Recently bought apartment & Lost my Job.

Could you perhaps move-in and put off the renovations to minimize spending more money right now?

Sorry to hear about your predicament. I would not do any renovations that are costly. I would give the place a fresh coat of paint, fix up little things that are more cosmetic in nature, etc. I would do things that are cheap to do and that will get done quickly. This way you can move in and save rent without spending a ton. Alternatively if you are looking to sell the place and not live there, I would not invest that much in renovations either. The primary reason being that someone else may not like the renovations that you spent money on and therefore may not want to pay for it. So the return on your renovations may be less than the cost (especially if you add in the time you either won't be able to live in it or have it on the market being shown).

I think most on this Board would agree that prices will fall so the faster you get to market, the better.

The place is grimy and hasn't been touch for about many years... I don't feel confortable living in it in it's current condition.

Sorry to hear about that, man. Best of luck.

My take is... if you don't plan on living there for a while, consider selling it right away. I don't thinks will be "turning" any time soon, and may very well get worse. If you can cut your losses and manage with that, better to do it now then to be in an uncomfortable situation worrying about if it goes down more.

Also, a good cleaning and painting could go a long way...

It may take a while to sell in this market and this season (sales typically slow around this time of year). Why not put it on the market for a short time and see if you get any bites that interest you? While you're waiting, do some minor renovations and make sure it's presentable to show to buyers.

In my view, there is virtually no prospect of the property increasing in value in the short-term. If you have less than a five-year horizon MINIMUM, you are likely talking about a loss if you sell--particularly once you factor in transaction costs. If you are going to stay and can afford it, make it the place you want it to be and enjoy living there. But only you know your financial picture and what you can realistically and comfortably do. Assume you will be out of work for whatever is a reasonable worst-case scenario for someone in your line of work, and then ask are your plans consistent with that scenario. If things go better, great, but if they don't you can't bury your head in the sand.

Financial picture is unclear since I'm still looking for another job. It is afforable if I have a job but if there's a ton of people looking for work in NYC then it could really be a problem. Also am concerned that prices will slide very soon and that my losses will be much larger.

Dear recentbuyer:

First things first - my heart goes out to you. Now - a few general questions. I understand the place is grimey and hasn't been lived in for a while. But realistically, what has to be done RIGHT now to make the place livable, and what can be done later on to spruce it up in a more personal manner. I'm trying to ascetain, aside from a serious cleaning and repainting to make it livable, what has to be done immediately, and what can wait?

**The place is grimy and hasn't been touch for about many years... I don't feel confortable living in it in it's current condition.**

That's not such a difficult fix. As I mentioned in my post on your other thread, a fresh coat of paint, a floor polish, some new tile grout can all go a long way. If the kitchen is disgusting (as I can only imagine it is) you can do wonders with repainting/updating existing cabinets without going to the expense of hanging new ones. Also, a new stove and fridge won't break the bank - they don't have to be top of the line.

You could ask around for recommendations for a good contractor who specializes in making apartments 'rent-ready' - low-cost updating that focuses on making a place look clean, bright and appealing.

Unless the building is dangerous to live in (structural, mechanical, crime??), you should be able to minimize your investment to make it livable - and possibly more livavble than you think. Like all others here say - paint, floors and inexpensive appliances / cabinets go a long way. Minimal additi0onal $ in - period.

Also, can you rent out a portion of it to bring income in? Qty bedrooms? Decent commutable area?

rent it out. Even if you take a monthly loss, chances are that loss will be less than the hit you'll take in transactions costs selling the joint. if you need to fix it up, go to home depot, particularly those o/s NYC if you need appliances. much cheaper.

"Also am concerned that prices will slide very soon and that my losses will be much larger."

If you live there, you will have the benefit of a place to live and the market shouldn't matter. I think you will have great difficulty trying to sell a place that's in poor condition in today's market. I think the advice relating to making the best of it with minimal expenses is the way to do. Find other budget items to cut while you are unemployed (eating out, entertainment). You need a home. And it'll probably take 3-6 months minimum to sell, so it won't help you during this period of unemployment.

If it's a co-op, though, he may have restrictions on subletting so soon after purchasing.

Hey recentbuyer, can you provide us with more info on the apt such as price paid, mortgage, cc, taxes and your cashflow, what type of job you have...etc...ohh and also can you post some pictures to show us how grimy the apt really is??
thanks look forward to getting more info to be able to help you.

Some sanding and refinishing/painting should make the place surprisingly liveable. You should probably do this even if you are to put it on the market, in order to minimize your loss.

Sorry, that sounds rough, and I'm sorry!

I wouldn't do any renovations, only cosmetics for staging. This is just my opinion (not sure if it's representative of the market) but I would much prefer to renovate myself and add my own grade of appliances than inherit the seller's renovations who are doing it on the cheap. Basically, you run the risk of not getting any credit for your investment because they new buyer will want their own taste/grade anyway. Obviously, the tradeoff is that someone won't want to buy a wreck...

Hope it works out well for you!

