Reno Advice for New Buyer
We are looking at an apartment in a brownstone to buy, but it is in need of extensive renovation. Not a gut job, I think, but definitely: updating the electric, maybe plumbing, a new kitchen, both bath and half bath, refinishing the floors and paint. We also want to figure out additional options, such as…
We are looking at an apartment in a brownstone to buy, but it is in need of extensive renovation. Not a gut job, I think, but definitely: updating the electric, maybe plumbing, a new kitchen, both bath and half bath, refinishing the floors and paint. We also want to figure out additional options, such as making the half bath into a full bath, or adding an additional full bath. There is also evidence of some water damage in the ceiling of one room (top floor of building), so need advice on that.
In reading here, most seem to recommend an architect, but would we be better served with an engineer/home inspector?
Also, how do I get my arms around what range we should be paying per sq foot pre-reno? The apartment is in Park Slope.
Personally I find the square footage estimate to be useless. While you certainly can spend $250/sq foot, you can certainly do it for cheaper. I don’t consider my renovation to be anywhere near low end and I didn’t spend that. If I had went with basic materials, I could have saved a lot. If you only have a few square feet, you are going to spend more per foot than someone that has loads. Choice of materials changes the costs a lot but it doesn’t change the cost of installation (in most cases). Some things scale well when you do a lot of it. If you run into problems with the DOB or your neighbors or a contractor, it could cost a lot more than if all goes well. You are not a big company that can average out each reno over the long haul to get to a sq footage number – this is your house and you’ll only be doing one.
But Minard is right in that its a lot of work. Its not easy by any means. The upside is you get what you want rather than living with someone elses decisions. If that is important to you, its a good choice to go with a reno. If you don’t really care, buy it already done. It will be a little more expensive but save you a lot in aggravation and time.
why would you want to buy an apartment with so many problems unless 1) it is really cheap, 2) you are a pro at these sorts of renovations and are looking to resell at a profit.
If you are a regular working person with a full-time job, this is a very challenging and expensive project. In some ways it is worse than doing a house because you can’t live there while they do the work. And I agree that what you describe is pretty much a gut job.
you need to figure on $250 a square foot minimum. And six months of living somewhere else.
Use regular comps and subtract cost of renovation — at least.
I think you are going to have a difficult time finding comps for this space – I almost never see similar listings. I would approach it by walking through with an inspector to determine accurate scope of work. Also if this is a coop, find out what damage will be covered if there is a roof leak. Then bring multiple contractors and/or an architect to talk cost. Add 10% to whatever they say.
To state the obvious, then cost to buy + cost of reno should equal comps for similar renovated apartment.
Back of napkin I’d say $250psf is not a bad place to start but can probably be done cheaper with smart decisions.
I think the FMV per sq ft for an apartment in Park Slope depends on many things. Where in Park Slope is the apartment, does it have outdoor space, what is the maintenance charge, is it in a brownstone? A place in our building just went for $622/sqft and then the new owners did a gut reno. I think that was kind of high. I think if you’re under $500/sqft, you’re doing really well.
Call John Gromkoski
PRECISE Home Inspection Services
(718) 514-3393
If your ready for a price and all the reno- done
call my friend good prices and great work
Rob: 718-354-0883
Back to my original post, I’m having a hard time figuring out the FMV price per square foot for the apartment PRE-Renovation. Not sure how to find comps for unrenovated properties.
Any advice on that one?
Thanks for all the help!
Goph
Thanks. In many posts, I see a ballpark of $100K per floor for a brownstone for gut jobs. Is this still the consensus?
As for a home inspector, can anyone recommend one?