Adding Value to Your Home: Top 3 Ways to Boost Your Resale Value
Figuring out ways of adding value to your home ensures that you’ll be able to sell it at market value (or higher), and in a timely fashion when the day rolls around. These are three ways to boost the resale value of your home in New York City.
Even if selling your slice of New York City real estate doesn’t cross your mind at this point in time, as a property owner in one of the most competitive markets in the US, protecting your investment is both wise and necessary. What’s more, adding value to your home ensures that you’ll be able to sell it at market value (or higher), and in a timely fashion when that day rolls around.
Here are three particularly effective ways to boost the resale value of your nest, be it an Upper East Side co-op or condo, a Park Slope townhouse, or a single-family home in Forest Hills, Queens.
1. Spruce Up the Floors
Often overlooked by homeowners, floors are one of the most noticeable components in any apartment or house and take a great deal of wear and tear. While you might not notice those cracks or rough patches in your hardwoods, prospective buyers most certainly will. Call a specialist to take a look at your floors and give you a quote to spruce up and possibly refinish. In prewar apartments particularly, hardwoods can start to deteriorate over time and appear dingy. Sometimes a fresh coat of polyurethane is all wood flooring needs to give it a new lease on life.
2. Renovate the Kitchen and Bath
Conventional wisdom suggests that you put your money in your kitchen and bath — and for good reason. Great kitchens and baths can sell a property, likely adding value to your home more than any other improvement or upgrade.
Kitchens: No matter how small the kitchen, be sure your layout is functional. Even though NYC is a town of takeout and delivery, your apartment might attract someone who loves to cook when you go to sell.
- Invest in new appliances, if you haven’t already.
- What about your counter space? Consider updating your countertops to granite or solid surface, if needed.
- Can’t afford to replace the cabinets? Try resurfacing or painting, and give the illusion of brand-new cabinetry for a fraction of the price.
Bathrooms: Especially in a city like New York, one in which many of its denizens reside in one-bath apartments, a bright, sparkly bathroom with modern fixtures and gleaming tile will sell over a timeworn bath with dirty grout. If renovating isn’t in the budget, try some of these ideas:
- Call in grout and fixtures specialists. Get your tile cleaned and re-grouted.
- Have your tub resurfaced.
- Redecorate with a new shower curtain, area rug, and towels.
You’ll be surprised at the fresh new look of your bathroom with just a few updates.
3. Add Storage
Most NYC apartments are short on storage. Make your apartment stand out from the rest by adding it.
- Have an empty wall? Consider installing built-in shelves.
- Make use of an unoccupied corner by constructing a closet, even if it’s on the small side. Keep in mind, linen closets don’t need the same depth as clothes closets, but can be as shallow as 15 inches.
- Outfit wardrobe closets with organizers to maximize space. Not only will your closets and apartment remain uncluttered, but when you go to sell, potential buyers will be just as impressed when you’re closet doors are open as when they’re closed.
So when you’re ready to sell your NYC home, keep these tips in mind. You might just be amazed at how a few simple updates can dramatically boost the resale value of your property.
Image Source: Flickr/Daniel X. O’Neil