When renovating, homeowners will naturally want their homes to be designed exactly according to their tastes as much as possible. Any of us would want the same thing if we were to renovate a home. That is understandable considering our homes are our investments, and who would not want to enjoy their investments as much as they could, right? However, according to experts, there is more to renovations than staying true to our tastes. A renovation is a complex process and a huge investment. An NYC renovation can become an even more complex process given considerations like higher costs of materials and manpower, as well as higher tax rates. Experts note that aside from our own preferences, we need to always consider future resale when renovating a house. This is a crucial insight for people doing an NYC renovation as experts observe that future marketability is not something homeowners in New York are primarily concerned about. However, given the strong position of the current real estate market in NYC, experts encourage most homeowners to start thinking about this. Here are a few insights from expert real estate brokers on how homeowners can make their homes more marketable today:
- Know how your decisions will translate to an advertisement on paper – When renovating an NYC apartment for example, before deciding on how you would want the house to look and function, analyze how the features will translate on an ad. Will the features be appealing enough for people to consider buying the property once they see it on paper? Will there be sufficient selling points like, stainless steel kitchen equipment, hardwood floors and marble countertop? Think about these factors that will not only look good in person, but will also look appealing when advertised on paper.
- Keep everything as neutral as possible – A lot of people want colorful homes, but when considering future resale, it is best to stay safe with neutrals. Most buyers will look for homes that they do not have to renovate later on. Hence, while that tangerine wall looks cool for you, it may be too strong for someone else. This also applies on fixtures. Countertops are also said to be easier to modify than backsplashes. Hence, you need to be safer on a fixture that will take buyers more efforts to alter.
- Keep the floor plan as uncomplicated as possible – Even with small apartments, a complicated or an overly-modified floor plan could easily make potential buyers walk out. It is easier for buyers to appreciate a simpler floor plan as it is easier for them to figure out what to do with it. While character is good, you would not want to give your house a complicated character that will be more difficult for future buyers to relate to.
Knowing that you have a property to renovate in NYC puts you in a better situation than a lot of other people. However, you certainly know that living in NYC is not a piece of cake. Hence, it is important that we know how to value our properties as long-term investments, as it is difficult to know when times could become more difficult. The economy remains unpredictable; hence, aside from following your personal preferences in that renovation, you might as well consider future marketability for some sense of financial security.