Maximize Your Townhouse Investment: Part 3
An Excerpt from : Mondays with Dexter
Turn your Cellar into a Seller!
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| This New York City town home has a pool in the cellar! |
Recently, we discussed the direct relationship between square footage and sales price. But what can you do if you live in a landmarked townhouse and/or all your FAR is used up?
Turn your Cellar into a Seller!
Very often, a NY townhouse cellar becomes a “garage” full of lots of junk or a few dusty cases of wine bottles. If you look at your cellar and see a dark, dank storage cave, look again. Picture a family room, a playroom, or a home gym and sauna. These are just a few of the cellars that I’ve seen, and each added significant value.
A few tips for any successful cellar renovation:
1) Dig down. Unfinished town home cellars often have ceiling heights of six feet or less. A well-finished cellar guest room or study requires a ceiling of at least seven feet, or however deep you can dig. Although digging down can be a complicated process, it’s worth it. You want your tallest guest to feel comfortable on the treadmill, after all!
2) Add windows. If your cellar already has small exterior windows, use window treatments to create a warm atmosphere. If you don’t already have windows, a few well-placed panes of stained or etched glass can create a psychological advantage. A built-in fish tank is another great idea I’ve seen.
3) Make sure your cellar is up to the standard of the rest of the townhouse. A treadmill inside a stone room does not create a convincing gym. If the rest of your townhouse is trimmed in mahogany, a little mahogany will brighten your cellar family room or wine room. If your upstairs bathrooms are done in mosaic tile, make sure your basement sauna has a similar aesthetic.
Next time: Tenant Issues
Mondays with Dexter also offers an up-to-date summary of properties that are new to the market as well as those that are under contract or sold, the features they offer, and which ones fit your primary residential or investment criteria.
