If you’re thinking about selling your apartment and wondering if your home will attract buyers, go to the bathroom to find out. And then look at the bedroom.
Your bathroom and bedroom are the two rooms that are key to how quickly, and for how much money, your apartment will sell for.
Buyers will inspect these two rooms the most, so when getting ready to sell, focus your attention here. Investing in sprucing these two rooms up, or at the least staging them, will help you sell your apartment for the price you want.
The Kitchen
There are sayings about the kitchen being the heart of the home, and while corny, it’s true even in an apartment.
A modern kitchen with good storage is key to making a New York City apartment feel like home. After all, everyone needs to eat.
Potential buyers will inspect this room the most, opening cabinets and imaging themselves hosting parties or cooking family dinners in this room. They also know that an updated kitchen will help their own resale value if they decide to sell.
Remodeling Magazine’s annual Cost vs. Value Report found that minor kitchen remodeling in a New York City apartment recouped 75.3 percent of its value when the apartment was sold. For a major kitchen remodel, 65.4 percent of the value was recouped. These were the highest values of any other renovated room.
If your kitchen is lacking, you can consider anything from a complete renovation to some minor updating to give your kitchen a facelift.
If a minor upgrade is all you can handle, consider improving some of the following:
- Clean, resurface, paint and/or refinish cabinets
- Replace the cabinet hardware; i.e., the handles or knobs
- Upgrade your appliances — you’ll likely want stainless steel or white
- Consider new lighting fixtures
- Touch up paint or apply a fresh coat to the walls. This will hide any stains!
- Install a new faucet
- Clear away clutter, even if it’s just for the showings. This includes toasters or coffee makers. Storing them will make your countertops seem bigger. More space is always good, even in the largest NYC kitchen.
- Organize and update storage. Potential buyers will open the cabinets!
The Bathroom
When a potential buyer walks into the bathroom, they want to feel like they’re in a spa. Even a small New York City bathroom, the right paint colors, tile, and vibe can make buyers feel relaxed.
The bathroom is an important room because it’s a room almost all guests will use, and it’s where most people get ready for the day.
The Cost vs. Value report found that just about any type of bathroom remodel will recoup about 55 percent of its value. So if you think you’re going to sell in a couple of years, start the remodel now so you can enjoy it, too.
If you’re looking to do some minor or major upgrades, start here.”
- Get rid of all products in the shower and on top of the counters. You don’t want an already small bathroom to seem crowded.
- Clean out medicine cabinets. Just like the kitchen cabinets, buyers will open these, too.
- Repaint the bathroom to hide any wear and tear to the walls.
- Make sure there are no water stains or dripping faucets.
- Clean the bathroom of any soap scum or hair from the floors.
- Add a new, larger mirror
- Update any lighting fixtures
- Invest in a new set of towels and a bath mat that you display only during open houses. A clean, crisp white set will give off the spa-vibe you’re trying to achieve.
Do your research
If you plan to do any major or minor renovations to either your kitchen or bathroom before selling, start by doing your research.
First, take a look at apartments that have sold in your building or on your street. What did the kitchens and bathrooms look like? What were the styles? This will give you an idea of what’s currently selling in your neighborhood and what buyers are looking for.
Next, get a few quotes for each room to ensure you’re getting a fair price and have the highest chance of recouping the value of the renovation when you do sell the apartment.
If you’re looking for recommendations, ask your real estate agent or other residents in your building.
