3 Family vs. 2 Family


We are in the process of purchasing a three family brownstone that needs a major renovation. We were planning to re-configure the house into two duplexes – an owners duplex on the ground and parlor and a rental duplex upstairs. I’m wondering, is this a wise idea?

Would it be cheaper to just keep it a three family and do an owners duplex with two floor-through apartments upstairs? Any ideas on the cost difference for taxes and mortgage? Are there other ares that we should consider?

Thanks again for the advice!

Categories: Renovation
By nano | 11/07/2008 2:05 PM | Comment

Re-Negotiate a Contract?


Hi – We went to contract on a house (before the markets tanked) with plans to close in January / February. I have heard people talk about “renegotiating the contract” but I’m not exactly sure what people mean, or if that ever actually happens.

Is it possible to renegotiate the selling price after a contract has been signed? If so, any tips on how we might go about renegotiating?

In a recent post on this forum a user suggested a buyer scheduled to close later this month could ask the seller to cover some fees or throw in some perks (like appliances). Has anyone heard of this strategy working? Any tips?

Thank you!

By nano | 10/07/2008 1:08 PM | Comment

Richard Perry Architect


Hello – Has anyone worked with the architect Richard Perry? We are considering hiring him for a fairly major brownstone renovation. Any feedback to thoughts would be helpful. Also, we would happily accept other architect referrals as well. Thanks!

Categories: Architects
By nano | 09/28/2008 7:02 PM | Comment