Buying an apartment can be a very exciting time for the first-time buyer especially in a prime city like New York. However, there’s a lot more that goes into buying an apartment than just considering the price range, location, and size of the place. You also have to think about how old the structure is, its potential resale value, and how much you would have to spend on renovating it before you can move in. This is why employing the services of a renovation expert in the city can be invaluable when it comes to choosing which real estate property to invest in. If you’re hesitant to enlist the help of an expert because you’d rather not pay the fee in exchange for their expertise, the following reasons might convince you that employing the services of an expert is worth the expense after all:
Assessing the Value of Your Investment
Full apartment renovation experts, especially those specializing in NYC real estate, can help you assess the value of your apartment to find out if you are buying it for a fair price and if the property is a good investment in the long run.
Determine How Much Renovating the Apartment Will Cost
While the price per square foot is based on the market value of the place based on its location and age, a full apartment renovation expert can help determine whether the amount you’d be spending on renovations is fair in relation to the amount you’d be paying for the property. Some apartments go for very high because of their location but previous owners might not be willing to renovate before selling, which will end up costing you way above the market value of the property.
Determining Resale Potential
Consulting an expert will also help you determine the resale potential of the property. Is the price per square foot likely going to increase in the coming years? Will you be able to get a fair price for it after living in it for several years? While the assessed value of a real estate property should not be used in determining its fair market value, since the former is used primarily by the government to determine the amount of tax that should be charged to the property, oftentimes, people use this to their advantage when bargaining for price so if you spend too much on renovating your apartment, you might not be able to get your desired price even when you’ve spent a fortune on home improvement.
Buying an apartment in NYC is always a good investment but you should do it right. Employing the services of a full apartment renovation expert will help you make sound decisions to safeguard yourself and your investment.