Long Island Home Prices Affected by Renovation Decisions

By
Real Estate Broker/Owner with Core Real Estate Advisors, Inc.

 

Here’s an instant spot quiz— (see what comes to mind within a second or two):

You decide to sell your Huntington, NY home, and assuming you had a crystal ball, what’s the most important detail about the sale results? Quick! Answer!

If you’re like seven out of ten people, you were curious about the bottom line: “how much did it sell for?” Some people come up with “how long did it take?”—but usually, that’s the second or third choice (“what were the buyers like?” is another contender).

It’s hardly surprising, the closer they get to placing their own home on the market, price is foremost on people’s minds. Yet most homeowners assume that the ultimate sale price will be determined by market forces outside their control. That’s sort of true, but not entirely so. Home prices aren’t set in stone. Homeowners do have a degree of control over what their property will command—if they choose to exercise it. One key to seizing that control is the smart application of remodeling dollars to areas that pay off.

For Nassau and Suffolk County homeowners who plan to continue living in their homes for the foreseeable future, it’s less of an issue. They can be comfortable putting their remodeling project dollars in the directions that make the home more comfortable and agreeable to their own family lifestyles. They can safely follow their own priorities without worrying too much about where current tastes and trends are heading, unless you are someone who just enjoys being counted in the fashion vanguard.

But if you’re fairly certain that you will list your NY home sometime soon, you should remember that a property’s salability can be greatly affected by the remodeling direction that’s taken. Rather than making those decisions guided solely by your personal preferences, it makes good sense to take into account what buyers consider valuable, if for no other reason than the likelihood that those dollars will come back! There are three areas that deserve consideration:

Kitchens always seem to get the most attention when it comes to boosting home prices. A homeowner may prefer a warm, comfortingly cozy space for the center of family activity that the kitchen usually becomes—but many prospective buyers go the other way. Light and bright is vastly preferred over cramped and dark for buyers who are comparing kitchens—and the resulting home prices offered usually reflect it. If your property will be among the Long Island listings anytime soon, think about directing some remodeling energy there.

The master bedroom is growing in importance, too. Many buyers who, in earlier eras, may have valued a formal dining room, now forego it altogether—preferring an attractive master as a sanctuary from the stresses of the outside world.

Living rooms can also add to the bottom line a home winds up fetching. An open, bright multi-purpose area that’s easily envisioned as a center for family entertainment and social gatherings can give a strong boost to perceived value. Simple renovation ideas like removing dated window coverings or replacing worn carpet can be dollars well spent.

If selling is anywhere on your horizon, it won’t be long before keeping tabs on trends in Nassau or Suffolk County home prices becomes a new personal priority. Whether early-on or last-minute, call a Core Real Estate Advisor for a hassle- free, no-obligation consultation. We can make a big difference for maximizing your sale’s result!

Office: (844) 211-5053 Email: info@corelisted.com Website: www.corelisted.com

 

Anthony Manzolillo is the Principal Broker for Core Real Estate Advisors, Inc. Core has agents specializing in both Residential and Commercial properties. Anthony Manzolillo started his career in real estate working for a private equity firm. In his role as the Director of Acquisitions, Anthony (Tony) has been involved in acquiring over 50 multi-family properties worth over 300MM. He has been the lead agent for helping lenders such as Bank of America, JP Morgan Chase, Country Wide, Litton Loans, Green-Tree, and Compass Bank dispose of hundreds of distressed properties. Tony’s most recent accomplishment is working as a consultant for NY Rising and GOSR, whereby he was directly involved in the acquisition of over 600 homes substantially damaged by Hurricane Sandy. For more information, or if you would like to speak with a Core Real Estate Advisor you may call (844) 211-5053 or send an email to info@corelisted.com. You may also visit our website at www.corelisted.com

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