For property owners and flippers looking to boost the value of their assets, a home remodel is probably part of your strategy. However, how do you know exactly where to focus your efforts? Below, we’ll go over exactly why investing in a kitchen remodel in NYC can really pay off. At DCON, we’ve seen it firsthand.
According to Zillow, 58 percent of buyers who purchased in the last 12 months said having their preferred style of kitchen was extremely or very important to their home-buying decision. Clearly, giving your property an updated kitchen can prove to be a great investment for those in competitive markets.
Kitchen Is the Heart of the Home
For most of us, the kitchen ends up being the heart of the home. This means that your potential clients are likely to spend a lot of time in it, and will, therefore, pay a premium to see that it is polished and comfortable. Our space has a huge effect on our mood and day to day activities.
Moreover, from a showing perspective, the kitchen is one of the first rooms your client is likely to see. First impressions are extremely powerful— What your client sees first is likely to affect their perspective of the rest of the home.
It makes sense to invest in your kitchen since it is so integral to any desired home or apartment. While you can invest in other home remodeling projects, starting with the most visible parts of a property seems to be the most logical way to go about doing things.
Seeking Out Appliances
One of the reasons kitchen remodels may be particularly beneficial for NYC property owners is the rarity of appliances. Adding kitchen electronics for as little as $5,000 can have a serious impact on the renting or reselling price. For example, the simple addition of a dishwasher could be a huge selling point for potential buyers just because the appliance is rare in the city. Use this scarcity to your advantage.
Moreover, according to Consumer Reports, by buying stainless steel or quartz countertops, you can bump your potential sale price by 5 to 7 percent.
Understanding The Market
A lot of first time home remodelers make the mistake of putting in what they think will be a favorable renovation without doing any prior market research. In order to successfully upgrade your property, you’ll need to produce renovations that buyers are actually seeking out. For instance, nowadays, new smart technology like programmable thermostats, lightning, security systems, or whole-house generators can add on 3-5 percent to your apartment’s price.
However, obtaining this insight is much easier said than done. Luckily, your home remodeling contractor is likely to have some valuable perspective on what buyers are looking for. Use the internet at your disposal, or even set up a meeting with a local realtor as well to solidify your renovation insight.
Choosing A Contractor
Not all contractors are created equal. In order to effectively bring value to your home or property, you’ll need to find a contractor that has fair, honest pricing. Creating a return on your remodel investment has just as much to do with what you spend than what it has to do with the cost of your property. Budget accordingly and don’t let yourself be high-balled or low-balled during the remodeling process.
A Kitchen Remodel Can Really Payoff
Executing a proper kitchen remodel is not always the easiest, but it can certainly add tangible value to your NYC property. Oftentimes, kitchen renovations bring more than 90% of cost after selling or renting the unit. Plus, if you don’t plan to sell right away, your updated kitchen is bound to bring you and your family tons of valuable experiences.
Here at DCON, we’re ready to help. Feel free to reach out to get you one step closer to the kitchen of your dreams. With proper tools, planning, and research, your new kitchen could be well on its way to being your most lucrative cash cow.