Whether you plan to live in your home for decades or resell in a few years, it makes sense to make the renovation choices that will have maximum impact. Many improvements will add lasting resale value to your property while making the home more comfortable and attractive when you’re still living in it. These upgrades will appeal to a variety of potential buyers, adding the most value to your home.
Expand the Space
The most effective—but expensive—way to add value to your home is by generating additional square footage. In New York City brownstones, converting a basement or attic to livable space may be an option, albeit it is a complicated logistical and financial undertaking. If you have the budget and the approval, consider deepening the basement so the ceiling is high enough to add livable space that might work as a home gym, office, or play area.
Alternatively, an expansion to an upper floor can add more space to living areas. Because this almost always requires major structural work, you’ll need to consult professionals like an architect, a structural engineer, and a builder. Major renovations like this require permits and approval, but also add substantial resale value.
Update the Kitchen
In a 2021 survey by the National Association of Home Builders, more than 78 percent of respondents said they wanted an eat-in kitchen space. A well-designed, functional kitchen often tops home buyers’ wish lists, so investing in your kitchen is usually a smart choice. If you have the budget and ability to remove a wall, you can create space for a table and chairs. Expanding your kitchen’s footprint will instantly add value, as well as make the space work better for you.
If knocking out a wall is not possible for you, adding storage can make the kitchen appealing to a wide range of buyers. If you have the budget, you could install custom cabinets with attractive millwork, but even stock cabinets will freshen up and modernize your space.
Remodel the Bathroom
After the kitchen, updated bathrooms are often the highest priority for home buyers. In New York City, an updated bathroom with a bathtub can increase resale value and set your home apart from others on the market. As you plan your bathroom renovation, consult a local real estate agent who is familiar with area demand.
For example, in neighborhoods popular with young families, a bathtub is a must-have. In other areas, walk-in shower options are attractive to buyers who are older who may be looking for age-in-place options. In any case, adding modern fixtures and lighting will add value to your home. Upgrade your bathroom ventilation to prevent any potential problems with mold or moisture.
Make the Space Flexible
Apartments with flexible space appeal to nearly all buyers, so creating a multi-purpose space will add outstanding resale value. You can add a so-called “flex room” to your home by clearing out an unused room, or even partitioning a section of one room with a temporary room divider. Low-profile shelves and tasteful storage space will allow you and future owners to envision using the space in many ways.
For example, you can decorate your flex room as an office by simply adding a desk and chair, or you can leave the floor space empty to work out or do yoga. Young families appreciate flex rooms, as they can transition the space easily from a nursery for babies and toddlers to a playroom for older children.
Replace the Windows
Replacing windows can help improve energy efficiency and increase the value of your New York City home. Most homeowners receive approximately a 72 percent return on investment after installing energy-efficient windows. Depending on how many windows you need, which type you choose, and the cost of installation, you might replace the windows gradually over time. Even if you’re not planning to resell your home, new windows can reduce your energy bills substantially.
Install Energy-Efficient Lighting
Lighting is another way to modernize your home without breaking the budget. Energy-Star certified LED light bulbs last 25 times longer than incandescent lighting and use at least 75 percent less energy. Because they emit very little heat, they are useful to use in kitchen spaces without having to worry about raising the temperature. Additionally, their one-directional lighting makes LED lights a great choice for task lighting in an office or reading nook.
If you are not ready to switch out all your light bulbs, begin with the most frequently used fixtures. For example, use a warm-colored bulb in a bedside lamp to create soft ambient lighting, or replace your kitchen overhead light with a soft white shade that mimics bright daylight.
Install Appliances
While replacing old appliances with high-end ones will not add value, installing appliances where there were none does. In New York City, full-size refrigerators are particularly appealing for home buyers, as are in the unit washers/dryers. Instead of focusing on an expensive, top-of-the-line brand or model, choose sturdy, high-quality appliances that will last.
Create Storage Space
Most New York City homes have limited storage space, so installing creative options can make your home more functional and appealing when you list it. Built-in bookcases look elegant and natural, while floating shelves offer storage space without impacting floor real estate. Consider installing a hanging rack in the kitchen to free up counter and cabinet space and hooks for towels and other easy-to-hang items.
Leave a Reply