Is it worthwhile to upgrade kitchen & baths to get desired selling price?

Asked by Trulia New York, New York Tue Apr 23, 2013

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15
Koury Signor…, Agent, North Attleboro, MA
Wed Apr 24, 2013
It depends. You should have an agent do a CMA on your property with upgraded kitchen and bath along with the property as is. Then see how much it will cost for the upgrades and you should get a better idea on what to do. Hope this helps!
4 votes
Eric Deteli…, Agent, New York, NY
Sat May 18, 2013
Before doing any renovations, I'd recommend having an agent prepare a comparable markets analysis for you based on your apartment.

Then I would see if I could view the competition if you put your apartment on the market right now. See what pros and cons each apartment has and compare/contrast against your own.

Then I'd see what the costs of renovating your bathrooms, kitchen or both would come out to. Does the new price (covering the costs of renovation and a premium) compete with your competition and does the new price make sense for prospective buyers?

Having said that, renovating the kitchen and/or bathrooms is one of the most cost effective renovations you can make before putting an apartment on the market. You just have to see whether or not it is worth it to make the renovations.

Hope this helps!

Eric Detelich
Nestseekers International
1 vote
Margaret R.…, Agent, New York, NY
Sat May 18, 2013
In New York City, it is a big hassle to renovate an apartment, and so it is a big plus to be able to sell your place after replacing old appliances and upgrading baths, etc. That, said, it also depends on the place: a very small place may not be enhanced price wise significantly if the price you paid was at the top of the market and you are now selling so it may not be cost effective to renovate: I am a NYC broker and if your property is in Manhattan, I could take a look for you and give you my broker's professional opinion as to the value of such improvements. I am in my office today: 212 947 0578.
1 vote
dploves2sell…, Agent, Woodbury, NY
Mon Mar 16, 2015
If the desired price is more than the current market value, than in my opinion it's not a good idea. You should speak to a local Realtor to get a better idea of what the home is currently worth and he/she should be able to advise you on any upgrades or improvements that need to be done. When making any changes prior to selling a home, it is important to keep colors and designs neutral. What you might like, many not be what a prospective buyer would like. Keep it simple.
0 votes
Katherine (K…, , New York, NY
Mon Mar 3, 2014
It depends on the apartment, the condition of the rest of it, the neighborhood, and what you would need to spend for basic upgrades. Plenty of sellers over-improve and then get frustrated if they can't get their investment back.

I'm in full agreement that your best bet is to have an agent/broker come take a look, run some comps, and make recommendations...it's totally free, even if you decide to sell it yourself.

I'd be happy to visit and help you decide; send a message if you'd like a consultation!

-Kate-
0 votes
Charles Bada…, Agent, New York, NY
Sat Mar 1, 2014
It is all relative, but I would advise upgrading the kitchen before the bathroom as it is the heart of the apartment.
0 votes
Nardeen Bill…, Agent, New York, NY
Wed Feb 12, 2014
Of course! I would keep it clean and simple. Do not get too dramatic with the design and colors (i.e. deep purples, exotic oranges, etc) because that might drive buyers away. How much you invest, however, will all depend on the market trends.

People like ready apartments, renovations and TLC needed is generally a turn off. I say go for it.
0 votes
Colin Montgo…, Agent, New York, NY
Tue Feb 11, 2014
While I never advise paying extra for luxury renovations that your buyer may not keep, there is always a premium for getting your apartment up to "turn-key" shape before you sell.
Ask yourself if all the fixtures and appliances work as well as it did when they were new (works, not looks!). Of those that aren't 100% reliable, get a quote for refurbishing/re-sealing/re-wiring...
The small (but real) amount you may spend to rewire a fixture that you've grown to live without will go a long way to keep the attention of renovation-averse buyers. Plus your broker can describe the new wiring/caulking/plumbing to visiting buyers- it shows you care for property.
0 votes
dessyanaiwan, , New York, NY
Tue Jan 28, 2014
Yeah, remodeling a bathroom or a kitchen is one of the best but cost effective home improvement work. One who want to remodel his/her kitchen, can get new countertops, painted cupboard doors, new handles and other major appliances from Appliances Connection Online Store . There are different levels of things people can do, depending on their budget.

Thanks
Dessy A.
http://www.appliancesconnection.com/best-sellers.html
0 votes
Warner Lewis, Agent, New York, NY
Mon Nov 25, 2013
If you have a very good eye and are experienced at dealing with renovations then yes, it is a good idea to put money into your apartment before selling.

On the other hand, there is a very good chance that you may just get back the money you put in (instead of 2X, 3X, etc) and then the extra time and effort is not worth it.

If you are going to do a renovation make sure that your final product is as neutral as possible (no blood red bathrooms) so as to work for the majority of buyers who come to view your apartment.

Best,
Warner
0 votes
Jennifer Fiv…, Agent, Red Hook, NY
Sun Oct 13, 2013
Upgrading a kitchen or a bathroom could help to sell the house faster and for more. With that being said you have to look at the big picture, what is the condition of the rest of the house?

Also how much will you be spending on these upgrades? Will you get a return? The point is there are many things to consider.
0 votes
Elena Ravich,…, Agent, New York City, NY
Sun May 19, 2013
In general, it would pay off to upgrade the kitchen an Ba, if you don't mind investing the time and $ into renovation. The more specific answer would depend on your situation: do you need to sell quickly or by certain time, or you would rather spend time renovating (which may take quite some time with all the board approvals, etc.) and selling at a higher price; what is the condition of the rest of the apartment, would this upgrade be consistent with this condition or a new buyer would have to do some other upgrades, as well?
A good broker, after having a look at your apartment and comparable properties, can make good suggestions about current market demands and whether you should sell as is or to go ahead with the renovations.
0 votes
Mack McCoy, Agent, Seattle, WA
Sat May 18, 2013
No, of course not. You have "upgraded" your kitchen & baths and left the rest of the place looking like a set for a '70s "swinger movie?" Please.
0 votes
Erin Padilla, Agent, Salt Lake City, UT
Tue Apr 23, 2013
It is worthwhile if the rest of your home is updated and these are not, it can make a substantial difference. If the entire home needs updating than the value won't increase much.
0 votes
allan erps,A…, Agent, Pearl River, NY
Tue Apr 23, 2013
Probably also extremely risky as your updates may not be the same taste as the new buyer. Allan
0 votes
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