Do’s and Don’ts When Renovating To Increase Property Value

blog image

Buying a home for many is synonymous with stability, protection and sometimes a way to diversify your investment. Although most of the time, this purchase should be your forever home, it’s good to keep in mind some “DOs & DON’Ts” in terms of renovation. Making sure that your little nest will be worth something if and when you decide to sell it – while being cozy and perfect for your day-to-day life. Before starting your renovation, it’s essential to think if your vision will increase the property’s value or make it difficult to sell in the future.

Here’s a list to consider before renovating:

DON’T: Remove all bathtubs to install walk-in showers. Having at least one bathtub is usually a great selling point, especially for families with kids.

DO: It’s important to note that families often opt for apartments with baths. Having both a walk-in shower and a bathtub is the best option if you want to get a good rate for your property. A bathroom suite dramatically raises the value of your house.

DON’T: Be too specific with your design; everyone has different preferences. Your pool of potential buyers will be limited if you choose anything too specific. What you think is attractive can be a turnoff to a prospective buyer.

DO: If your objective is re-selling, create something timeless to appeal to a wide audience. When designing, stick to a simple color scheme for the materials and the finishes. It’s always advisable to incorporate neutral color schemes to be safe.

DON’T: Use a marble countertop. Marble is luxurious and gorgeous, but it also needs great care and attention since it’s easily stained. It can easily be scratched and is difficult to repair.

DO: Choose materials that will last longer in the kitchen. Examples include Quartz, and Granite. They are staining resistant, easy to maintain and durable.

DON’T: Eliminate storage areas. In NYC, closet units and space are important. Built-in storage that is well designed creates a calm ambiance and even gives the impression that the space is larger than it is. Try to maintain them for potential buyers.

DO: Maintain or build storage areas. Adding storage without reducing the square footage is always a wise move. Since storage rooms are uncommon in NYC flats, having one adds to the value of the property.

DON’T: Install marble tiles. Compared to porcelain and ceramic, marble is three to ten times more costly and is also less durable. It also requires frequent maintenance and repairs and is not stain resistant.

DO: Look for tiles that look like marble. There are now marble look-alikes that resemble real marble but are far less expensive, and it is difficult to tell the difference. A good substitute is quartz.

DON’T: Modify the floor plan when you’re unsure of how it’s going to affect the property value. Avoid losing spaces or bathrooms. For example, knocking walls down to turn a one-bedroom into a studio apartment is not advisable. Without adequate research, you might lower the property’s value.

DO: Always research, compare, and determine the market’s most desirable floor plan. ONLY alter the floor plan if doing so will boost demand and raise the property’s value.

DON’T: Use wooden textures in the bathroom. As a result of poor airflow in most bathrooms, wood surfaces can get wet and deteriorate over time. It’s almost counter-intuitive to put a material like wood—which has issues with humidity and expansion—in a place that’s constantly getting wet, like a bathroom.

DO: Try to utilize MDF finishes, which are far more durable and perform significantly better than actual wood. There’s been a recent boom in wood alternatives lately. From tile to laminate, it’s easier than ever to find a water-resistant wood alternative with a realistic look and pleasant feel.

Renovations are always fun especially when it’s to make it your own! Now that you have some more insights on what can add true value to your property, start your mood board and contact your renovation expert at chapter!

Further information needed?
Chapter renovation expert is here to help.