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Donald Lee, Real Estate Pro in Scranton, PA

How much is to much when remodeling a multiunit building?

Asked by Donald Lee, Scranton, PA Thu Sep 27, 2007

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Donald - after remodeling more than 50+ units in the last few years I would recommend starting with your formula (finance, cash, long term requirements etc) and strategy (hold or sell). IF YOU DO NOT you will risk falling down. Sometimes it is better to buy and just rent and hold and remodel at a later date and sometimes it is better to 'go fro broke' and re-sell for fast cash on cash return. What is your formula and strategies to suit this formula?
Once you have this 'firmed up' go out and build yor team - contractors, title agents, attorney, banks (financing options), appraisers and of course a good qualified Realtor...Hope this helps...
1 vote Thank Flag Link Mon Oct 1, 2007
Your goal is to balance quality to avoid future typical manitenance issues. Too much is alot of details like crown molding, etc...at the end of the day, people want clean, uncluttered and quality product...so stick to the basics..

Spend your money on the kitchen, and in the bathrooms don't skimp on the toilets. Also, with central air, put a 1" condensate line instead of the usual 1/2".

On a complete remodel, your biggest $ are in electrical and mechanical. Adding additional closet space is but a few 2 x 4's, but adds great value to a lady renting a place, for clothes, and for a guy it may be for sports stuff, and kids additional place for toys. This means way more than fancy molding, etc.

So maximise the functional, keep your interior buildout remodel total cost to $80 per sf or less.
Web Reference: http://www.iansellsnola.com
0 votes Thank Flag Link Sat Sep 29, 2007
Don't spend a total of more that $100 per square foot of living area. Include both the acquisition price and total remodeling costs in that calculation. Good luck, Jon
Web Reference: http://www.bowenboston.com
0 votes Thank Flag Link Thu Sep 27, 2007
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