After more than 15 years in the New York real estate market, I visited hundreds of apartments, carried out countless evaluations and followed sales at every stage of the market. One of the most often asked questions is: “What work should I do to increase the value of my home?” The answer could surprise you. Not all renovations in New York produce the same, ROI i.e. an economic return. Some interventions, even very expensive, are not fully recovered at the time of resale, while others, relatively simple, can make a huge difference both on the final price and on the number of potential buyers interested.
Over the years I have developed a real “clinical eye” to identify what features attract New York buyers more. It is a know-how that I offer not only sellers, but also customers who buy an apartment to renovate. When you buy a house, it is natural to think first of your needs and your lifestyle. The buyer, however, also looks to the future and wonders: “What choices will help me achieve maximum value when I decide to resell? ”.
We start from the most original feature: the washing machine and dryer in the apartment. It may seem a detail, but in New York it represents one of the upgrades with the greatest impact on the value of the house. In many cases I have seen apartments significantly increase their appeal and final price thanks to the addition of a washer/dryer.
Se compro un appartamento a New York, magari spendendo svariate centinaia di migliaia di dollari, l’ultima cosa che voglio probabilmente è entrare qui dentro | (Shutterstock)
For apartments with two or more bedrooms is almost a fundamental requirement. Those who buy a house of this size often have small children or simply a very busy lifestyle. In a city where time is a precious resource, comfort is worth gold. Going to the basement to make laundry surely can be a disincentive to purchase
If you are facing an important renovation, seriously consider adding a bathroom. I remember a recent renovation in which I advised my clients to sacrifice a few square meters of unused space to create a private bathroom connected to one of the bedrooms. An en-suite bathroom in the main room or even a simple powder room can make a significant difference in the value of the property.
A New York having an en-suite bath in the Primary Bedroom (the one that was once called Master Bedroom but, not being very politically correct, now it is called Primary bedroom – sorry the divagation, but lately they asked me what end the Master had done…) is considered a plus: I happened to see some renovations move the bathroom out of the double bedroom and the sale turned out problematic. It is a very American concept, but we must respect and understand the habits of where we live.
Vasca con vista? È un’idea, al netto della privacy (Shutterstock)
On the other hand, there is a choice that I recommend almost always to avoid: eliminate all the bathtubs because “there we do only the shower”. I fully understand the reasoning, but from the point of view of resale is a mistake. By eliminating them all you risk narrowing the number of potential buyers and, consequently, the value of the house. My rule is simple: at least one tub should always be there, especially if there is only one bathroom.
I make a small Bidet bracket: here it is not understood the use and is lived as a waste of space. Sorry, my dear compatriots: I am with you, but the best solution is to opt for a smart toilet or the simple shower.
People living in New York know that the space dedicated to wall cabinets is one of the most scarce and precious resources. Especially in pre-war buildings, cabinets are often insufficient compared to today’s standards. For this reason I almost always recommend creating additional wall cabinets when the apartment configuration allows it.
A well-designed walk-in closet can have a huge impact on the impression that the house leaves during a visit.
Right these days I am working with some customers who bought a large apartment that requires a complete renovation. Among my recommendations were the addition of washer/dryer, the creation of an en-suite bathroom and the reduction of an excessively large foyer to get a large wall cabinet. They are interventions that improve everyday life today and increase the value of the property tomorrow.
When you prepare a house for sale without facing a complete renovation, there are some relatively cheap interventions that can completely transform the perception of the property.
The first is a hand of fresh painting. It may seem trivial, but few things make a house look more cared, bright and ready to be inhabited. The neutral shades – Elephant Breath is the most requested shade, lately – also allow buyers to more easily imagine their furniture within the space.
Many apartments in New York suffer from insufficient artificial light. Updating lamps, adding strategic light points can radically change the atmosphere of a house.
One of the most common beliefs is that to enhance a kitchen it is necessary to replace it completely. Not always.
If the structure is still valid, it is often enough to repaint professionally (no DIY, please!) kitchen doors, update handles and replace some dated details. I’ve seen tired-looking kitchens turn completely with relatively low investments.
The same applies to bathrooms. The rismaltatura of the bathtub (very important, some tanks are really not appealing), the updated lighting and modern mirrors can give a feeling of freshness without facing expensive demolitions.
Finally, an element often neglected but extremely important: the parquet. The beautiful original parquet in many New York buildings is a precious resource. When possible, I almost always recommend restoring them. A professional sanding and a new finish can bring the wood back to its original splendor, making the apartment more elegant, bright and welcoming.
When evaluating a restructuring, the application should not be simply: “How much does it cost me?” The correct question is: “This intervention will make my home more desirable in the eyes of a future buyer? ”.
After many years in the industry, I can say with certainty that the value of a property does not depend only on luxury finishes and almost never on the cost incurred: it depends above all on the ability to create a functional, luminous, well organized and suitable house to the way people live today.
And it is right here that the experience of a broker can make a difference, not only when the time comes to sell, but much earlier, when making decisions that will affect the value of the property for many years to come.
L’articolo Renovations in New York: the works that really increase the value of the house proviene da IlNewyorkese.
