Making an offer with renovations in mind

We’re considering buying a 2bdrm coop and making renovations to it. Besides the estimates from the builder/architect/engineer, what else should we take into account before making a final offer to the seller? For example, should we account for mortgage payments that we’d be making on the place while construction is in progress?

shi11

in Brownstoner Renovation 12 years and 9 months ago

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slopegirl | 12 years and 9 months ago

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also factor in the pain in the ass factor, it’s not just going to cost money and time, but stress and potential domestic conflict too. figure out the real price you’d be happy paying and that’s the right price for the place. it can be easy to get sucked into real estate bidding if there are counter offers. good to know your limit and when you need to walk away not just in real numbers but emotionally

shi11 | 12 years and 9 months ago

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thnx

cate | 12 years and 9 months ago

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If the renovations are optional, they shouldn’t affect the sale price.

BigGuy22 | 12 years and 9 months ago

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If I were you Id consider that reno will take atleast 3 months depending on the extent of it. Factor in your mtg payment and maint. Your offer should be based on what the place is worth today, not how long itll take to renovate.