Planning a Remodeling Project Wisely to Add Value to Your Home
October 5, 2011
Many apartment and homeowners in New York City assume that by renovating a space, value will irrefutably be added to the space. However, this is not necessarily the case. Some common mistakes made by homeowners during remodeling projects may contribute to diminished value of an apartment or home.
For example, upgrading the home in a way that goes beyond the typical for a neighborhood or region may make the home out of place in the neighborhood and will therefore decrease the value of the home overall. Further, renovating in very taste-specific ways and thus making your home too distinct to your own preferences may eliminate the possibility for someone else to love the space as much as you do, and thus they will not be willing to pay as high a price for the home.
If your goal in a renovation is to add value to your home, a first step in determining what an appropriate and effective renovation may entail is to set an appointment with a local real estate agent. Walk the agent through your home and let him or her know that you are looking to remodel in a way that will add value to the home overall. The agent should be able to shed light on other homes in the area, what adds value to them, and what buyers in your region or neighborhood will be looking for in terms of value.
You should feel free to show the real estate agent the specific spaces in your home that you plan to renovate, and also share any photos, sketches, or clippings you may have collected for the remodel. Take the real estate agent’s opinion to heart.
Another fun way to incorporate the opinions of others into your renovation is a gathering of friends where you gather their feedback and ideas for your renovation. You might print up surveys about your space and distribute them amongst your guests so that they may fill them out as they consume delicious food and drinks and really consider your space. What could make it better? What is really great in the home as it is now? What things in the home would make them buy it as is? What things would make them not buy it as is? To get the true opinions of your friends and colleagues, make the survey anonymous so no one worries about the risk of hurting your feelings.
Once you’ve gathered the opinions of the real estate agent and your family and friends, revise your renovation plans to fit their suggestions. Reconsider any renovations you had initially planned that would diminish the value of your home based on your new knowledge. Lean instead towards renovations that will add to the value of your home such as painting rooms in neutral colors, and updating bathrooms and kitchens to reflect the features desirable to those moving to your area.