Selling an ‘estate condition’ apartment (a home that hasn’t been renovated in a while and isn’t in the best condition) raises a lot of questions. Should you sell it as is or put some work into it to slash up the price? Should you consider a full-blown renovation or only make some slight beauty tweaks?
Before you get frustrated and wish Aunt Ginger hadn’t left her 20th century Upper East Side co-op to you, read this handy guide.
Make Small Changes
When renovating a living space with the motive of selling it, ask yourself this question; how big is my return on investment going to be and how big of a risk am I willing to take?
Unfortunately, the money that you put into your apartment doesn’t necessarily directly correlate with the return, so before you plan a costly, time-consuming, and stressful renovation, opt for changes on a smaller scale and lower your asking price.
Buyers pay the most attention to the kitchen and bathroom when viewing an apartment, so if you’re going to invest, start in these rooms. Even small changes like a new toilet, a new sink, updated fixtures, or a new coat of paint can change the overall look of your apartment and make it more appealing to potential buyers.
On a sidenote, some buyers particularly look for estate-condition apartment listings with the intention of flipping the place to their own liking. In this case, a pricey renovation would be obsolete.
Keep It Neutral
When starting renovations in your apartment, it’s tempting to experiment with bold colors, statement furniture, or trendy-looking fixtures. Steer clear of those. Keep it simple and neutral to ensure the versatility of the space.
Boris Sharapan Fabrikant, a Triplemint agent who founded the Fabrikant Team, advises; “You’re pretty safe with a neutral color because it’s rare that someone hates it, but the other benefit is that a light color allows buyers to envision what the walls would look like with the color of their choice.”
Once renovations are finished and the place looks polished, you’re ready to take the final step; making the space look as attractive as possible.
Getting your apartment staged by a professional is a great option for estate-condition homes. Outdated furniture and turn-of-the-century curtains and lamps might turn some buyers off, even if the apartment has been renovated before.
Stager Sid Pinkerton told BrickUnderground, “Buyers like it light, bright, and spacious.” Staging will help making the most out of the space, making your apartment look more modern, bigger, and more appealing to a larger number of people. You might not even have to get rid of all the old furniture. An antique mirror or dresser can make for a quirky detail amongst modern furniture and add character to the room.
If you’re on the budget-conscious side, rent furniture and arrange it in an inviting way in your home. Choose some artwork that reflects the colors in the room and put a vase with fresh flowers on the coffee table.
If you’d like to go all out, hire a professional stager who will come up with a strategy to make the most out of the space. Then sit back and relax.
Keep the Price Low
A tried-and-tested fact is that a higher asking price won’t necessarily get you more money. Be realistic, especially if you haven’t put much work into your estate-condition apartment before. Don’t expect to make a fortune with the sale.
Potential buyers will factor in renovation costs when contemplating to buy and they calculate that into their budget. At the same time, not setting the asking price sky-high in expectation of having it negotiated down can be a strategic move as well.
Here’s why; if your initial asking price is too high, you might be forced to lower it once the apartment has been on the market for a while. This will make buyers suspicious and they may think there’s something wrong with the place.
This is particularly disastrous for estate-condition apartments, as you might not attract as many potential buyers in the first place. Your Triplemint agent will help you determine the value of your apartment and make sure that you get the best deal.