Wallet-Friendly Design Great Interior Design Ideas for Limited Budgets

 Every time someone enters or leaves a building, they travel through at least one  of the common areas. Multiply that times the number of units in a building and you can get a rough  idea of how much faster these areas may wear out than any individual unit. When you consider that buildings are in competition with each other for  prospective buyers, it becomes evident that these shared spaces will not only  need to be aesthetically pleasing, but will need to be updated and renewed  regularly. But what happens when a building is short on cash for these expenses?  

 First Impressions

 The case for renovation is a strong one. In a competitive market, sales can be won and lost based on emotional whim, and  buying or renting a new home is about as subjective as it can get. “I’ve had brokers tell me that sales are won and lost even before the client sees  the apartment,” says Susan Lauren of New York City-based Lauren & Chase Design Group. “If you were looking to put down a large sum of money, perhaps your life savings,  and on the way to the apartment you are disappointed with the lobby, the  elevator, or the stairs…if they look shabby to you, who cares how fabulous the apartment is? Renovations  of this kind can affect unit sales by 10 to 15 percent in most cases.”  

 “There is a lot of new construction going on all around the city so for older  buildings, it’s more difficult to compete with these newer buildings because they are clean  and beautiful and up-to-the-minute,” continues Lauren.  

 Renovations may include developing new amenities in order to stay current, says  Lauren. “All buildings need to be up-to-date, and it doesn’t matter if it’s a contemporary or traditional building. Expected amenities have come to include things like bike rooms, roof decks,  fitness centers, party rooms, and even tracking systems for when packages come  to the building.”  

 The other big note about updating amenities is that it speaks well of the  management of the building if the common spaces are clean and new, or modern  and generally well-cared for.  


Related Articles

Capital Reserve Funds

How Much Do You Really Need?

HDFC Co-ops and Foreclosures: Resolution and Restoration?

Experts Weigh in on What Could Be Done

Real Estate Tax & Rent Deferment

City Council Considering Two Bills