Table of Contents
Latest posts by Gea Elika (see all)
- The Costs Per Square Foot of Renovating in NYC - April 17, 2018
- What is an Exclusive Listing Agreement when Selling Real Estate? - April 7, 2018
- Making Sense of (FAR) Floor Area Ratio in NYC - March 31, 2018
If you’re considering purchasing a home or apartment in the New York City area, then you’re already thinking about your future. But, if selling your new home down the road is in the cards, then you need to think regarding potential buyers, as well. With fruitful reselling in mind, here are some things to consider when it comes to the resale value of your new real estate purchase.
Choose the Right Neighborhood
Image via Flickr by Diana Parkhouse
Location, location, location – a feature so important, it’s repeated three times in real estate circles. If you truly want the most bang for your resale value while also enjoying your home or apartment while you live there, then you need to choose a great neighborhood along with a great property.
Keep in mind that less than desirable neighborhoods might just have the beneficial factor by the time you’re ready to resell. Neighborhood gentrification usually takes five to 10 years depending on the area, so if you’re only planning on living in the apartment or house for a few years before selling, the neighborhood might not reach desirable status yet.
Avoid Too Much Character
Something that you consider charming or unique about a property might not be as attractive to another buyer. So, if you’re buying a home or apartment with the chance of reselling it in the future, then you should avoid properties with too much character.
Classic architecture and vintage details that match the property’s overall design are all part of the home’s original concept and will add to the resale. But “funky” layouts such as a kitchen you have to walk through to get to the master bedroom and glass brick bathroom walls might hurt the resale value. Look for great bones.
Upgrade Where it Counts
If your new home needs some renovations, make sure you upgrade in the areas where it’ll actually result in a return on your investment. The two biggest returns on your investment are remodeling your kitchen and your bathroom.
Just remember the character tip above during your remodeling adventures and avoid any designs that are over the top. Granite countertops and stainless steel appliances in the kitchen are always a good choice, and simple tiles alongside muted colors in the bathroom are also wise when redesigning.
Remember A Good View Goes a Long Way
As a homeowner, you can change paint colors, upgrade appliances, and install hardwood floors, but you can never change the view from your living room window. Neither can future homebuyers, which is why it’s important to make sure you have a city or neighborhood view that speaks for itself in a positive way.
Make Sure Your Curb Appeals
A make or break deal with many homebuyers is curb appeal, so make sure your home is just as beautiful on the outside as it is on the inside. This means tidying up the lawn, planting trees and shrubbery, and making sure your home’s exteriors are in good condition.
If you’re reselling your apartment, curb appeal also plays a role. An apartment’s exterior condition is out of your control, so make sure you choose an apartment that’s well kept in a building with an attractive façade and entrance. And remember, a smoke-free apartment is a huge plus in the curb appeal department.
By keeping in mind the aforementioned real estate tips, you’ll have no problem selling your new home after a few years.