"Time of the Essence" Renovations

Thank you for the helpful advice. We have a 1BR and want to buy a 2BR or larger.

We are also thinking that a RE broker may be less likely to take and market our listing if our BATH and KIT are not renovated. Maybe we've been watching too much HGTV?

The KIT is not bad -- less than one-year-old GE stainless steel appliances and pretty (but not new) shaker cabinets. We think we should replace the KIT counter top and sink (circa 1988). Everything in our BATH is circa 1988.

Any further thoughts? Thanks again!

Posted by: redhooklyn at April 30, 2008 5:09 PM in response to "Time of the Essence" Renovations

daveinbedstuy 1:57 -- We received a quote of $13k from a contractor to overhaul our BATH, and to replace the countertops and sink in our KIT. The quote ONLY included LABOR. It did NOT include cost of materials (e.g.; tub, sinks, countertops, vanity, etc.). Is that a reasonable price?

Posted by: redhooklyn at April 30, 2008 5:41 PM in response to "Time of the Essence" Renovations

8:09 - It includes tile work. Good to know that I am not getting fleeced.

Also, thanks to everyone else for your insights on broker v. FSBO; reno vs. no reno; etc.

Posted by: redhooklyn at April 30, 2008 9:41 PM in response to "Time of the Essence" Renovations

Lisa Gabler of http://www.gablermcveetylaw.com/index.html

She handles all of the real estate work we refer to her. (My law firm practices only immigration law.) She is extremely knowledgeable and accessible.

Posted by: redhooklyn at June 6, 2008 3:33 PM in response to RE lawyer

I am currently having my condo renovated with the intention of going FSBO this year. I am a lawyer. So I figure I can handle to legal work myself. But I know that I have to commit the time and effort to market my property (ParkSlopeParents, postlets, NYTimes, Trulia, Zillow, Property Shark, etc.), and conduct the weekend open houses. I figure if I can't sell it by the holidays, then I'll hire a realtor in Feb 2009 to sell it.

If you want to sell FSBO, I figure you need (at a minimum) the time to commit, and the willingness to eventually hire a realtor if it doesn't work out.

Posted by: redhooklyn at July 16, 2008 4:50 PM in response to Should I User a Realtor to Sell my House

daveinbedstuy 1:57 -- We received a quote of $13k from a contractor to overhaul our BATH, and to replace the countertops and sink in our KIT. The quote ONLY included LABOR. It did NOT include cost of materials (e.g.; tub, sinks, countertops, vanity, etc.). Is that a reasonable price?

Posted by: redhooklyn at April 30, 2008 5:41 PM in response to "Time of the Essence" Renovations

redhooklyn

Don't worry about the real estate brokers so much.

They take any listing from anybody.

Just make sure the place is clean and clutter free with no pets running around when you show it and you might be able to sell it yourself.

You can lower the price slightly if you do it on your own.
Split the difference with the seller.

Potential buyers appreciate dealing with the sellers directly.

Just don't sign an exclusivee with a broker.
That is where the trouble starts.

Posted by: Ysabelle at April 30, 2008 5:42 PM in response to "Time of the Essence" Renovations

I highly reccommend Leonard Lushi.

His phone number is !-646-209-1245.

He is competent and reliable.

There is no charge for the estimate.

He has a department of consumer affairs HIC license number and he has a $1 million dollar liability policy.

When you call him ask him to bring it when he comes out for the estimate.

On top of everything else he is reasonanbly priced.

He is not a con artist.
He is nice.

Posted by: Ysabelle at April 30, 2008 6:00 PM in response to "Time of the Essence" Renovations

Circa 1988 is in...or will be in a year or so. You'll see...

Posted by: guest at April 30, 2008 6:26 PM in response to "Time of the Essence" Renovations

If you want to sell ASAP, forget the reno. You can't reno and get it on the market this spring - no way. Clean it up, fix anything broken, move out the clutter and extraneous stuff, and stage the furniture you have left, and it will sell (by broker or FSBO - whichever you prefer - brokers will take stuff not perfect - where do you get your ideas?).

Let the new owner change things to their liking. Believe it or not, older kitchens and baths appeal to many who hate the new trend of kitchen and bath renos anyway and don't want to pay you for them (they will not make an offer if your new reno is not to their taste.)

My advice (and I sold a coop a year ago) is to contact some brokers at the big ones who co-broke, have them take a look, sign one (unless you decide to go FSBO), set a date for an open house, then clean up, clear out, and get that thing sold before the hot summer weekends set in. This is prime selling season - now through mid-June - just do it.

Posted by: guest at April 30, 2008 7:14 PM in response to "Time of the Essence" Renovations

I think it is the brokers who push sellers into renovating. It ups their price but I don't think the seller recoups in the end when you add in the time and expense.

Posted by: guest at April 30, 2008 7:23 PM in response to "Time of the Essence" Renovations

It depends upon the extent of the bath work. The $13,000 doesn't sound that bad at all for a complete bath including tile and the kitchen work. Does that include any tile work or just replacing each fixture with a new one. If he's just replacing a Bath sink and a toilet, that should only take about 3-4 hours!!!

Posted by: daveinbedstuy at April 30, 2008 8:09 PM in response to "Time of the Essence" Renovations

8:09 - It includes tile work. Good to know that I am not getting fleeced.

Also, thanks to everyone else for your insights on broker v. FSBO; reno vs. no reno; etc.

Posted by: redhooklyn at April 30, 2008 9:41 PM in response to "Time of the Essence" Renovations

We sold a home in Rockland County about a year ago. I know that's a significantly different market, but still worth considering:

We first tried the 1:39's approach, but didn't get any (realistic) offers after 3 months on the market. After a $20K spruce up (mostly of kitchen and baths), we put it back on the market for $40K higher and sold it within a week.

We're just convinced that most people have limited imaginations ("gosh, I don't know if my sofa will fit"), except when it comes to the worst ("this bathroom MUST be GUTTED--and that will cost AT LEAST $50,000").

Good luck!

Posted by: curiositykilledthecat at April 30, 2008 10:34 PM in response to "Time of the Essence" Renovations

sure, it could sell for more, and more quickly, with nice renovations, but given that it is May, it isn't going to happen this spring with renovations - they don't happen that fast here.

Posted by: guest at May 1, 2008 12:18 AM in response to "Time of the Essence" Renovations