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usuk2004
I'm ONE!
Member since 5/05 5150 total posts
Name:
Farah
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5-borough co-op/condo owners...
Did you do improvements on your condo/co-op? If so, how much (percentage wise if you don't want to share figures) did you increase the value by?
Thanks!
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Posted 2/20/06 12:54 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: 5-borough co-op/condo owners...
im not in the 5 boroughs and we didn't do home improvment
our co-op was redone by the previous owner...
Our unit cost approx 10-15k more then other units comparable in our complex. I would say he invested 5000-7000 into our unit
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| Posted 2/20/06 3:33 PM |
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dandg
LIF Zygote
Member since 1/06 46 total posts
Name:
Gerard
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Re: 5-borough co-op/condo owners...
My wife and I definitely plan to update and renovate our 2 bedroom co-op within the next 2 months. We plan to either refinish or put laminate flooring in our long hallway and kitchen, and redo our kitchen, with new cabinets and appliances. From what I've been told, this will had between 20-30k to our co-op when we sell.
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| Posted 2/20/06 5:36 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: 5-borough co-op/condo owners...
Remember... you will always get most of your money back if you do kitchen and bathroom renovations.
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| Posted 2/21/06 11:48 AM |
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Ang-Rich
Beyond Compare
Member since 5/05 17988 total posts
Name:
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Re: 5-borough co-op/condo owners...
Posted by DjPiLL
Remember... you will always get most of your money back if you do kitchen and bathroom renovations.
DH's words exactly. So we updated those two rooms but now we are sitting put for just a little while longer. When we bought the co-op four years ago the kitchen had been renovated and I believe the unit was about 20k (asking) more than others in the complex. It was a great renovation with lots of potential - so we updated recently and took on the huge project of refinishing the pink tiles in the bathroom (to white) and taking down wallpaper. The wallpaper was a nightmare - all of the walls had to be repaired but we figure we can walk away with about 15k more when we sell just from the changes we made.
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| Posted 2/21/06 1:21 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: 5-borough co-op/condo owners...
Ang-Rich:
I thought you were selling/sold the co-op?
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| Posted 2/21/06 1:23 PM |
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Leeners
:)
Member since 5/05 4898 total posts
Name:
Eileen
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Re: 5-borough co-op/condo owners...
We plan on it. We got a great deal due to crappy listing agent/poor showing condition of the apartment. Two others of the exact same unit done, but not luxuriously so, are listed at $113K and $109K more than we're paying but I think we just happen to be getting a ridiculous deal. They're out there if you're willing to do the work though.
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| Posted 2/21/06 1:49 PM |
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Palebride
I am an amazing bakist
Member since 5/05 13673 total posts
Name:
Lori
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Re: 5-borough co-op/condo owners...
The people who live above our co-op redid their entire kitchen for about $40,000.
They've been trying to sell their co-op since June, and have not been successful because they're looking to make back the money they put into the kitchen.
It's currently listed for about $40,000 more than our unit.
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| Posted 2/21/06 1:59 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: 5-borough co-op/condo owners...
Posted by Palebride
The people who live above our co-op redid their entire kitchen for about $40,000.
$40k is insane money for a co-op kitchen. They could have done a kitchen for half that... EASY.
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| Posted 2/21/06 2:09 PM |
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Leeners
:)
Member since 5/05 4898 total posts
Name:
Eileen
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Re: 5-borough co-op/condo owners...
Posted by DjPiLL
Posted by Palebride
The people who live above our co-op redid their entire kitchen for about $40,000.
$40k is insane money for a co-op kitchen. They could have done a kitchen for half that... EASY.
Agreed! Less than half if they were willing to do anything themselves. And then expecting that back... 
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| Posted 2/21/06 2:10 PM |
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Palebride
I am an amazing bakist
Member since 5/05 13673 total posts
Name:
Lori
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Re: 5-borough co-op/condo owners...
Posted by DjPiLL
Posted by Palebride
The people who live above our co-op redid their entire kitchen for about $40,000.
