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t's been nearly five years since the pandemic hit, but its impact on Staten Island's real estate market remains. Home values are high, inventory is low, and buyers want amenities that reflect our post-2020 norm. In this series, we explore topics like why homes sell above asking price, who buys in cash, and what it takes to afford a home here.
Kitchens with new appliances, coffee stations, and jazzed-up backyards are becoming must-haves for many Staten Island buyers. But do you need these features to sell quickly and for a good price? Some buyers prioritize the latest cabinetry and lighting, while others want high-tech appliances. Realtors agree that upgrading can get your home sold faster and bring more cash.
However, not all investments pay off. According to the National Association of Realtors (NAR), refinished hardwood floors recover 147% of their cost at resale, while new wood flooring recovers 118%. Insulation upgrades also see a full return on investment. On the other hand, bathroom renovations only recoup 71% of costs, and complete kitchen overhauls recover just 75%.
Local real estate experts agree that structural integrity and cheap, cheerful renovations are key. Ron Molcho, chairman of Staten Island Multiple Listing Service, recommends fixing eyesores and focusing on floors and walls. Christian Jackson, a top-selling broker, advises sprucing up what you have rather than renovating extensively.
Buyers are visual, so making your home look cared for and newer is crucial. Simple fixes like changing door knobs, painting doors, and ripping out stained carpet can make a big difference. Replacing outdated appliances or countertops may be worth it, but overhauling the kitchen likely won't recoup its cost.
When it comes to backyards, adding fancy features like outdoor kitchens or pools might not sell your home faster or bring a return on investment. Instead, focus on making the yard appear bigger and more spacious. A clean and decluttered space will help buyers imagine how they'd use it.
Ultimately, a home's mechanics are what make or break a deal. Ensure all structural integrity issues are addressed to prevent inspection failures and jeopardize transactions.
