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September 13, 2009
Reno: High-End or Basic?
My building is a brownstone, with the top two floors as rentals,the basement and parlor a duplex for us. It is too much for me to manage, and am thinking of selling it. Can anyone guide me to a discussion about cost/benefit to do a lavish reno or just do what's basically necessary and let the new owner go to town?
Comments
If it's too much for you to manage now, certainly a major reno would be also.
And in any event, your lavish reno may not be to the next buyer's taste.
Sell it now.
Posted by: denton at September 13, 2009 6:40 AM
while this may not be the highest on your mind, please also consider the utter waste of resources if you renovate and the buyer rips out your new stuff.
do the minimal cosmetic clean-up and stage it well.
Posted by: cmu at September 13, 2009 7:53 AM
sell it as is...you will be throwing away money on a renovation not to a buyers taste...lowering your price by the 2-300,000 that a renovation would cosy makes more sense
Posted by: eman1234 at September 13, 2009 10:04 AM
as a potential buyer, i wholeheartedly agree with the comments above...i cannot tell you how many renovations have "not been to my taste" (honestly, ALL of them)...each time i saw one, i thought "oh i wish i'd have been able to buy this before this owner did and do the reno myself....that said, this is a site for people who are really into renovation and there may be buyers out there who appreciate a finished product (but i still think your likelihood of getting a buyer into renovating is better)...best of luck
Posted by: jdlcnm at September 13, 2009 10:30 AM
I agree with these posts. Take care of the obvious cosmetic issues (ugly grout, caulking, paint, etc.) and leave the expensive reno to the next owner.
Posted by: masterbuilder at September 13, 2009 11:24 AM
I agree and disagree... what you don't want to do is spend good money foolishly. However, a clean and tidy place is much more marketable than old dirty and falling apart. Know your clientele. You may have to spruce it up a bit to make it more marketable. You should discuss the details with your real estate broker and family. However, do try to keep the costs down.
Furthermore, if there are underlying structural problems you will probably have to address this. If there are any current violations you should address this as well.
this is my $0.02
Posted by: zberlin at September 13, 2009 12:28 PM
Thanks. What you all say confirms what I have been thinking.
Posted by: susulah at September 13, 2009 1:41 PM
Why not post your property For Sale By Owner on this website?
Maybe I'll buy it. . .
Posted by: IronBalls at September 13, 2009 10:14 PM
I'm always looking for new building, where is it and how much do you want for it as it is?
Posted by: christopher at September 13, 2009 10:37 PM
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