Undergoing full apartment renovation can eat up a large portion of your finances, which is perhaps why a lot of apartment owners in NYC wait until the real estate market improves before they undergo home improvement. Whether you already have plans of selling your apartment or you’re still waiting for the right time, you can go ahead and undergo improvements now. Like any apartment owner, you would naturally want to focus on improving the areas of your home that will yield the highest return on investment when the time comes for selling. Below are three areas of your home that will benefit the most from a remodel:
Undergoing kitchen remodeling has one of the highest returns on investments in any full apartment renovation project. A lot of apartment buyers in New York really give preference to apartments with nice kitchens. However, you should also make sure that you keep the costs of kitchen remodeling to a maximum of 20% of your entire apartment unit’s market value if you want to yield a high return when you sell. According to most real estate experts in New York, kitchen improvements can give you as much as 85% return on your investment.
Bathrooms are just as high up in the list of priorities for many potential apartment buyers. Contemporary bathrooms that maximize space and are aesthetically superior will yield you high returns when you sell. Expect to get up to 80% return on your investment for a nice bathroom. And you don’t even need to install a tub, as most apartment buyers in the city prefer showers in bathrooms as long as the overall setup is nice and fresh.
Replace Old Windows
Modern apartments have large, airy windows that let in adequate lighting during the day. If you want a high return on your full apartment renovation, make sure to change old windows too. You’d be surprised at how high your return on investment can be by just improving your windows. Experts say you can get up to 70% if you modernize your apartment’s windows. Check with your building if changing your current windows is possible since it will also affect the apartment’s façade.
While most of the improvements mentioned above will require you to apply for a building permit from the DOB, if you really want to maximize your return on investment, you should focus on these three areas before anything else.