How To Get the Highest ROI From Your NYC Renovation
Home renovations aren’t just about sprucing up your space for better livability. They’re also an opportunity to make your home more attractive to potential buyers. With competition and pricing in the housing market at an all-time high, it’s important to understand which updates can provide the highest return on your renovation investment.
Homeowners should be strategic in their remodeling plans but also discerning when choosing a design and build firm to complete their projects. A more experienced, professional team will result in higher-quality planning and design of your renovation, allowing you to recover more of your investment when it’s time to sell.
In this blog, we help New York City homeowners understand which renovations offer the highest rate of return on their investments. We’ll cover:
- Bathroom and kitchen remodeling
- Flooring updates
- Layout improvements
- Choosing the best remodeling experts in NYC
Bathroom & Kitchen Remodeling
Depending on the renovations made, bathroom and kitchen remodels offer some of the highest rates of return on investment. Most professionals estimate the ROI on bathroom and kitchen remodels to be between 50% and 75%. However, FortuneBuilders cites some minor kitchen remodels that offered a more than 98% return on investment.
When updating your bathroom or kitchen, certain features are more attractive to potential buyers than others. Custom cabinetry, unique countertops, bath-to-shower conversions, added storage space, and brand-name appliances are just some of the additions that prospective buyers seek — especially when shopping for a “move-in-ready” home.
Replacing wood floors is a common renovation request for NYC homeowners living in prewar and postwar apartments, condos, and townhomes featuring wood strip and parquet flooring. Whether you choose to refinish the existing hardwood or replace the parquet with new wood floors, updating the flooring offers a tremendous return on investment.
Hardwood floors are especially important when trying to sell condos and co-op apartments. Some professionals estimate that replacing your floors can return more than 100% of your investment when you sell the property.
Improve the Layout
Improving the layout of your home can dramatically increase your sale price potential. There are several layout adjustments that New York homeowners should consider when planning their renovation:
- Room additions: Adding a bedroom or bathroom to convert a one-bedroom apartment into a two-bedroom can unlock an entirely new buyer segment for your property.
- Storage space: For those living in one of New York’s high-rise luxury lofts, adding more storage space can increase its value tremendously.
- Bump outs: If you have an enclosed kitchen or living area, knocking down non-structural walls can help create a more open layout that gives your space a bigger appearance.
Discuss Your NYC Renovation With Star Renovations NY
If you’re looking to get a strong ROI on your renovation, it’s important to select a design/build firm that’s experienced in performing the type of remodel you seek. At Star Renovations NY, our team has helped hundreds of New York City families reimagine their space for increased comfort, functionality, and value.
As a full-service design and build firm, we cover all your project needs from start to finish, offering the highest quality materials, styles, and selections all under one roof. Your dedicated project coordinator acts as your office liaison, handling all permits, approvals, orders, and scheduling on your behalf.