39 Gramercy Park North Apt 8A
Should You Renovate To Sell?
There are 4 key factors to consider when renovating to sell:
1. Do you have the time to source?
2. Do you have the money to lay out?
3. Can you handle the workload or afford to hire a project manager?
4. What is the realistic ROI - both high and low?
Full renovations are wonderful but they are also costly and time consuming. There are many times when renovations are advised but every situation is unique and the time and money invested may not result in a significant enough ROI. And while home buyers will pay a premium for fully renovated homes...with interest rates at 7% and demand down, they also want the renovation to be spectacular.
This estate condition post-war one bedroom with no view and no outdoor space didn’t lend itself to intensive renovation work. If one were to renovate, it may not see as much of a return. Pulling permits and getting plan reviews are incredibly time consuming and every month you are paying out HOA.
With this in mind, there are other ways to make an original condition home look newer and more modern. In addition to the uplifting staging, our team worked with incredible general contractors who easily removed carpets, drop ceilings, and dated built-ins to make a powerful impact. Adding in fresh coats of paint, floor sanding, and some hardware updates, this estate condition home was certainly spruced up but unrenovated - still, it sold in record time - 35 days on market.
Before
After
35 days on market
