Renovating your apartment is a great way to increase its value and make it more appealing to potential buyers. However, there are a number of things to consider when planning your renovation to ensure that you get the most out of your investment. In this blog post, we’ll go over some key things to keep in mind when renovating your apartment to maximize its resale value.
Budget
The first thing to consider when renovating your apartment is your budget. It’s important to have a clear idea of how much you can afford to spend on your renovation before you start making any major changes. This will help you prioritize which areas of your apartment to focus on and make sure you don’t overspend. Depending on which architecture firm you choose, it can be difficult to pin down even an estimate of how much your project will cost. dtls.Architecture is committed to transparency every step of the way - you can get a complimentary, no strings attached estimate for your project here.
Building Regulations
If you live in a co-op or condo building, you’ll need to get approval from your building’s management before making any major changes to your apartment. This is especially important in cities like New York where buildings can have strict regulations on renovations. Talk to your building manager to find out what changes are allowed and what permits you’ll need to obtain before you start any work.
Department of Buildings (DOB)
There are some renovations that will require a DOB review and permit, others may be more cosmetic. It is important to engage a licensed professional to help you navigate this complex process to ensure your project is fully in compliance with city regulations.
Layout
The layout of your apartment is one of the most important things to consider when renovating. Open floor plans are popular with buyers, so if your apartment has a lot of small rooms, you may want to consider removing walls to create a more open feel. If you have a large space that feels overwhelming, consider dividing it up into smaller areas with different functions, such as a living area, dining area, and home office. Consider what kind of privacy is offered by office spaces in your home as work-from-home continues to increase in popularity.
Kitchen and Bathrooms
Kitchens and bathrooms are two areas that can make or break a sale. Make sure these rooms are up-to-date and functional. If you have an older kitchen, consider updating the cabinets, countertops, and appliances. In the bathroom, new fixtures and tiles can make a big difference. Consider installing a new bathtub or shower if your current one is outdated.
Lighting
Lighting is an often-overlooked aspect of apartment renovations, but it can have a big impact on how your space looks and feels. Make sure you have plenty of lighting in each room, including overhead lights and task lighting. Consider adding dimmer switches so you can adjust the lighting to fit your mood.
Storage
Storage is always a key selling point for apartments, especially in New York City. Make sure you have enough closet space and consider adding built-in storage solutions if necessary. Think creatively about how to maximize your space, such as adding shelves above doorways or using under-bed storage. If you’ve noticed a lack of storage in a particular area while living in your home, consider that buyers will likely notice the same and increasing storage there could very well close your sale.
Flooring
New flooring can make a big difference in the look and feel of your apartment. Hardwood floors are popular with buyers, but they can be expensive to install. If you have old carpet or linoleum, consider replacing it with a more modern flooring option, such as laminate or vinyl plank. Look into what kinds of flooring are common in your neighborhood and consider why those may have been chosen. If flooring isn’t your specialty, make sure you discuss this with a qualified architect like dtls.Architecture to consider your options.
Renovating your apartment can be a great way to increase its resale value, but it’s important to consider these key factors before you start making any changes. By working within your budget, understanding building regulations, focusing on layout, updating key areas like the kitchen and bathrooms, incorporating proper lighting and storage, and upgrading flooring, you can create a space that will appeal to buyers and maximize your return on investment. Not sure where to start on your renovation? Contact us today and we will guide you through the process while bringing your vision to life.