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 2020 Cost vs. Value Report (www.costvsvalue.com) ( © 2021 Hanley Wood Media Inc. Complete data from the Remodeling 2021 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.
Bath Remodel (mid-range)
Cost – $28,106
Value Recoup – 55.6%
Minor Kitchen Remodel
Cost – $28,495
Value Recoup – 75.3%
Major Kitchen Remodel (mid-range)
Cost – $81,584
Value Recoup – 65.4%
Bathroom Addition (mid-range)
Cost – $66,925
Value Recoup – 51.9%
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!
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