NYC Apartment Renovation Mistakes to Avoid

When renovating your apartment in NYC it is important to make sure you understand your space and what will work for you as well as look great. Sometimes the trends or styles that you see or want to try aren’t the best ideas for the space that you already have. 

It’s important to talk to all the professionals involved in the project to make sure that your ideas truly fit your space. For example, running your ideas by your contractor gives the contractor the opportunity to point out any potential problems they may see. 
Here are five of the common mistakes to avoid in New York City Apartment remodels. 

1. Getting rid of the tub

This is mainly only an issue if there is only one bathtub in the apartment. If you are getting rid of the only bathtub to make a big walk-in shower you might want to rethink it.

Not having a bathtub doesn’t appeal to families. Instead, you can get rid of the shower curtain and add glass doors above the bathtub. You get the feel of a walk in shower while still maintaining a bathtub.

2. Installing modern flooring in a prewar apartment

The main problem with this is that when you try to put the apartment back on the market, it no longer has the pre-war feel people will be expecting. If your oak or maple floors are in bad condition consider replacing them with the same or similar wood.

Do not use modern alternatives like pre-finished, engineered, or other materials like stone or tile because this may depreciate the overall value of the apartment. 

3. Eliminating closets

Storage in NYC apartments is hard enough to find. You may want to rethink getting rid of a closet to expand one of your rooms especially if you don’t have a lot of closets. Often when people are looking for an apartment they look for closets and storage space. 

4. Ungainly tile

Just because you like a tile that you see in a bathroom model in Home Depot or Lowes doesn’t mean that it will fit in your apartment. Especially if that bathroom was meant for suburbia.

It is important that you take tile samples home and lay them out on your floor so that you get a feel of the size and proportion. It is important to select a tile of the right size because a too large tile can be costly and a messy error to fix. 

5. Turning a two bedroom into a one bedroom 

This is one of the most common renovation mistakes in NYC apartments. Taking down a wall to enlarge a room but losing a bedroom in the process may sound like a great idea. However, by doing this you now classify your apartment as a one bedroom and that may make it difficult to resell on the market. Since it is classified as a one bedroom it may lead to a more limited group of potential buyers and a lower asking price. You can always put the wall back up when you are preparing to sell the place but it is important to keep in mind the consequences. 

Keep these tips in mind when. you are planning a renovation and always make sure you talk to professionals. Here at Golden I Construction, that will not be an issue! We will always be willing to go over every step of the process with you. 
Remember, it is your apartment and we want to make it the best it can be! For more tips and information about apartment renovations, visit https://www.goldeniconstruction.com/our-services/apartment-renovation-nyc/

What To Expect – Real Estate 2019

Property consisting of land or buildings is how real estate is defined. Every year, what goes into real estate changes. 

Before you look into investing in new property, here are the list of different kinds of real estate:

Residential Real Estate- This includes reselling homes and construction work. The categories consist of is single-family homes (most favorable), condominiums, high-value homes, co-ops, townhouses, duplexes, triple-deckers, quadplexes, multi-generational, and vacation homes.

Commercial Real Estate- This includes shopping centers, strip malls, medical, educational buildings, hotels, and offices. Apartment buildings can be contemplated as commercial, even if they are only used for residences due to being owned to produce income.

Industrial Real Estate- This includes manufacturing buildings, property, and warehouses. Buildings are good for for production, storage, etc. Some buildings that distribute goods are considered commercial real estate. The classification is important because the zoning, construction and sales are handled differently.

Land- This includes vacant land ( incorporates developed, early development/reuse, subdivision and site assembly), working farms and ranches. 

You may have to worry about mortgages later in time.

Whats a mortgage?  A mortgage is when you take out a loan (usually from a bank), on a property or real estate. You then over time come up with a plan between the borrower and lender, to ensure that the money gets payed back over a specific amount of time till the lender receives all money back. 

Here are some of the best mortgage loans that you should look into:

  • FHA Loans
  • VA Loans
  • USDA Loans 
  • FHA 203k Rehab Loans
  • Conventional Loans 

How to turn real estate into an investment:

Buy REITs - also known as Real Estate Investment Trusts, allows you to invest in real estate. They pay higher dividends meaning its better for investment in retirement. If the investor no longer wants or need the regular income, they have the ability to automatically reinvest the dividends to increase their investment.  

How is NY Real Estate Looking for 2018?

Real estate sales in Manhattan plunged 25% in the first quarter over the past year, as the new federal tax law, stock market swings, and an abundance of luxury condos scared buyers. Sales dropped the lowest it’s been in six years, according to a report from Douglas Elliman and Miller Samuel.

The average sales price also dropped 8% compared to the same quarter last year. The drop was probably caused by the uncertainty over the new federal tax law, which prevents residents in high-tax states like New York from deducting their state and local taxes. Closings at new condo towers have also slowed down, making the decline even steeper. The high end of the market is getting hit harder, as prices for luxury apartments fell 15% and sales were down 24% in the quarter from last year.

It is speculated that the main problem within this market is asking prices, as sellers still have to adjust and lower their prices in order to keep up with the tax law changes and slowdown since 2014.