90s renovations versus recent renovations

Started by shamrock197

almost 16 years ago

Posts: 22

Member since: Oct 2009

Discussion about

Hey All...any help here appreciated. We're looking into a convertible-2BR (have submitted offer already). Our offer was based on a recent comp that was un-renovated that appeared to be done in the 90s. White kitchen, formica, etc. We have no pictures of the bathroom, etc but it's safe to assume it's in similar condition. The apartment we're offering on appears to be done in the last 3-5 years (granite, marble, stainless steel, nothing too fancy) If an apartment is a 1000sqft how should I consider the difference between these renovations? 40K? $50/foot? What's the rule of thumb here? Thanks!

Response by shamrock197

almost 16 years ago

Posts: 22

Member since: Oct 2009

Anyone?

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Response by nyc_sport

almost 16 years ago

Posts: 809

Member since: Jan 2009

Sorry, but no rule of thumb can answer this question. You need to provide some real guesstimate as to what kind of renovation and the value of the renovation. Granite and marble is not expensive, particularly given how little NYC kitches and baths are. "Stainless steel" appliances could cost $20K or $2K. New floors? Windows? Plaster/sheetrock? Plumbing/electric upgrade? Vintage of building? A renovation might have cost $15K or $300K. A renovation that was done cheaply or badly may have negative worth if it did dumb things that will need to be undone.

The rule of thumb is what is it worth to you? Do you like the renovation or are you going to do something else? If you are going to renovate, then this one is worth at most $0 to you. If some things are good, some bad, some indifferent, than it is probably worth some relative percentage of the renovation value + the headaches, inconvenience, and other costs (like, perhaps, temporary living quarters) of doing it yourself exactly the way you would want it.

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