My honest opinion based upon a lot of experience is that yes, if you renovate in a way that you will have a shower and no tub, that will affect resale because many people like to have both. In many new developments what they do when there is more than one bathroom is give one a shower and one a tub. If this is your only bathroom in your 1-BR apt, as I suspect, you really should have both a shower and a tub. Even people who regularly shower might occasionally want to take a bath if they are sore from a hard workout, or for a variety of other reasons. Better to renovate in a way that the most possible buyers will be drawn to your unit, rather than have a reason to eliminate it from their search.
Hope this helps.
Halstead Property, LLC
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Ebi Khalili | CEO | www.venturecapitalproperties.com
Venture Capital Properties LLC | Investment Properties Capital Group
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That's one way to handle an overpriced property. But why would you want to overpay for a property?
A larger down payment on any property gives more assurance of the mortgage commitment going through.... more
You should speak with your accountant to discuss the benefits of these scenarios. If you're purchasing in a co-op, you should also be aware of how the board typically likes these types of purchases structured.... more
No Jennifer, these are all separate and distinct. Many people looking to buy an apartment in New York City know the basic trade-offs between a co-op and a condominium: the approval process and building rules are usually stricter with a co-op, but co-ops make up a much bigger percentage of the city’s housing stock, and they tend to be less expensive than condos.
In a co-op, the entire building is owned by a single corporation. Instead of a deed, buyers get shares (stock certificates) in the corporation, and a proprietary lease that allows buyers to occupy a specific unit and lays down the rules and rights much like a lease in a rental building. (In fact, technically speaking, buyers of co-op apartments are referred to as “tenants” or “shareholders,” not “owners.” )
CONDO: Buying a condo is very much like buying a single-family house. You get a deed to the apartment that gives you ownership of the interior of your unit and the surface of its walls, as well as an undivided interest in the building’s common elements. This is the type of ownership almost everyone has in mind when they think about buying a home, and almost all newer buildings are condos.... more
It's best to consult with a lawyer who specializes in co-op purchases. He/she should advise you on this when they are doing their due diligence.
However, I have heard of the rule of thumb of $3,000/unit on a mid size co-op. I live in a condo and we go by percentage of the prior year's operating cost. Our building maintains a reserve of 20-25% of annual operating cost.
It is good to have your lawyer check the minutes to see if there were any assessments prior or plans on anything getting fixed. They may check for tax abatements as well, if these expire or do not get renewed then the taxes go up and your maintenance goes up.
Here's an additional resource:
Consider working with a buyers agent and they can help you with the purchasing process. Their commission comes out of a sale so it's not an additional charge of any sort to the buyer.
Hope this helps. If you'd like to discuss further, feel free to contact me.
Was there some stimpulation in your transaction that dictated the minimum time you need to hold the proprietary lease? Did you receive a grant for example. Maybe you need to elaborate.
Most co-op boards will allow you to rent but for a limited period of time so you will need to review all the docs that you signed to get clarity.... more
Most lenders require a minimum score of 620 to qualify for a loan, however the higher your score, the better the rate you are quoted as it indicates a lower risk factor for the banks. In addition to credit scores, other factors are also taken into consideration. The debt to income ratio and amount of down payment also affect the rate you will receive.
I suggest you run your credit reports with each of the 3 bureaus so you are aware exactly what information is in there and correct any errors then contact any major lender & get yourself pre-qualified before starting your search for buying an apartment.
City Connections Realty