Selling Apt - Should One Renovate First, Or Not?
When I put my apartment up for sale six months ago I was inclined to renovate it first. It is a beautiful space near the beach in Brooklyn but it was shabby looking with old floors and broken tiles in the bathroom and a very old kitchen that needed replacement. Everyone said not to renovate…
When I put my apartment up for sale six months ago I was inclined to renovate it first. It is a beautiful space near the beach in Brooklyn but it was shabby looking with old floors and broken tiles in the bathroom and a very old kitchen that needed replacement. Everyone said not to renovate because the new owners would want to do it themselves a different way. The brokers and my friends all agreed so I did not renovate. However I am finding that when a possible buyer shows an interest he invariably mentions the condition and wants a discount of as much as %25 off of the list price. I am now thinking to go ahead and renovate. At least to change the floors. I hope I am not throwing money away but it seems more economical then lowering my price so dramatically to sell the apartment.
Often it is a COUPLE looking to purchase. The clean but imperfect condition is often ideal, because the one who really wants to go to town on a renovation can convince the cheapskate partner that it’s fine as is… while plotting the do-over. Trust me!
Slopegirl hit the good basics. Have the floors done and paint the kitchen cabinets at a minimum. If you can, even change out the hardware in the kitchen to something more contemporary. They do that stuff all the time on those HGTV shows and usually it makes a big difference in looks.
Can you give me more info about your apt? I am looking, you can contact me via whocan82@gmail.com
If you don’t have the serious cash and time to renovate the place to get top dollar
then your option is to spruce up the place and that can take minimal cash.
paint, fix the broken tiles in the bathroom, redo the grout, get rid of the clutter and personal items, put in new appliances if the appliances are from 70’s
also plaster the cracks in walls – people notice those. There are plenty of buyers who are find buying a place that is in a good location at a good price and has good bones – but if the place is presented too shabby then people are more inclined to ask 25% off and more.
good luck!
Rent or to own I don’t think anyone would want to move in a shabby home (hey?..I rhymed!). Even if they want to renovate they can do it at on their leisure. I think you should have your home move in ready. if I was to buy a home and noticed the worked being needed, I’d think I would get something like a (fixer-upper/handyman special) mark down as well. Don’t be surprised if that’s what your real estate agency is using as a ploy either.
I can tell if the owner just did the minimum to make it look better. And that doesn’t work for me.
I do walkthroughs with clients who are about to close or just closed on apartments, brownstones and houses frequently and are looking to renovate. I am seeing more and more residences that need anything from a solid facelift to a gut. So the market reveals to me that A: People are very willing to buy a shabby residence and B: They want to customize their new place with their vision. Admittedly these residences have not been further south than Park Slope, further east than Crown Heights or further north than Harlem.
I also have a friend whose fully modern condo with rooftop deck hasn’t moved in the real estate market (loc: Williamsburg) in a year. It was a turnkey property and now they finally got an offer that will force them to take a loss if they accept.
You might want to consider a basic facelift.
do the minimum.. fresh paint, most basic floor spruce up, and don’t spend $$ on cabinets or appliances (unless the place needs washer/dryer)
you can paint ugly cabinets and it looks great for a little while
and you will probably still get low ball offers, but I think in a buyers market, people looking at “fixer uppers” are the real cheapskates… not that there’s anything wrong with that.
Most buyers lack imagination and are terrified of renovations (“a new kitchen will cost $50,000!!!”). We have found that it’s easier to sell a polished place, and have bought several at DEEP discount because they weren’t renovated. Aim for “move-in ready,” though, no need to go overboard.
Good luck!