive but if you are doing it, get a multi-zone system.
Sound Systems. People appreciate having the wiring work and speakers installed. In a weakened market, they are willing to pay for plug-and -play.
Solid Doors with good hardware. You know when a door feels flimsy.
Changing out a door is relativily easy.
WHERE NOT TO PUT YOUR MONEY:
Custom windows treatments. People will spend tens of thousands on big, long, heavy drapes, and they are actually detrimental to a sale.
Millwork and custom built-ins. It's very expensive to do well, and at the end of the day , the buyer might ask you to rip it out.
Venetian- plastered walls. Ninety nine percent of the time . It's done terribly,
Too much technology. I've had people say "Just give me a dumb house"a broker told me.
Marble and terrazo flooring in the living area." This is not MIAMI.
It's an inpediment to selling and at a significant cost.
