Common area upgrades can increase property value.
Millions of dollars in property value are tied up in apartments in a typical New York City building, but when the lobbies and hallways are deteriorated and aesthetically unpleasant, apartments sell under value for sale and rent.
It is a known fact that apartment values in a building affect each other.
The lobby and hallway provides the first impression to a prospective buyer or renter.
Baron Design, an interior design firm for lobby, hallway, and common areas in high-end cooperatives, condominiums, and real-estate developments, has found that apartments can increase in value by a least 10 percent if the lobby and hallways are remodeled and up-to-date.
These spaces should be renovated at least every 10 years.
Remodeling an existing lobby can be done beautifully, with updated designs based on straightforward solutions.
The lobby's inherent materials and its character can often be preserved through simple design and decorating solutions such as polished terrazzo floors, commercial wall covering, framed art, room identification signs, new lighting, or proper paint finishes.
Lobbies should support basic functions such as a doorman's desk, seating area (if necessary), mail box area, and package storage.
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|Comment:||Common area upgrades can increase property value.(INTERIORS)|
|Publication:||Real Estate Weekly|
|Date:||Sep 2, 2015|
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