Do brownstones usually need renovation?

We are on the verge of buying a small (16.5 x 40) brownstone in a prime location. Purchase price is pretty low relative to comps but when you factor in the work we need to do (lowest estimates have come in at 400K total) it winds up being much closer to comps, and indeed on the expensive side (esp in this uncertain market). However, we wonder if any brownstone we buy would need work anyway, so in that sense, maybe this is a good deal.

Inspector, contractor and architects I’ve spoken to all tell me that almost all brownstones (unless gut renovated within last 15-20 years) need upgrades to mechanicals, and of course, it’s hard to find a place that’s exactly right as is (in terms of configuration, kitchens/baths, etc.). But I’m curious if most people familiar with the brownstone market can answer whether indeed most brownstones would need work anyway, or are many of them basically in move-in condition?

By housesearcher | 03/14/2008 9:58 PM