Oz, Both Buyer and Seller in 94107

How much should we spend on remodeling our lobby?

Asked by Oz, 94107 Sat Apr 13, 2013

I live in a 6 unit condominium in the Castro and while all the condos are beautiful inside, our lobby is left to be desired. We have actually recently invested in remodeling the building frontage, which looks really good, but as soon as you step into the lobby you are transformed back to the 1980's (not in a good way.)

I would like to pitch to my fellow neighbors remodeling our lobby, and am wondering if there's a rule of thumb about how much a lobby renovation adds to a condo's price. This will pretty much inform us how much to spend on the project.
Without such information, expenditures will be perceived as non-value added, which will be impossible to pitch...

Any advice out there?

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Answers

3
I am afraid you don't have an argument. The remodeled lobby won't add any value to individual condo. It will only impress the potential buyers, but it won't be taken into consideration when evaluating the individual units.
0 votes Thank Flag Link Mon Apr 15, 2013
Don't spend too much. As long as the finished product is neat, clean and bright while in tune with the feel of the new exterior (or at least neutral) then you should be in good shape.


Oggi Kashi - 415.690.3792 direct
Broker Associate, Paragon Real Estate Group CA DRE 01844627
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0 votes Thank Flag Link Sat Apr 13, 2013
Thank you Ogg. This is helpful.
Unfortunately the whole building is modernized, the units really nice, and frontage nice and modern, but the lobby is the one thing that isn't. But it sounds like you believe the lobby doesn't really affect the value of an individual condo, so I am therefore concluding that my initial assumption was flawed.
Flag Sat Apr 13, 2013
With only six units, I don't think it takes to much effort to do a survey of how many residents have any plans of selling withing the next 5 years! If you are the only residents planning on selling then you should probably start interviewing several realtors from your area who can best advise you of the benefits of investing some money on that particular project. People generally forget that Realtors are happy to consult with you even if you are not going to sell immediately. Trulia makes it easy to look up realtors by zip code where you live! Best, Terry Bell, CPS RE Santa Rosa, CA
0 votes Thank Flag Link Sat Apr 13, 2013
Thank you , Terry.
What I am looking for, though, is a rule of thumb to suggest how a lobby affects the sale price of a unit. Or perhaps it doesn't affect it at all, in which case my argument is moot?
Flag Sat Apr 13, 2013
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