Co-Op - Renovate or sell as-is?

Yes, for most you should sell as is.

However, a few situations may warrant some light touch ups as illustrated by this article: https://www.hauseit.com/should-i-renovate-before-selling-in-nyc/

Since this is an estate sale, highly recommend you read up on the probate etc. process and work with an attorney with experience

Are you the executor? If so, it's your fiduciary duty to minimize your closing costs and to get the highest returns possible.

Here's a seller closing cost calculator for NYC: https://www.hauseit.com/closing-cost-estimator-for-seller-nyc/

A helpful article on how to have an estate sale in NYC: https://www.hauseit.com/how-to-have-an-estate-sale-nyc/

Good luck and let us know how it goes!

My opinion is that there are a number of things that can improve curb appeal at a low cost. I would consider what a typical buyer would do to renovate and then think about doing some of the most basic of these things like refinishing floors (easy to do if you are already vacating the apt.), patching and painting the walls and maybe doing any critical repairs that a buyer might be concerned about. The idea is to compliment the work that a typical buyer would do so that they will feel they are adding to your improvements rather than tearing out anything of value. An apt. that can be re-tenanted ASAP is often more valuable to a buyer.

Also, no and low-cost improvements such as staging (even if virtual), fresh paint job, great looking photos etc. can go a long way towards giving a better impression of the apt.

In my opinion, too many sellers underestimate the benefits of doing small things and as a result, can leave a lot of money on the table. Some buyers drool over the prospect of an estate or distressed type of sale so maybe not a good strategy to let them think you may be overly motivated to sell.

My condolences to you and family.

Unless the apt is in an ok condition, you will be wasting money putting lipstick on the pig. If Kitchen needs remodel and bathroom is more that 25 years old, it is very hard to hide the fact that it is an estate sale. I recommend virtual staging/reno and clear disclosure in the listing that it is an estate sale needing Reno and pictures are virtual.

I think you have to look at what other similar apts are going for. It might make sense to renovate the whole apt of you can do it in a way in which you make money. It is a big undertaking but could be worth it. It might also make sense to do some things to get more money. You should talk to a good broker

First, condolences on the loss of your mother.

I think there is a sweet-spot you want to hit with this sort of sale.

On the one hand you don't want to overspend on a reno that a new buyer will likely just rip out (especially if this is a very nice building, which I imagine it must be--buyers in higher-end buildings tend to spring for top-of-the-line design and finishes).

On the other hand, you want to show the space in the best possible light. A fresh coat of paint, a sanding/polishing of the floors, and some 'sponsor renovation' style updates to the kitchen and bathroom (ie: replacing appliances or other elements that are terribly worn with some lower-cost but pristine pieces). Making the apartment look clean and bright is important for 'curb appeal' but it doesn't have to mean going too crazy.

There also may be merit in back-channeling with the managing agent (or someone you trust in the building) to gauge whether current neighbors may be interested in acquiring the unit before you engage with a selling agent.

I would make it look as clean as possible without investing too much in cosmetic upgrades. I looked for a "fixer upper" because I did not like the kitchens and bathrooms in recently renovated apartments. The kitchens were not to my taste and did not have a practical layout as I do a lot of cooking. The apartment I selected was in original condition when the building opened in 1952. I upgraded all the wiring, added outlets, put in circuit breakers, replaced the floor in one room (water damage in that room from a/c made the floor like a washboard), sanded the floors, and renovated the kitchen (upgrading to current code). I still have to do the bathroom, but I don't notice the pink flamingo tile anymore....

One thing to keep in mind is that you will need to sell with a functioning kitchen--so even if you choose not to put in new appliances the current appliances must be in working order.

Is that true? You can sell as is.

sorry to hear adg1028 about the passing of your mother in law. It must be extremely difficult to be making these decisions during this time. As far as helping you get the "best return" on your current situation the "best plan of attack" would be to make basic improvements, floor refinish, painting, etc.

I've always understood the need to have a functioning kitchen (no matter how basic) is for the banks who are providing financing, as they won't lend on an 'incomplete' unit (which relates to the loan's ability to meet securitization standards).

Yes, I bought a fixer-upper apt. and immediately demo'd the entire kitchen. Then applied for a home equity line of credit to finish the work and was told I needed a working kitchen. The bank got this info from the appraisal which also showed an LTV under 50%. So I installed a standing sink and plugged in a convection microwave and I was good to go. Lesson learned.

