NYC Apartment Upgrades with the Best Return on Investment

Some NYC apartment upgrades will give you an excellent return on investment. But all renovations aren’t created equal – some won’t move the value needle very much.

So which NYC upgrades are likely to give you the best bang for buck? Here’s a rundown of which upgrades are likely to give you a good ROI when it comes time to resell, according to the Remodeling 2023 Cost vs. Value Report (www.costvsvalue.com) ( © 2024 Hanley Wood Media Inc. Complete data from the Remodeling 2023 Cost vs. Value Report can be downloaded free at www.costvsvalue.com).

Please keep in mind the these numbers represent New York City and New York State as a whole. They’re intended to give you a ballpark idea of cost and value recouped.

Typical NYC Apartment Upgrade ROI

Minor Kitchen Remodel (mid-range)*
Cost – $30,148
Value Recoup – 72.6%

Bath Remodel (mid-range)
Cost – $29,915
Value Recoup – 54.4%

Bathroom Remodel (universal design)
Cost – $46,009
Value Recoup – 39.5%

Major Kitchen Remodel (mid-range)
Cost – $86,337
Value Recoup – 38.2%

Key Points

As you can see from the numbers about, kitchen and bathroom updates are the top apartment upgrades to target if you’re looking for the best NYC apartment upgrade return on investment.

Remember – styles and tastes change. An apartment renovated 10 years ago won’t have the same value as a renovation completed 3 or 4 years ago. So, think about features and finishes that are “classic” and age well, depending on how long you think it might be before you’ll decide to resell.

Looking for more specific info about how much the renovation you’re thinking of might cost? Check out this great article from Sweeten which goes into more detail about per square foot costs for certain types of renovations. You can also get in touch with vetted contractors to get more precise estimates.

And if you’re ready to discuss the possibility of listing your home for sale, then contact me!

***

Definition of “Mid-Range”

*Per the Cost vs. Value Report, “mid-range” envisions the following updates and changes:

  • For a bathroom: “Update existing 5×7-foot bathroom; replace all fixtures to include 30×60-inch
    porcelain-on-steel tub with 4×4-inch ceramic tile surround; new single lever temperature and pressure balanced shower control; standard white toilet; solid-surface vanity counter with integral
    sink; recessed medicine cabinet with light; ceramic tile floor; vinyl wallpaper.”
  • For a kitchen (minor): “leave cabinet boxes in place but replace fronts with new shaker style
    wood panels and drawer fronts, including new hardware; replace cooktop/oven
    range and slide-in refrigerator with new energy efficient models; replace laminate countertops; install midpriced sink and faucet; add new resilient flooring; finish with painted walls, trim, and ceiling.”
  • For a kitchen (major): “semi-custom wood cabinets, including 3×5-foot island; laminate countertops; and standard double-tub stainless-steel sink with standard single lever faucet; include energy efficient range, vented range hood, built-in microwave, dishwasher, garbage disposal, and custom lighting; add new resilient flooring; finish with painted walls, trim, and ceiling.”

Categories

Archives

Sign up for my newsletter

Get my NYC First Time Home Buyer Guide FREE when you sign up for my monthly newsletter

Subscription Form

By clicking Sign Up you're confirming that you agree with our Terms and Conditions.

Related Posts

Downsizing or Upsizing? Here’s How to Coordinate Your NYC Move

Read more

Should You Downsize or Upsize in NYC?

Read more

February 2024 NYC Monthly Sales Market Update

Read more

How Much Does It Cost to Own a 1 Bedroom in NYC? (February 2024)

Read more

January 2024 NYC Monthly Sales Market Update

Read more

NYC Real Estate Market Update Q4 2023 – Manhattan & Brooklyn

Read more

December 2023 NYC Monthly Sales Market Update

Read more

NYC Real Estate Market Predictions for 2024 

Read more