How much should I add to the asking price if it's necessary to add a new average kitchen and bath?

$0. Don't do any work. Sell as is.

I think tucson is buying not selling.

why would you "add" money if it needs new kitchen and bath? wouldn't you subtract?

go wildcats! bear down.

Yes...sorry...I'm buying. I want to be sure I can afford everything.

My bad.

take $30k off your asking price explaining that's the cost you will assume for a standard bathroom/kitchen remodel.

I have never done a bathroom/ kitchen remodel, but was in a similar position to tuscon. For gut renovations of both, I was guided $25K - $35K for kitchen, and $10K for bathroom. I would err on the conservative side. If you are serious about making a bid that incorporates these costs, bring a contractor to view the apartment with you and get their estimate.

$20K for a bathroom, $50K for a kitchen. I did a bathroom for around $10K ten years ago, and find it hard to imagine that you could land at that number today, but of course there are variables like whether you have to replace the tub and how much tile there is.

Re contractors, my firm has been using Roger Bailey a lot recently, and he's been just wonderful.

ali r.
{downtown broker}

You can do a kitchen for $10k if you really try hard. Here is what you do:

1. Get cabinets from IKEA. Install them yourself.

2. Get Kenmore appliances from Sears during a sale. Get a Sears credit card and you get 10% off your first purchase

3. Get granite veneers. They are granite counter tops that go over your existing counters.

I'm grateful for this blog. I'm "new in town" and have been learning about NYC real estate from your years of ....won't make that mistake again...wisdom.
I think many of you are "secret-helpers" who have found yourself in the "money" world.

TripleP: I like your suggestion of bringing in a contractor. That may help the seller put the asking price into perspective.
Noah (http://www.urbandigs.com/seller_tips/) seems to believe appropriate/realistic pricing would benefit the greater good in the long run.

Thanks to all!

tucs: Don't take these kitchens numbers at face value. I didn't see what size of apt you are talking about. The range is really more like 15k-300k It all depends on what type, style, price range apt you are looking at. A 300k studio kitchen can be done with HD special for 15k. On the other hand if you are moving into 4,000sqfter on the park with a 24' x 16' kitchen, call it 300k.

In 1998, I renovated half my kitchen for $6,000. All the materials were complete junk so 4 years later I had to glue all the peeling formica back together with crazy glue! You definitely get you pay for!

50k for a standard kitchen..wow

In a depreciating market.. .(look at 997T and F430 market) extras bells and whistles bring $0 on re-sell... as an owner... add $0... as a buyer just look for the perfect apt... nope don't settle... I said don't settle... and when you agree on price.... say "I want all the furniture and your car, and your wife's diamond ring :)" And finally at closing ask for another $50K or you will walk :)

67: righteous, nice, word to yamudda

FWIW: The $$$ amount sounds high, but when you break down what a top end job consists of, you see why. Consider galley kitchen with counters/cabinets on both sides--say 10 feet long. Not sure how much for demolition. Custom cabinetry with shop finished paint, under counter lighting, caesarstone counters, Franke sink, polished nickel hardware, Rohl faucet, plus installation fees: $25,000-$30,000 depending how well you shop it around.

Appliances: Thermador Pro Harmony 30" Gas range, Liebherr custom panel fridge, Bosch custom panel d/w, Viking convection/microwave range hood: $12,000.

TOTAL: $42,000 plus demo/plumbing/electrical.

Adds up pretty fast! Of course, DIY, Ikea, GE appliances...much, much, much less.

Tucsonsky,

What type of apt are you looking at, and what is the location? If this is a decent to high quality co-op in Manhattan, the costs of materials are just the beginning. For anything beyond basic cosmetic work you're going to need to submit plans to the co-op board for approval before renovating a bathroom and/or kitchen. Which means you'll need a licensed architect to draw up the plans (minimum $5k). Once the board approves them (costing say $1-2k for the fees from the managing agent and building engineer), you'll need the plans approved by the city (more $ and time). Then, of course, you can't just do the work yourself - you'll need licensed and insured contractors, plumbers, electricians to do the work - forget what you know about labor costs from AZ - because of the above issues and the fact that your building will have limited hours (9-4pm or so, no weekends or holidays) allowed for work, you are talking multiples of those costs. Plus they'll often require that you do work that you may deem unnecessary - upgrading the in-the-wall plumbing and wiring. Thats why so many people in Manhattan have high-end appliances - its no that they use them, its that in the scheme of things, spending $4k for a range or refrigerator is a small part of the total cost. I would say that in best case scenario, the total for renovating a normal-sized bathroom and kitchen in a Manhattan co-op (I'm assuming a 1 or 2 bed apt), would cost you $85-100k.
Of course if its a building where they let you do the work yourself, or with un-licensed labor and no need for board/city approval, and you just want renter-grade finishes its a whole different ballgame - I'm sure then you could get it done for $35-50k.

Yep, you are right...I'm not in the desert anymore!
Told spouse that I have been to a RE "seminar" via this erudite site.
Decided to rent...as one can't even buy one ray of sunlight for $100,000.

kitchen is $50K-$80K; $40K per bath. Do not go cheap on appliances and fixtures -- the real expense is the labor/process.

An $80k kitchen? wow, I would like to see that. Can you really spend $80k on an average kitchen in Manhattan? I know you can spend that much in a penthouse or a mansion, but I just don't see how you can spend that kind of money in an average kitchen.

A galley kitchen 10' long with custom cabinets, high end appliances and quality stone counters will run $40K no problem.

>>kitchen is $50K-$80K; $40K per bath.

I'm guessing labor rates are not what they were, considering so many now have time one there hands.

We spent 40K to redo a bath and a kitchen. 28K was labor plus rough materials, 12K was fixtures/appliances/cabinets/stone/tile, etc. We did not need to buy major appliances which would have added another 5K. Both projects were completed nuts to bolts in 4 weeks. You can EASILY spend much more if you get top of the line appliances, ton of natural stone, custom cabinets, etc. You can, however, get a very nice kitchen for about 30K and a very nice bathroom for 15K if you are smart. Loved our contractor if you need a recommendation.

I love alpine292's guide to the $10k kitchen renovation LOL

ditto abatement's comment. alpine, i love the way you roll! listen, when times are lean, we all do what we have to do...

There's no need to "explain" a lower offer, nor to nickle-and-dime it to an exact estimate (ie: 30K off ask because I have to redo the kitchen).

Round down the figure considerably. For example, if the kitchen and bathrooms are complete crap/estate condition and require gut reno in an apartment asking $2M, you might offer $1.7M.

And do NOT scrimp on materials. Don't get IKEA junk. Use good materials that will enhance the value (and your enjoyment) of your apartment. This purchase (the apartment) will be your largest investment ever. Why schlock it up with cheap, junky products from IKEA or the like? Just my $.02.

OTC - I am considering a bath/kitchen renovation. Can you share the details regarding your contractor? thanks.

OTNYC - I am considering a bath/kitchen renovation. Can you share the details regarding your contractor? thanks.