Will a Kitchen Renovation Increase Your Apartment’s Resale Value?
April 11, 2013
People wanting top purchase NYC apartments are deterred by kitchens that need renovated. Old-fashioned kitchens that do not exhibit modern functionality or kitchens that appear on the brink of falling apart will definitely send potential buyers scurrying off to the next apartment. But while remodeling your kitchen prior to putting your property up for sale will definitely help sell the place, it may not bring you the price that you actually put into upgrading your kitchen.
A good rule to follow that is recommended by professional NYC contractors is to refrain from spending more than five percent of the price for which you are asking for your property. For example, if your apartment or home is worth around $400,000, try to remain under a renovation budget of $20,000 in order to recoup your expenditures. On the other hand, if you have an apartment worth over $1 million, the suggested amount of $50,000 may not cover the expense of high-end materials and appliances.
Always keep in mind the type of buyer you are trying to entice. For more high-end apartments, your renovation should include beautiful, dark wood cabinetry, sleek fixtures, extra countertop space and an elegant yet functional spaciousness to accommodate more than three people. You will want to make sure that the contractors you hire to install a state of the art kitchen are experienced, professional and have been established as leaders in the construction industry for many years.
Less expensive apartment kitchens can get by with renovations costing between $8000 and $10,000 without compromising the ability to sell the apartment.
Tips for Renovating When Planning to Sell
Think “long-term” when renovating a kitchen, especially if you plan to wait a few years before selling. Cheaper materials do not last as long as materials that are more expensive and you may end up putting more money into a kitchen that has been shoddily remodeled with inferior materials
Instead of focusing on a “flashy” kitchen, be aware that a kitchen’s layout is more important to most buyers than kitchen’s with a less than friendly functionality. Narrow kitchens, Pullman style kitchens and kitchens with ill-placed appliances are deterrents to making a timely sale.
Neutral finishes and colors are your best bet if you want to sell quickly. Avoid weird patterns that you think might appeal to eclectic buyers and odd colors that you think “retro” buyers might prefer. Real estate agents claim that the classic, shiny, white kitchen remains the most timeless style of kitchen that makes most clients go “oooh” and “aaaah”.
One item not to skimp on is a new countertop. Granite countertops are currently trending due to their durability, resistance to damage and ability to absorb different colorings and patterns.
Because it is so important to make your remodeled kitchen look exceptionally attractive without restricting buyer preference, contacting a reputable renovation company like MyHome will provide you with experienced and licensed contractors, architects and designers who have many years experience in the home remodeling industry.