Renovate or Not Before Selling?
Hi, I have a 2 bedroom, 1.5 bath apt. in the heart of Carroll Gardens that I am thinking of putting on the market. The kitchen and bathrooms are dated and need to be renovated. In this market do you think I am better off spending $50,000 renovating them and combining the small living room…
Hi, I have a 2 bedroom, 1.5 bath apt. in the heart of Carroll Gardens that I am thinking of putting on the market. The kitchen and bathrooms are dated and need to be renovated. In this market do you think I am better off spending $50,000 renovating them and combining the small living room and dining room into a bigger space or leaving it “as is” and pricing it accordingly. In other words will I make more than my renovation costs back or is it more hassle than it is worth. Also, what are some thoughts on ball park prices for this type of Co-op now. Two years ago it would have gone for about $650,000 I think but I don’t know now. Thanks in advance for any advice.
We just sold our 2-3 br/ 1 bath apartment in park slope. The kitchen and bathroom were ok but dated but could have used renovation. We decided not to renovate and just painted and made some minor repairs. We sold quickly in the mid 800s. I doubt we would have made back our money if we had renovated.
Good luck
also keep in mind that buyers at the $600k price point (again, it’s a tough market) may not have the cash to go out and do a major reno and may be looking for a place that’s in move-in condition. at $600k, you’re probably looking at a lot of first time home buyers with limited cash or young couples who have cobbled their savings together to get a place in a cool neighborhood. undertaking an expensive reno may not be in their cards, so having it u-to-date may address their issue and yours (not having it sit on the market forever)
I did the same thing to my kitchen as slopegirl – basic fixes to keep buyers from being turned off. You would be shock the difference changing hardware and painting can make. Unless your co-op is really really outdated I would opt to just spend a couple thousand sprucing the unit up and not do a full renovation. You need to spend some money in this market to make your place attractive, but I don’t think you’ll get back even 60% of the $50,000 in this market.
I’m in a similar situation (considering a move in the near future, but need more space in case our family planning gets accelerated) and have decided to renovate. My logic is that although you may not recoup the full cost of your renovation in a sale, you can price your place reflecting(a portion of) the renovation costs without repulsing anyone. you will likely attract more buyers, who will negotiate you down anyway in this market, however they will be negotiating you down from a higher price that reflects some of the money that you spent improving your place. from a numbers perspective, you are indifferent or maybe slightly up, but more importantly your place may attract more interest and move more quickly b/c of the reno.
One more vote for not renovating, unless you’re living in a complete wreck. If that’s the case, do something minimal and keep the price lower.
I agree with lesloaf 100%!
I’d like to add that if the kitchens and bath that look dated are possibly 1940s or before and are in reasonable or better condition there is a certain subset that will value the unaltered original or vintage look. It depends on what exactly you’ve got there.
I happen to be interested in purchasing a 2 BR in CG that needs work etc. Good luck and make sure to share when you are interested in putting it up for sale.
I moved into a completely renovated kitchen. They deemed it was a premium but I felt other wise and gutted it almost immediatly.