One of the most common questions I hear about NYC apartment renovation costs goes something like this: “is it worth it to make the improvements I’m thinking of?”
Naturally, there isn’t any clear-cut answer. Different clients all have different goals and budgets. The purchase price of your home could be affected by renovations, as could its resale value. And besides, how do you measure the value of a more beautiful and livable home? The price one person puts on that could be different for someone else.
With these caveats out of the way, experience has taught me that Manhattan renovations almost always pay off. To help you understand why – and to keep you from avoiding the big mistake that makes someone regret remodeling their luxury apartment – here is what you need to know and remember…
Manhattan Real Estate is Generally a Strong Investment
People have been drawn to the heart of New York City for a long time, even more so now that it is become an international gateway. We have the best of culture, finance, media, dining, and entertainment in what seems like less than one square mile. Demand for real estate remains strong – just watch how fast new listings disappear! It’s almost impossible to find a great three-bedroom apartment in this part of the city.
Renovating your luxury apartment increases its value, both in terms of your equity and in the way it makes you more comfortable in your home. You can never make firm predictions about the future, but history suggests that whatever you invest in a Manhattan apartment isn’t likely to be lost if you hold onto the property.
It’s Hard to Put a Price on Comfort and Prestige
For most of my clients, the financial gains realized from apartment renovations in Manhattan are important. Certainly, they love seeing their homes increase in value, but the real benefit is in getting a space that feels more open, updated, and comfortable.
It’s hard to put a price on the feeling of loving where you live. It impacts your state of mind, the quality of your downtime, and the enjoyment you get from your social life. It can even impact your career, if you happen to work from home or entertain clients or colleagues in your apartment.
Getting Value From Renovations in Manhattan Takes Expertise
If it sounds like I think renovating in Manhattan is always a good decision, it’s time for a word of caution: getting value from your investment takes serious planning, vision, and expertise.
That’s because there are very few luxury apartment remodeling projects that are simple and straightforward. Between building codes, old structures and outdated wiring, and the issues that can come up when working with a dozen different vendors and suppliers, it’s easy for costs and schedules to spiral out of control. That’s why spending time and money with a design and build company who knows how to get things done in the beginning of the process can help you save so much more by the time you reach the end.
Need Help With Your Manhattan Apartment Renovation?
Want to upgrade your apartment without turning your life upside down? This might be the perfect time to meet with the authority on Renovations in Manhattan. Contact Paula McDonald today to schedule a consultation and see what it takes to turn your home into an amazing space.