An Excerpt from : Mondays with Dexter
|31 West 26th Street
Despite the uncertain economy, Manhattan’s townhouse market continues to prove a wise investment.
Over the next few weeks, we are offering a few tips on how you can help your townhouse’s value grow even faster than the market itself. This week’s tip:
Add Square Footage
Square footage translates directly into dollars and cents. Price per square foot is an easily comparable statistic for buyers and sellers. It follows that the more square feet, the higher the price asked and offered. Although interior renovations can drastically affect the price per square foot, every square foot counts no matter what the renovation level. This is why everyone pays attention to the width of townhouses – width equals extra square footage.
Therefore, adding square footage immediately adds value to your investment.
That said, there are certain limits on how many square feet you can add. Each property in NYC is assigned a maximum allowable Floor Area Ratio (FAR), which translates into the maximum allowable square footage on that lot. Many townhouses currently use about ¾ of their legal FAR. However, in landmarked districts you may have to add square footage according to stringent regulations. Other restrictions may also apply to each particular house. So call Cathy today at 212-769-2900 to discuss any listing and its square footage possibilities!
Mondays with Dexter 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.