NYC continues to be a prime location of new development competition. As a NYC seller, you may likely wish to renovate your home before putting it on the market to enhance its value, and up your profits. Depending on the kind of renovation you perform and its success, this can yield amazing, fruitful results for you — or not so much. So, it is so important that if you are going to renovate your apartment before resale, that you do it right.

Here we will break down the three major kinds of renovations in resale.

Cheap Out Renovation

In a “cheap out” renovation, your focus is on sticking to a budget at the cost of design and potential value. You value-engineer the cost of your renovation without the guidance of experts, and you pick the least expensive materials. Your thought process goes a little something like, “Well, I may not have put too much into it, but it’s at least new and someone is sure to find value in it.” No, unfortunately it is not so simple.

At first glance, it may sound like you are saving money in your frugality, but the truth is these kinds of renovations can cause you to lose the most money! When potential buyers survey your economical renovation, all they will see is that it looks cheap and the money it will cost to fix it and rip out all your work. You can potentially lose everything you put into it and more.

The moral is: it never pays to do a renovation, cheaply.

You Think You Are a Designer

Hey, there’s nothing wrong with appreciating design and wanting to do a renovation because you peg yourself a designer. But it is risky, my friend and I will tell you why.

In this type of reno, you may think you’re in the know in regard to cool, edgy NYC design, and while you try to capture the vibe of your neighborhood in your reno, you end up throwing a lot of yourself and your own sensibilities into it — maybe, a little too much to satisfy mainstream appeal. And you end up also putting a lot of money into it. The problem is the design of your reno ends up being so specific, it feels too associated with a theme that simply will not have the mass attraction of a more neutral design.

When your reno’s design is too specific, you may have to be ready for its resale to take a longer time, as you need to find a buyer who appreciates that particular taste. And for that matter, your “too-cool” designed reno needs to be in sync with the feel of your neighborhood, because if it isn’t you can literally end up taking a bath in the cost of your renovation.

On the other hand, if your reno was brilliantly done, with up-to-date, state-of-the-art appliances, and while it may have sprinklings of thematic design, if it feels neutral and stylish overall, you may still find your soulmate buyer — and it can work out in your favor.

Thoughtfully Advised by Designer and Broker

Congratulations! In this kind of a reno, you are likely to knock it out of the park. Guided by the expertise of a designer and a broker, you increase the probability that your reno will deliver real value, and that a potential buyer will recognize that real value. Buyers will appreciate that they do not need to put their own money into renovations to fix up your apartment or improve the design. With the style and design suggestions of experts like a designer and broker who have a deep understanding of NYC real estate and what will sell, your reno ends up appealing to the largest audience.

And you guessed it — this kind of reno can yield even more for you than what you put into it. You can even make money on it! So few sellers do renos of their apartments right, and when you do it right, your apartment may just become the one that can ask for the most money, with multiple bidders.

Remember, when renovating your home it never pays to cut corners. So, do it the right way with the advice and guidance of seasoned real estate experts who will help you realize the most value. And then, you can happily reap your (well-deserved) profits!

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