Image
Image
For many, Spring usually means “out with the old and in with the new”. Home renovations are very popular this time of year, with sellers preparing to list their homes for real estate’s busiest season. However there are many things to consider before jumping in with both feet.

Through my 10 years of experience, I’ve seen homeowners make costly mistakes. For example, one shouldn’t assume every dollar they put into their renovation will add value to their property. Homeowners have been known to put in tens of thousands of dollars into a remodel without any sort of consultation, ultimately failing to increase the value of their condo/coop.

It’s important to consult with a real estate broker who is familiar with what buyers are seeking. Kitchens and bathrooms are undeniably the top spaces that undergo renovations, but it isn’t always necessary to go overboard on remodeling. Spend your money wisely and focus on those items that are important to potential buyers—always keep your bottom line in mind as you go through each renovation line item. Your real estate broker should be experienced and know what work needs to be done in order to get you an attractive price, without breaking your bank.

Another key factor is timing. In Manhattan, renovations could take up to six months. One must consider whether it is worth it to hold out for a long period of time and delay selling, especially now in this current market.

Before you make any major decisions regarding renovations, I advise you to consult with a real estate expert who is intimately familiar with what buyers want from a home in NYC. Also, I want to remind you that Brown Harris Stevens’ newly introduced CURATE program allows homeowners to renovate now and pay later. Since its launch, it has been received with rave reviews by many.

As always, please reach out if you would like assistance with any of your real estate needs or if you simply have any questions.

* Photo above is from a remodeling project by FrancisInteriors.
Image
Serjik ( Serj ) Markarian
Lic. Assoc. R.E. Broker
212.796.6110
Image
My business is proudly built on referrals. Who do you know that I can help find their perfect home?
Image