Combining Apartments
We own 2 cooperative apartments – a 1 bedroom and 2 bedroom side by side w/ a total square footage of 1,750. As we mull over the various alternatives of whether to sell both and purchase a stand-alone house (my biggest wish) – I wonder what renovation costs could be to break through and combine….
We own 2 cooperative apartments – a 1 bedroom and 2 bedroom side by side w/ a total square footage of 1,750. As we mull over the various alternatives of whether to sell both and purchase a stand-alone house (my biggest wish) – I wonder what renovation costs could be to break through and combine. Additionally curious to know if combining the units would increase the overall resale value.
I have looked over the various architects (Richard Perry!) and designers previously suggested on the Forum for this kind of work and know that we simply don’t want to break through but to overhaul the layout to reflect a single 3 bedroom, 2 bath apartment.
Apartments are not a wreck, we did nice renovations on each w/new kitchens and floors.
I’m thinking 100K – curious to know the experiences of others.
And any suggestions for architects, please don’t hesitate. Thank you.
We have some advantages – being on the top floor, all windows facing Prospect Park and combined maintenance (at this point) just under $1400. Our nabe, PLG (as many have debated) is a spot that I just can’t figure out, though I’ve been here almost 7 years. I don’t think PLG could handle a top-drawer 3 bed/2 bath for over 850K – in a few years possibly when our Charter School is up (in 2010) and the new Lakeside Center is finished (2015).
Thus, trying to ballpark an imaginary figure and with everyone else, speculate on the return of a renovation investment. Back IRL, I’m going to start the process of interviewing realtors and architects.
Ironballs certainly has my attention though.
Re: resale value. The devil is in the details. I was looking to buy a 3 bdr/2 bath last year and I avoided those combined apartments because the maintenance is way over the “regular” 3 bdr, 2 bath and the layouts can be quirky. Yes, you have lots of square footage when you combine apartments, but often that square footage is in tons of hallways (unless you do a major overhaul, move walls, so on).
If you do proceed with a major overhaul and your bedroom ends up being below a high traffic area in an apartment above you, I hope you won’t make your neighbors’ life miserable and demand that they put carpet in their kitchen or stop cooking after 9 pm.
Having combined aparmtments in this manner many times, I can tell you that it, if done thoughtfully, the combined apartment will improve your life and be significangly more valuable than the sum of its parts. If you like where you live stay put and make it work for you. Ed Kopel Architects.
Having combined aparmtments in this manner many times, I can tell you that it, if done thoughtfully, the combined apartment will improve your life and be significangly more valuable than the sum of its parts. If you like where you live stay put and make it work for you. Ed Kopel Architects.
We did 11 years ago and spent about $60K then (although we did not have to do a lot of redesigning)and have about 1500 sq. ft. The real drawback is that people balk at the maintenance (which is high — hw can it not be?). In this market, I would only do it if I intended to stay a long time. These large units with high monthly costs are not an easy sell except in boom times, when you can get a premium. Now the price is actually discounted from where it woudl be if it were two units. Still, I could not give up the space!
I agree that the combined maintenance can make this a bad idea, but I’ve done lots of these side-by-side apartment combinations, and they can turn out really well. Talk to a realtor about the value of the finished apartment. In some buildings, bigger can be better.
James@schaeferarchitect.com
keep in mind if the monthly maintenance on the combined units be too high. Even before the current recession, I’ve many combined units couldn’t get more than the selling the separate units because the combined maintenance was too high.
Regarding the costs of combining, the biggest driver is the kitchen and baths. If they can be used largely as-is, without relocation, you can likely do this cost effectively. And the small kitchen could be made into a laundry room or kitchenette depending on the location.
I’m not quite as gloom and doom as Ironballs; you should do what’s right for you. And don’t forget that owning a house is a giant responsibility–and I say this as a townhouse owner who often misses the conveniences of living in a coop!
Since your true desire is to live in a house, I’d sell the apartments and spend no further money, except perhaps on a coat of paint.
I’m a real estate investor and I’ve flipped properties, but in this crappy market, there’s no guarantee you’ll be able to sell the combined unit for more than the parts.
Lately, I’ve noticed “combined apartments” like the one you describe sitting on the market and not selling or being taken off the market completely.
Folks with the means to buy large apartments in this economy with current lending hassles are able to be very picky. If you decide to combine the units, you better end up with a flawless product. Otherwise, you could lose your shirt.
Not to mention that real estate prices are sinking daily, so the sooner you get those units on the market, the better for your pocketbook.