A two bedroom house is not advisable, always harder to sell in good and not so good markets.

Anna
917-576-5376
abrocco@laffey.com

Hi Eduardo, Are you thinking about building this yourself?

>A one or two bedroom home is not an easy sale. Can you make it a colonial and put on a second floor, and >still keep it affordable?

As I have said I do not want to deal with regulatory agencys for all the permits. You know as well as I that they are a nightmare to deal with.

>The buyers have to put more down and do not have the money for renovations.

I know this and my two small bedroom or one large configuration convertable back to two, totally remodled (window, doors, siding, insulation, sheetrock, bathroom, kitchen) will be perfect for a new couple just starting out or retired couple not wanting to move from NY. Maybe even professors looking for a short commute with the semi privacy of the cul de sac.

Thanks.

With the stimulus package that was just signed into law this week, an $8000 tax credit is available for first time home buyers. The Open Houses this weekend were quite busy because of it.

There is also 1/3 less homes available now than there was last year. There are also less buyers because of the stricter credit regulations. The buyers have to put more down and do not have the money for renovations.

A one or two bedroom home is not an easy sale. Can you make it a colonial and put on a second floor, and still keep it affordable?

Eduardo,
"Build It and they will come" is very risky strategy in the current climate. Don't do it. Now is the time to batten down the hatches and weather the storm, which may last for a couple of years or more. Without knowing much about your circumstances, it sound to me like you would do better to clean it up as best you can and rent to Dowling College students, so that at least you can cover the taxes and insurance. Then revisit the long term renovation plans in a couple of years time when things have settled down.

I think I will renovate it for energy efficiency making it a large one bedroom house easily convertable back to two small bedrooms. Redo everything including a fully enclosed steam generator in a six foot soaker bathtub. It is near Dowling College so I may get it sold with that type of configuration.
I just don't want to start applying for all the permits to expand.
They all think they are doing you a big favor when it is their job.

There will always be a first time home buyers market. With that in mind, keep your renovation affordable and you will find a buyer.

I'm not going to comment on this particular lot, but as a general comment, I think you'll find that you need to leave at least one wall of the original house standing for any future permit application to qualify as a renovation, otherwise it's treated as new construction, which is more costly and involved. Second, the cost of removing debris from the demolition may outweigh the benefits of reduced taxes. Third, if only 40% of houses in the immediate area are approved, the odds are that you are likely to be in the 60% who are not approved. Nice try, but does it make sense?