Co-op apartments are facing tough competition these days on the NYC market. And it’s easy to see why. Few people, if any, like the thought of going through the co-op board application and if the co-op apartment is getting on in the years, it’s hard for it to compete with brand new condos fitted out with the latest appliances and styles. But even so, co-ops are still the main choice for a lot of people as they’re generally better value for money.
If you’ve got a co-op apartment you want to sell, then there are a few little things you can do to help it compete on the market. Many buyers might want a condo but are unsure if they can afford it. If you can get your co-op looking just as good as a new condo, then that might be just enough to get the right offer.
1. Get a kitchen upgrade
The kitchen is probably the most important room in an apartment, and the one most buyers give attention to. It’s hard for it to compete if your lighting, appliances, and décor are some years behind the current styles. A good start would be to upgrade your appliances with high-end brands like Bosch, Sub-Zero, and Liebherr. Recessed lighting is currently a hot item that buyers expect to see. Also good are customized cabinets and drawers with space-saving designs, soft-close doors, and automatic lights.
2. Before staging, clean everything
Home staging is a tried and tested strategy for selling an apartment. But before you can start you need to prep the apartment. Go through the entire place, from ceiling to floor and give everything a deep clean. Nobody likes to see faded walls or dirty windows. If it’s been a while since you had a professional deep clean now is the time to do it.
3. Start decluttering especially the heavy furniture
People accumulate a lot of things over the years in a home. Some of those things might be treasured by the current owner but to most buyers, they’re just clutter. Home sellers often struggle with removing beloved possessions and changing the apartment to suit the most buyers but if you want to sell it’s got to be done. This is especially so for any heavy furnishings as they impede a potential buyers’ ability to visualize living there. Hiring a professional home stager at this point will help in deciding what should stay and what should go.
4. Consider a renovation
Alright, this is where we get into the pricy territory. Renovations can be expensive and time-consuming but if your broker is pushing for it, there’s probably a good reason. If done right, there’s a good chance that the apartment will sell for higher than expected. Meaning you’ll not only recuperate the costs of the renovation but maybe also make some extra money from it. Renovations can be relatively straightforward such as whitewashing the walls and removing carpets. Or more complex such as doing an entire bathroom and kitchen remodel. A remodel on that scale is better done a few years before you plan to sell so if that’s where you are now it’s well worth considering.