There’s no universal formula for raising a property’s value. However, there are a few popular renovations that are known to increase your chances of appraising higher.
When you want to increase your property value in New York, you need to know what New Yorkers want. Apartments that are efficient, attractive, and equipped with modern conveniences are highly desirable. Therefore, your property should be equipped with the best updates and renovations to appeal to the current market.
1. Give Your Kitchen a Remodel
In every renovation, consider your ROI, or return on investment. If the money you’re putting into the project won’t match the money or benefits you’ll receive, it’s time to go back to the drawing board.
In the case of kitchens, Bankrate warns that major kitchen remodels typically have a poorer ROI, whereas minor remodels give your kitchen a value increase without spending an inordinate sum.
A minor remodel involves non-invasive external changes like replacing cabinets, countertops, and appliances. Since apartments usually have smaller kitchens, adding something as simple as a new backsplash can add charm at a reasonable cost.
2. Old Carpet? It’s Time to Make a Switch
New floors are always welcome. If your property is a condo or coop apartment on a higher floor, switching to sound-absorbing cork floors can be beneficial to you and potential tenants. Hardwood floors are always a classic choice that is broadly appreciated, and most preferred can spruce up your interior.
3. Do a Minor Bathroom Remodel
According to Kiplinger, adding minor updates to a bathroom can give you a pleasant 172 percent return on your investment. Consider switching out an older toilet for a modern dual-flush model that can conserve water and revamp your bathroom’s outdated appearance.
Installing a new vanity cabinet, sink, and countertop will also create a sleek look that’s attractive as well as functional. It’s amazing how just a few changes can help you make the most of your bathroom’s space. Try adding a vanity cabinet with efficient storage solutions to optimize even smaller apartment bathrooms.
4. Upgrade Your Front Door
If your front door has seen better days, replacing it with a new door made of steel or fiberglass is a good idea. Not only is this remodel affordably, but it also adds security to your apartment or condo. Most fiberglass and steel doors are Energy Star certified as well, giving you additional savings on your utilities.
5. Add Trim and Paint
One way to instantly beautify your apartment’s interior, and add value, is to apply a fresh coat of paint. New colors that are on trend and harmonize with the rest of the property will make it more appealing to the market.
Adding crown moldings can also make an apartment look more refined and spruce up any plain interior. Since this update is a relatively inexpensive project, it’s an excellent renovation to add to your list.
Maximize the Value of Your Property
Increasing your property’s value depends on knowing the heartbeat of New Yorkers. By adding highly functional and updated interiors