Should You Renovate Before You Sell?

By Jordan • October 4th, 2017

Many of our clients face the dilemma of whether to make renovations or updates before they sell. Although there are no certainties, in general a renovation will justify a premium while a property in clear need of remodel will sell at a discount. But before you open your wallet, there are some things you should consider first.

  1. Weigh the emotional drain against the financial drain. Renovations are not easy–especially if you’re living in the space in question. If you have a lot of other things on your mind and demanding your time, the stress of renovating may not be worth the extra dollars it can put it your pocket.
  2. Tastes differ. For this reason, many real estate brokers suggest you go generic–grays, whites, nothing flashy–to appeal to as large a segment of the market as possible. Others say that you should add at least some touches to set your property apart. Spending a lot on renovations that are to your specific taste, though, will limit your audience.
  3. Needs differ. If you’re looking at a gut renovation, you need to consider your target market when deciding on a floorplan. Tribeca buyers, for example, will likely prefer an open floorplan, while the UES market may not. Factors like children and lifestyle make different floorplans preferable to different demographics.
  4. Approval can be a nightmare. If you have a particularly strict board, chances are you, as a long-time owner, may have better success in getting renovations approved than whoever buys your property.

Basically, your decisions should depend on your property and your target market. The Stanton Hoch Group knows both of these factors intimately, and would be happy to meet with you for a complimentary advisement session on how to get the most out of your investment. Call us today at 212-769-9857.

 

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by: Jordan • Blog

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by: Jordan • Blog

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by: Jordan • Blog