$40k is insane money for a co-op kitchen. They could have done a kitchen for half that... EASY.
it was insane - I don't know what they were thinking!
all we did was get a new stove, sink and refinish the cabinets. and our's looks like a brand new kitchen now too!
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| Posted 2/21/06 2:11 PM |
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Ang-Rich
Beyond Compare
Member since 5/05 17988 total posts
Name:
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Re: 5-borough co-op/condo owners...
You're right - great memory!
We had it up for about 2 weeks but DH's busy season started in January and we didn't want to be selling/buying during this time. So instead we decided to update and make the place a little more attractive. We should have done it years ago but now I think it will spark more interest.
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| Posted 2/21/06 2:50 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: 5-borough co-op/condo owners...
Posted by Leeners
Agreed! Less than half if they were willing to do anything themselves. And then expecting that back...
I am doing the kitchen in my house myself from scratch. Typical "L" shaped kitchen. Very nice Kraftmaid cabinets (top of the line color choice). Corian countertop with molded sink. Stainless Steel top of the line appliances.
Total will run me about $15k for everything including the appliances (give or take). And I consider that "top of the line stuff". We could have done this for under 10k if I wanted.
I figured since we just moved in... we will get all the use out of it so we could go expensive and not worrying about getting our money back.
But if you are in the situation that Ang-Rich is in you have to be a little more cautious. If you are updating... but moving in the near future... You can't always go bling bling because you most likely won't get your return back. If you update... but do it "modestly"... you should get the money back.
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| Posted 2/21/06 3:05 PM |
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eroxgirl
My Loves
Member since 5/05 15697 total posts
Name:
Rebecca
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Re: 5-borough co-op/condo owners...
We bought our co-op at what I think was a great deal for the size. We already renovated the bathroom, resanded all the hardwood floors and replaced all the moulding throughout the apartment, except for the second bedroom which we'll tackle when we reach that stage (think:   ). We are planning to completely renovate the kitchen this year. We're planning (hoping) to make 100k when we sell. Other apartments in our building have sold for $100-150k more than we bought ours for and they are all smaller in size than ours so we're hoping to see the same kind of result. But we're in no hurry to sell anyway so we'll wait until we can make a nice profit.
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| Posted 2/21/06 3:18 PM |
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usuk2004
I'm ONE!
Member since 5/05 5150 total posts
Name:
Farah
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Re: 5-borough co-op/condo owners...
Posted by DjPiLL
But if you are in the situation that Ang-Rich is in you have to be a little more cautious. If you are updating... but moving in the near future... You can't always go bling bling because you most likely won't get your return back. If you update... but do it "modestly"... you should get the money back.
Yes, I'm well aware of what to update and how much to put in to it. I'm asking because right now we're still in London, we just bought an apartment that's basically half a house and we're building an extension which should cost us around $20K, but should add about $100K on to the value of the house.
When we move back we'll probably be looking to buy a co-op or condo in Brooklyn or Queens. But obviously housing is a bit different in NY, and I'm just wondering - ballpark - about how much you can add to a place based solely on internal renovation.
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| Posted 2/22/06 8:13 AM |
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Ang-Rich
Beyond Compare
Member since 5/05 17988 total posts
Name:
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Re: 5-borough co-op/condo owners...
Posted by DjPiLL
But if you are in the situation that Ang-Rich is in you have to be a little more cautious. If you are updating... but moving in the near future... You can't always go bling bling because you most likely won't get your return back. If you update... but do it "modestly"... you should get the money back.
Yup - we wanted to update but at the end of the day the reality is that if we are leaving soon then we can't throw too much into the co-op. So the work had to accomplish the goal of updating (noticeably) while not being too expensive. At the end of the day we spent $5,000 which I am confident that we will get back. We did the following:
Bathroom
Refinish tiles
Remove wallpaper
Plaster Walls
Paint
Accessories
Kitchen
Corian Countertop
Remove Wallpaper
Plaster Walls
Paint
New Window Treatment
In addition we painted the living room and dining room and updated the window treatments - huge difference.
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| Posted 2/22/06 9:04 AM |
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