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Wondering from people's experiences is it better to just gut the place yourself, or buy an apartment that's already in good condition. Is $100 a square foot enough to get the job done? New kitchen, new bathroom, resurfaced floors, paint, new lighting, upgraded electrical. I'm looking primarily in Queens.
I say a gut reno is a recipe for ulcerhood.
in non-yuppie queens $100 sq ft for mid-low end reno would work. think all wood chinese kitchen and home depot tile.
We're on our third gut reno and you feel like it can't be worth it but at the end you have exactly what you wanted or at least no one but you is responsible for the mistakes. Very difficult process that is like a full time job. Also if done well you may be increasing the value beyond your investment.
On the other hand, if you can find something that is to your liking and you don't have to do much I'd go fo it.
Don't know what stuff goes for in Queens but $100 is dicey.
Depends on size of apartment. The bulk of your expense will be roughly
the same regardless of whether your apartment is 500 or 800 feet because
it will consist of bathroom and kitchden labor and materials.
Even using higher end materials as I often do, e.g., porcelain bathroom
tiles, 6/10 of an inch 3.25 inch wide plank maple flooring (longer sanding
life than composites), expensive light fixtures (bought three priced at
over $2000 last year for a Brooklyn 2-bd), you still be able to meet $100/ft
if you use my contractor Mark, who lives in Forest Hills (347-691-4377)
It usually costs me about $25-%35/ft to renovate my 1-bds because I
act as my own general contractor.
ieb understates the frustration and agony when he states that gut
renovation is like having a full-time job: it's more like listening
to 5,000 hours of Al Gore's most interesting speeches (volumes 1-73
of his 11,456 CD speech library)(I recommend the edited edition).
But ieb is also correct that it is a unique opportunity to design
your own space exactly as you want it.
That opportunity makes the process worth it. When renting unfinished
apartments I let my tenants select finishing materials and it sub-
stantially increases their happiness with their apartments.
So you guys are saying that a 1000 square ft apt would cost more than $100,000 to renovate? Maybe I should rethink gutting. I don't think I would get back half of that amount from what I see in the market place.
getting what you want argument is oversold. Most people would be happy w/ run of the mill new construction finishes.
Renovating for resale or rental is very different from renovating for
occupanc. Occupancy renovation justifies a bigger budget.
it all depends on the apartment craberry. if it's a 900 sq ft 1/1 with good floors and decent walls, you can do it for closer to $50K. here's the breakdown:
$20K - kitchen
$15K - bath
$2.5K - refinish floors
$12.5K - walls, radiator covers, little electric, doors, etc.
you can definitely lower the price of the bath if you have a cast iron tub that's in good condition and you don't plan to go crazy with tiling.
Ugh, move into a renovated apartment. We renovated our apartment last year, and the process was like a constant nagging headache. Sure, our apartment looks great, but wouldn't do it again.