To Renovate or Not to Renovate?

For the second time this week, a friend of mine has asked me to stop by to review some finishes and thoughts he has, to renovate apartment. Although he is working with a designer, he has asked me to vet their choices before he moves forward.

In both my roles - Real Estate Broker and Sales and Marketing consultant for a New York Based Developer, I do this often. Specifically with the Developer. I am constantly meeting with the design team to pick out every last detail in the apartments being built. This includes the brand/finish of the appliances ( everything stainless these days) , the cabinets, floors, counter tops, cabinets, cabinet handles, floors, bathroom tile, tub depth, marble and such in the bath, the toilet ( Dual Flush is all the rage right now) lighting, etc. So I am happy to help out when a friend or client asks my opinion.

A couple of tips I always tell those who ask:

1. Do not get so specific. For Example, If you love Blue Carrera Marble and want to put it up the wall - that is great. However, do not expect someone else to love it OR want to pay for it when you sell the apartment. Many times, the new buyer will consider instead, the cost it will take to remove and replace it, so it then becomes a detractor from price point.

2.Don't Date Your Apartment There are always trends in the city. A few years ago the majority of new developments in West Chelsea featured very white kitchens. Before that zebra wood was everywhere. If you are not planning on selling your home anytime soon - you need to make sure that you not going completely in one direction of style. You don't want someone a couple of years from now to walk in and say - " oh this is so 2010!" Plan a nice mix with warm or cool tones being the majority of your look. Add in a few dynamic accessories or one feature wall ( that can be easily repainted) and this will help your apartment stand out in the crowd.

3. Pay Attention to Detail Remember to put thought into the little things. Towel racks, nice lighting fixtures, cabinet handles that are unique and of quality. It will be these things that convey to your future buyer that you "thought about it" instead of just slapped whatever up. This will provide your apartment with a reputation of quality and distinctiveness, which will in turn, give you the edge when competing against others for sale.

For more insight into renovating and who it is best for... please click the attached look.