Selling Your Apartment? Why Dated Renovations Could Cost You Big!

When I go and visit a client who's considering selling their apartment, one of the things that I take a look at, obviously, is the condition of the apartment. Condition plays a huge factor in how quickly the apartment's going to sell, how much it's going to sell for, or if it's going to sell at all, if it's not priced properly.
So, oftentimes, I'll meet with a seller who might have renovated their apartment twenty years ago, or even ten years ago, and it looks dated, unfortunately, because the trends and the styles change. Unfortunately, sometimes sellers think they're going to get a big bang for their buck with a somewhat dated or a really dated renovation because they actually put the money into it.
However, a buyer doesn't want to buy somebody else's dated renovation. They want to do their own renovation, or they want something that's done where they only have to put their finishing touches on it or nothing at all. If it's a new renovation and the seller has chosen styles, fixtures, and finishes that are in keeping with current trends and what people are attracted to-the general masses.
For instance, one of the things that most buyers are attracted to right now is a white kitchen. You can't go wrong with a white kitchen. But 10 years ago, white kitchens were not the thing. And 15 or 20 years ago, it was all about cherry wood and, you know, wood veneers, dark wood, and warm mahogany, which is completely timestamped now.
So when you walk into a kitchen right now that has cherry wood cabinetry or the dark mahogany wood, you know that it's at least 15 or 20 years old. And that's a real timestamp that people take a look at. And the trends right now are all light colors, grays, and whites. So that's what people are attracted to.
Because that's what they're seeing online. So, getting back to the value of the apartments, whether an apartment is worth more if it's renovated-obviously, it is. However, there are instances, particularly in pre-war buildings, where you have original finishes that are historic and sought after and in perfect condition because the owner has taken such good care of them or they've restored them.
There's a subset of buyers that are going to be more interested in the original restored finishes versus a dated renovation because they will live with and keep those original finishes, and they don't have to renovate the apartment, as opposed to a dated renovation. They have to renovate that apartment, which is going to cost money. So now you've got newly renovated, dated renovation in pristine original condition. This might come as a surprise to a lot of sellers, but pristine original condition may sell quicker and may sell for more than a dated renovation.
So, in summary, even if you're living in a renovated residence that you want to sell, that renovation may not be current or may be too dated to qualify for the mass buyers to come in and say, "This is renovated. I'm going to pay the price, and I'm going to move in." A lot of people may look at it and say, "This is dated. I have to renovate it." Or, even though it's not completely dated, it's still not my style because I can see that it's going out of style. In those instances, if somebody's up for a renovation, they're going to pick a wreck over your dated renovation. Something to consider when you're thinking about selling your apartment.
Listing Agent:
Michael J. Franco
Licensed Associate Real Estate Broker
Wall Street Journal Top 100 Nationwide
110 5th Ave, 3rd Floor
New York, NY 10011
m: 917.817.4122
[e-mail]
www.compass.co...
Compass Real Estate
#manhattanrealestate #realestate #newyork #nyc #broker #manhattan #newyorkrealestate #newyorkbroker #nycbroker #nycrealtor #nyrealestate #realtorlife