Ah, I see what you are saying. The kitchen needs to exist with sink, stove and refrigerator, but a rare appraiser will realistically check if the appliances still work.

Appraiser did their job and I did mine. Sink, dorm fridge and microwave were all in working order and bank got to check their box. A win-win I guess.

But I suspect many appraisers don't test very appliances. Some buyers don't also and then complain about water pressure and blown fuses.

Condolences. However, rather than asking the board blind (where the apartment is located and how large it is are fairly relevant factors here), I would suggest that you choose your broker and then follow his/her advice about renovation.

Here's a recent market story: Resident dies, estranged family inherits, hires a broker (who was not me) and the broker says, "to maximize value, you need to redo the kitchen, do the floors, and, while you're dealing with the board and renovations, put in a second full bath. Then you'll get $XXX. "[I'm taking the exact number out here to protect the innocent].

Family says, "well, we're out of state, so we trust you to sell it. We'll redo the kitchen and do the floors. But we're not doing all that work on the bath."

Guess what apartment got listed at $XXX anyway? And is still on the market, despite a 15% price chop, a year later?

ali r.
{upstairs realty}

I would just paint it, tidy up and sell it.

Completely agree with the last comment. Managing anything beyond basic updates from out of state will cost you dearly. Estate condition apartments do not trade at a sufficient discount to justify going through the work to update it... there are plenty of buyers out there who underestimate the time and effort required to renovate a place, so let them take on the burden instead.

Different market of course, bu here's an apt that sold in estate condition 2 years ago that the current owners seem to be struggling to sell in "gut renovated" condition:
https://streeteasy.com/building/432-west-47-street-new_york/4e
Don't know what they spent, but I doubt they'll get back what they spent in closing costs, maintenance, renovation, etc.

Cheap new kitchen and bath like this one will be 30k each max. Floors another 15k. They got done in my estimate for well under 100k.

I agree with others. Painting, sanding, skim coat if walls are really bad and make sure all the outlets work. I wouldn't want the headache of a renovation especially now as prices are declinng.

Hi,

I'm sorry for your loss.

I recently sold an apartment on the Upper West Side that needed a total gut renovation. It wasn't even livable.

It is not worth it to do any renovations besides possibly a deep cleaning & new paint on the walls. If you do any more than that it is extremely hard to get your money back, and someone could come through & totally hate the work you did.

Best of luck.

Sorry for your loss, definitely sell as is. Too expensive and you'll get ripped off if you try to reno from outta town.

SteveFR - glad to see you're back? Where have you been?

The hassles of a coop renovation just to sell are just not worth it for a little more profit IMHO. Just get it in decent enough condition to show and list it. If priced right you will have a ton of buyers interested in a property that they can renovate their way.

How strict is the coop board? You could be waiting months to even get approval for a renovation. Living out of state does not help. Interviewing contractors, reviewing bids, etc. All of this takes time - especially if you are not familiar with the process and have not gone through NYC apartment renovations before. A good cleaning and a fresh coat of paint is all I would invest in at this point. Sell it as an estate apartment and move on. Put your time and resources to better use.

Makes perfect sense.

I have sold many estate condition apartments over the years and there are many buyers who prefer to do their own renovations. the best thing you can do is clean, wash the windows and if possible paint . The time and money it costs to do more than that will not be worth it in final price

I'm sorry for your loss. I've sold estate condition apartments (have two going on now). At minimum you should patch and paint the entire apartment in white so it looks clean and fresh. If the floors are in otherwise good condition then I would refinish. If the tub is stained and can't be cleaned then I would reglaze. Those are the best bang for your buck updates. It's not necessarily about getting the costs back in sales price, it's about increasing the buyer pool and the difference between possibly selling or not. Many buyers can't see past dingy, worn out conditions. This is "decorative" work and should fall under the co-op's decorative alteration agreement, which doesn't typically require board approval or waiting. I would ask the super or resident manager for referrals. An experienced listing agent can also refer vendors and help you coordinate estimates and get the work completed. I've handled this kind of thing for my out of state executors (painting, appliance install, etc) and am in the middle of getting an apartment painted now. If you're looking for an experienced listing agent, I'm close by and I'll toss my hat in the ring. Please don't hesitate to reach out.