As others have said, we really need more info to give you good advice. If you think you will need to sell he apartment then you are probably right that you should attempt to sell it now--and that in order to do so you will have to take a substantial loss. I agree that prices are likely to decline significantly over the next two years so better to sell it now. If you don't need to sell it, just clean it up and move in. Do not do a serious renovation. If you can rent it out, even better. But you are in a rough situation, no question about it.

Should I try to hold on the apartment and invest to fix it up with the hopes of making it more valuable to sell? OR Sell Now and take/minimize my losses?

THIS appears to be your core question. I'd say that the market is slipping 'as we speak'. Make this apartment your job for a week & scrub & paint then get it on the market ASAP. Paint is your best friend & while painting's a mother, you can do wonders with color. Perhaps an interesting color in the foyer & bath/s & just white or a pale cream throughout the rest of the unit. Make it clean & perk it up & liquidate that sucker. Best of luck to you!

recentbuyer...hello????..any info....(from above)

As Squid posted, is this a coop or condo? If it's a coop, you may have some difficulties getting it sold and the buyer passing the board, not to mention challenges with renovations (the board again if you need approval for what you want to do) and maybe even renting it out (board approval again.

Can we get some more details?

...and of course, I am sorry for your situation.

If you financially can, why not live in the apart. fix up the minor things, paint, etc. and enjoy the place. good luck

"Make it clean & perk it up & liquidate that sucker. Best of luck to you!"

I agree. If you have a few K to spend, refinish floors, paint, deep clean, appliances, etc..you can get a lot of this done for relatively little amount of money and make the place look much better.

recentbuyer..what's up??!!!...you reach out to us in desperation and than just ignore us?....give us some details......

Sounds like Steve wants everything but your SS#; I'd be cautious about being too specific here.

drdrd.....i think recentbuyer is a fibbing, little, renting, bear...poor little bear...

I have to admit.... the idea did cross my mind. Question got posted 3x.... one time with a different title..

and is recentbuyer the same as buyer2? why respond to posts using different user names?

what are you guys the FBI? Maybe he just wanted a little help.

the funny thing is, is that I almost mentioned Julia specifically in here post. She who changed her story several times, and after being "frustrated" that she couldn't find what she wanted in this buyer's market, just gave a pitch for how you have to work with an experienced broker....

julia..we have to keep these boards clean...no phony baloney and shilling...state your a bear or a bull and give your reasons for debate....stop being such a woman..:) just kidding..:))

steveF....I appreciate your comments and agree.

nyc10022...work with an experienced broker?? where did I say that...but you're right about being "frustrated" and I have given up for the year and am renting, not happily, but I'm renting.

Y'all might be right about recentbuyer, but my preference is to give him/her a break. I understand a hesitation to provide detailed info about one's property and financial wherewithall. It seems to me that NYC RE is an amazingly small world. Also, the post began only 12 hours ago. People do have lives that might take them away from the 'Net for several hours or even a day. Is there some board etiquette that requires one to stay tuned for X hours after posting? (Sorry if that sounds snide -- it actually is a sincere question.)

I'd recommend these guys -- quickandcleanrenovations@gmail.com -- for a really cheap facelift for a dumpy place.

Should say that a friend used them for two places he flipped and the before and after was amazing for the price. NOT the people to use for a lux renovation, though.

I agree steveF. Another hard luck story and then the inevitable "get out before we all die" advice.
How many of these postings are we going to see in the upcoming months? Hit and run, then have the pundits talk down the market.
Isn't it strange how you never get any info about there apartments and never see the OP again?
This board has really become a shill for those that do not have, but want.
And Special_K is right, they seem to be the same person forgetting whick alias they used as a log in.

There was another posting today about someone closing on one apartment but can't sell the other. Again, long on tragedy, short on information. But never short on the long list of advisers to get out now and get out a any cost.

ruff..people are so pathetic they will do anything....i learned this trading stocks in the late 90's early 2000's. Idiot shorts spreading all sorts of rumors and garbage. They would defame anyone and anything including their own mother to make that extra 1/16. In this case these boards will be used by the same caliber of idiot who...I like your phrase...will..Hit and Run...However, this tactic is so useless for real estate...stock shorts know you only have to push that button your finger is resting on. Selling real estate is a monumental, costly, time consuming and exhausting event...that's why in down markets real estate stays flat as evryone just waits it out or just doesn't think about it.

> nyc10022...work with an experienced broker?? where did I say that...

In the other thread, on the post you made, uh, ten minutes before this one. You already forgot?

call the broker who represented the seller and ask how far above others you were in the bidding, how active level of interest was. Then make your decision.

Yes, we know you are fake.

hey recentbuyer it seems that you like the apartment and where planning on renovating... listen the problem here is that you lost your job... i'd start interviewing for another one ASAP to get your confidence back and your cashflow in... additionally... renting the apt is a good option... see how much you need to cover the mortage for the next six months and how much you can get for rent... then if you have the difference, i'd just rent it out and focus the time on getting another job so you don't have to eat a loss in the investment... call all your friends to help you out with the painting job during the weekend and make it a party.. they might even help you get hooked up with a job..

i used a guy who put in new tile for my bathroom floor and a new granite kitchen countertop and under-mount sink for way less than any other estimate came close to. did a great job. if you want this info let me know. apt11K4sale@me.com