tkahn719, Home Buyer in Brooklyn, NY

Investment property renovation cost

Asked by tkahn719, Brooklyn, NY Tue Aug 13, 2013

I'm a 1st time investor planning on buying a foreclosed property in Queens/Brooklyn area to do some renovation and re-sell. This can be a broad question, but how much would it cost for renovation? It seems like many of the foreclosed homes will require kitchen, bathroom, and floor renovation. New tiles, cabinets, sink, appliances, etc. Depending on the condition, might need some electrical/plumbing work. Maybe new water heater or something. Any comments will help. Thank you

Help the community by answering this question:


For what you're looking to do I would recommend a renovation loan for consideration being that certain programs DO NOT impose lengthy anti-flipping periods. Also, it will be based on the "after completed" value which is helpful. Please give me a call at your earliest convenience as I'm sure you have questions and I'd be more than happy to answer them along with providing additional details about the available programs.

Kindest regards,

Paul F. Marzolla
Sr. Mortgage Advisor
(201) 957-6768
0 votes Thank Flag Link Mon Nov 11, 2013
I’m an agent working for ReMax NYC Midtown and I’m always doing my research on property and stay in touch the best professionals. If you simply need advice please email me at I’ve provided links below regarding any concern you may have.

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0 votes Thank Flag Link Thu Nov 7, 2013
It cost as much as your willing to spend. Be careful when choosing your investment property. You don’t want to get stuck with a property that needs a lot of capital intensive work (especially as a first time investor). Looks at the comps for the property you are going to purchase (also consider how long you expect the project to take). It will give you some idea of what you can price the property for when you go to market. Total renovation and purchase cost need to be far enough under the comps in order to have a comfortable projected profit margin.
0 votes Thank Flag Link Tue Aug 13, 2013
Too many factors that need consideration, therefore why not simply contact a few local licensed contractors and ask for free estimates...
0 votes Thank Flag Link Tue Aug 13, 2013
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