I am thinking of buying this apartment, which is slightly lower than the market price. However, it pretty much needs a gut renovation for the kitchen, bathroom, and the windows. This includes, tub, sink, tiles, toilet in the bathroom and cabinets, tiles, marble island kitchen countertop and all appliances which are the fridge, oven, dishwasher, microwave in the kitchen. The windows are pretty... [more]
I am thinking of buying this apartment, which is slightly lower than the market price. However, it pretty much needs a gut renovation for the kitchen, bathroom, and the windows. This includes, tub, sink, tiles, toilet in the bathroom and cabinets, tiles, marble island kitchen countertop and all appliances which are the fridge, oven, dishwasher, microwave in the kitchen. The windows are pretty standard, but living room windows have a door, which leads to the balcony.
It is a 1 bedroom, ~710 square feet. The floors are in good condition.
The sellers agent claims, all could be done for less than 50k, but a little research made it sound like a medium grade job is more like 75k:
bathroom - 25k
kitchen - 35k
windows - 15k
Do my calculations make sense?
In all honesty, I could find a similar apartment for 100-125k more expensive. Considering the financing options of a renovation vs mortgage etc, and everything that could go wrong with a renovation, is it worth to renovate or should I buy something already renovated?
I would appreciate any feedback.
Thank you in advance.
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