Small apartment changes can make a big difference in price

TRD New York /
Feb.February 22, 2011 02:09 PM

Small details which affect the appearance of an apartment can change the ultimate sales price by 5 to 10 percent, brokers told the New York Times. While chipped plaster or broken bathroom tiles can knock $500 to $5,000 off an offer, $1,500 floating walls can add $50,000 to $70,000, and a $10,000 paint job easily adds $50,000 to the price, according to an informal survey of New York City brokers. According to Douglas Heddings, founder of Heddings Property Group, cluttered apartments can linger longer on the market and sell for less. For higher-end units, grouting, along with moving around furniture and adding lighting, will bring in at least $100,000 more for an apartment that is at least $3 million, according to Deanna Kory, a senior vice president at the Corcoran Group. She advised the seller of an eight-room apartment in the West 80s to spend a few hundred dollars on regrouting. Replacing cabinets, adding new fixtures and buying fresh pillows can also bring in a better offer, brokers said. [NYT]

 

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