Living in Manhattan and considering a move? Manhattan might be an urban environment, but its real estate market can feel like the wild west to homeowners and homebuyers. With Mortgage rates on the decline, buyers are gaining purchasing power and many sellers are finding the competition to sell is increasing. Plus, navigating co-ops, brokers, and changing trends is enough to make anyone feel lost.
However, home updates are an excellent way to ensure your property stands out on the market. Whether a sale is in the near future or you want to enjoy long-term improvements to your home before starting the next chapter, read on to find out how much value a remodel will add to your Manhattan home.
Kitchen Remodels: Do They Increase Your Resale Value?
Kitchens are an excellent way to add resale value to your home. In Manhattan, the typical apartment is only about 700 square feet. While brownstones are a bit larger, they still pack a lot of functions into the available space. This means kitchens are often on the smaller side, when compared to luxury single family homes in other markets. To ensure buyers can see themselves cooking, entertaining, and hosting in your home, an updated kitchen with a focus on function is a key way to stand apart.
Kitchen renovations in Manhattan can offer up to an 85% return on investment, depending on the scale of the project! Beyond ROI, a great kitchen is attractive to buyers and helps your home sell faster and with favorable terms.
How Do Bathroom Renovations Impact Resale Value?
Bathrooms are another hot-ticket item in the Manhattan market. A bathroom renovation can offer a style refresh for a lower all-in cost due to their smaller space. Or you can overhaul and add in-demand functionality like soaking tubs and walk-in showers. If you just need a minor update, consider adding neutral tile and new fixtures and finishes. Buyers are often interested in new updated bathrooms, making this a choice that can add up to 64% return on investment when it comes to resale value!
Have a Basement? Get Ready for Max ROI
If your brownstone has a basement, the best way to add value to your home is a basement update. Many people don’t expect much from a basement when touring homes, especially in the heart of Manhattan. But if you have a basement, you can easily increase usable space by renovating it! If it’s already finished, making it feel like a part of your home can go a long way toward attracting buyers.
Whether it’s finishing a space that’s currently unusable, updating to adhere to current market trends, or adding guest space or an in-law suite, a basement also provides a high ROI of 70-85%.
What’s the ROI of a Full Apartment or Brownstone Renovation?
A whole-apartment renovation or a brownstone remodel can definitely help you sell! A full remodel contractor can help you update a floorplan that doesn’t flow, add a stylish refresh that will appeal to buyers, and make your home functional.
Depending on your starting value and the scale of renovations, you may see 50-120% returns on your investment. To learn more about what a full remodel entails before selling, get in touch with us for a free consultation.
Don’t Forget These Ways to Up Your Home’s Appeal
Sometimes the small details have the biggest impact for buyers. It’s important for prospective buyers to be able to see your home as their home — and an updated, neutral backdrop accomplishes that goal. Upgrades like new tile and a fresh coat of paint can create the right environment you need to make big moves on the market.
Luxury Remodeling in Manhattan
In Manhattan, the process of remodeling is best done with a professional. MTK Contracting is a local business that knows the ins and outs of NYC permitting, top trends that homeowners are asking for, and how to deliver an excellent experience. We offer full design and build services and can help guide you to make the best decisions for your home, whether you are planning to sell in the near future or years down the road.
