NYC Apartment Upgrades with the Best Return on Investment
All renovations aren’t created equal. So which ones are likely to give you the best bang for buck? Here’s a rundown of which upgrades are likely to pay off when it comes time to resell, according to the Remodeling 2019 Cost vs. Value Report (www.costvsvalue.com) ( © 2019 Hanley Wood Media Inc. Complete data from the Remodeling 2019 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%
Remember – styles and tastes change. A renovation that was done 10 years ago will not have the same impact 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 Sweeten! They have a great renovation estimator and you can get in touch with vetted contractors to get estimates.
And if you’re ready to discuss the possibility of listing your home for sale, then contact me!