What’s Worth Improving When It Comes to Renovations?
After quite a bit of thought (hopefully guided by my earlier post on the topic), you’ve decided that you’d like to proceed with doing some renovations to your home. Exciting!
But – which renovations make the most sense?
Of course, you should first think about what things you want to do the most. Perhaps you hate the kitchen cabinets. Maybe you’ve been itching to get rid of the tiles in your bathroom. Maybe the original flooring just isn’t your style, and you want something more modern.
By far, two of the best things to renovate in NYC are either your kitchen or your bathroom (bonus points if you can swing both). Other things that really pay off? Installing new floors, dishwashers, washer/dryer units, central A/C units or converting extra space into an extra room (i.e. turning the dining room of a junior 4 into a den or second bedroom).
Keep in mind, however, that no matter what you want to do, you must obtain building approval prior to starting anything. You need to check with your managing agent to see what kinds of work will be allowed (for example, in many buildings, in-unit washer/dryers are a definite no go). Both condos and co-ops will require alteration agreements as well as deposits, so you need to get clarity on those as well.
Regardless of what you want to do, you should still consider whether or not the financial investment for it makes sense. While some changes and upgrades may look great, not all renovations are equal when it comes to added value, especially once it’s time to sell your home. For example, getting nearly restaurant grade appliances may not pay off down the line if they’re installed in a small studio apartment. But it may be a wise investment for a high end 2 or 3 bedroom unit.
You can check out this blog post for a breakdown of what kind of ROI you might be able to expect.
You might also want to check out some of these articles that discuss the topic of renovations in more detail:
Is It Worth Renovating to Raise Your Apartment’s Potential Sale Price? (Brick Underground)
Renovations You Should Never Do Yourself (Leovan Design)
Renovation Cost vs. Value Report for New York City (Remodeling)
Buying a Fixer? Review This Pre-Renovation Checklist (Street Easy)
And of course, if you have any specific questions, or need additional resources, feel free to contact me. I’m always happy to help!