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Renovations and resale value

Renovations and resale value

We all know renovation and design quality can affect the sales value of an apartment or home.  As a top broker in the city for over 3 decades, I have seen my share of successful and unsuccessful renovations.  Why is this so?  It all depends on choices that an owner makes, starting with the architect or designer.  Here are four steps and suggestions to consider if you want the best results when selling:

  1. Hire an architect/designer with a track record of successful sales. Most owners look at the design results in photos and even current finished properties that were designed by the architect/designer.  But if you are interested in resale down the line, find out how many have sold successfully!  That is an important and not a standard question.
  2. Look at properties you have liked that have sold – even had mulitiple offers and see what designs are selling. What do each have in common with the other?
  3. Ask your favorite agent about which apartments they have seen that have sold extremely well. Get their ideas of what has sold and why.  Ask them if they know of an architect or designer where the apartments have consistently sold well.
  4. If at all possible, go to see a recent renovation of an architect/designer whose designs sell well. Step into the apartment and get a feeling for it to make sure that you will be happy living in it.

 

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