The point of no returns

I live in a studio co-op with my girlfriend and our dog. We’d like to make some capital improvements, but are wondering what we can and should do. Our first move is to soundproof the windows (ground floor, loud outside), next painting, then…

The bathroom could be re-done entirely, the lighting fixtures could be replaced, the kitchen could be re-done entirely, if I had my druthers I’d re-floor it, and so forth. Also, we’ve got a limited budget (one maybe two 5-10K projects a year).

My main question is: at what point do the capital improvements of a studio co-op on Ocean Parkway begin producing diminishing returns in terms of re-sale?

erfurt

in General Discussion 9 years and 8 months ago

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EJR | 9 years and 8 months ago

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> @ollicup
> Thanks! The improvements would primarily be for comfort and expression of personal tastes.

If you only see yourself living there for 3-4 years, think carefully about your renovations for epxressions of personal taste. You may love a particular wallpaper or funky plaster application, but the buyer pool may hate it.

erfurt | 9 years and 8 months ago

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Thanks! The improvements would primarily be for comfort and expression of personal tastes. We’ll likely outgrow the space, but it’s probably livable for about 3-4 more years.

With a modest budget and a relatively short time frame, I suppose we’ll really just need to prioritize any projects that are on the larger side.

slopefarm | 9 years and 8 months ago

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Agreed. Are you planning improvements for your own enjoyment or for resale? How long do you plan to live there. If you are staying a while, invest in your own enjoyment of the place; if you think you will outgrow the place or move for another reason relatively soon, live with the flaws you can tolerate and just spruce it up for sale when you are ready.

cate | 9 years and 8 months ago

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Generally speaking, inexpensive cosmetic changes will bring you the most bang for your buck. People like to see properties in move-in condition. Things like soundproofing windows and structural repairs are really important and key to actually living in the place happily, but they don’t do much for your resale value because people can’t see them. Can you post a few photos?