Remodel & Renovate in 07302>Question Details

Jcbuyer, Home Buyer in 07302

I'm considering renovating the master bathroom in a 1 bedroom brownstone condo in downtown jersey city.

Asked by Jcbuyer, 07302 Sat Jan 23, 2010

Part of the renovation would include adding a washer dryer in the bathroom(building a closet for it), new tile, vanity, etc.. The building doesn't have a wash dryer. The total renovation cost is 10,000. Is this a smart renovation in a soft market...most realtors that have appraised the condo just looked at comps in the building and nearby units that recently sold. Some have washers and dryers others dont. Im planning to sell in 2 years and don't want to put anymore money into the condo unless I will get it back. I'm already afraid of taking a loss on the property. The bathroom is in fair condition...from the mid 80s...any thoughts would be greatly appreciated.

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9
Christopher Amberg’s answer
Hi,

Good question. The answer is yes, its a very smart renovation. You will get your money back. You'll also stand out over similar properties without W/D in unit.

Let me know if you have any other questions.

Best,

Chris Amberg
Weichert Realtors
Exchange Place Office
251 Washington Street
Jersey City, NJ 07302
Cell: 917-428-8317
Efax: 201-221-8129
Email: camberg@weichert.com
http://www.6thBoroughRealEstate.com
0 votes Thank Flag Link Sun Jan 24, 2010
Hello JC Downtown,
I for one love construction and making homes better. Specially the brownstones of downtown Jersey City.
Adding a washer and dryer to the unit is a project that will easily return your investment. Many of todays buyers will not consider a condo without a washer dryer, or the ability to install one. You yourself would enjoy the comfort, and an increase in your quality of life.

That being said. If you plan on living in the unit during the renovation. Construction can be messy and an all consuming scenario. Consider and plan for the mess, the dust, workers, lack of space, and the inability to use the bathroom at times. Condo board, city …

You stated you plan on selling in two years. Are you planning on moving away or purchasing a larger home in the Jersey City area? Because, if you are buying a more expensive home in the area. This is the best time to upgrade and use the money toward a down payment. You will save more on the purchase of your new more expensive home than you lose on the sale of your less expensive home.

Good luck with your decision.


Nader Rezai
Weichert Realtors
273 Grove Street
Jersey City, New Jersey 07302
o. 201-333-4443 x.200
f. 480-275-3558
nader@hudsongold.com
http://www.HudsonGold.com
c. 201-736-5713
0 votes Thank Flag Link Sun Jan 24, 2010
Hi JC,

Even if you go by the National Association of Realtors data, a new master bathroom will return something in the 70% to 80% range. But when you are talking a washer and dryer too, and you are happy with the rehab, then it should not matter. Make a nice master bath. Life is too short to go to a laundramat every week.

Hope this helps,
Dane Hahn
Broker
Web Reference: http://daneandsandra.com
0 votes Thank Flag Link Sun Jan 24, 2010
There are smart remodeling projects and not smart remodeling projects. You are not talking about a great deal of money (as construction goes0 No matter where you are, modernizing a bath or kitchen and adding a private washer dryer is a smart renovation. You must also consider the quality of life it will bring you over the time period. With that upgrade, it puts your apartment in a different catagory. When you go to sell it, it may make the difference as to whether a buyer looks at the apartment or not. There is no crystal ball as to whether you will get the money back or not but I would urge you to do the renovation and call me to buy a Bergen county home when you Sell

"Phone Phil" Lebowitz Weichert Realtors Alpine / VCloster Office 201 750 6885
0 votes Thank Flag Link Sun Jan 24, 2010
To have a renovated bath AND to have washer/dryer in the unit definitely add value, regardless of the market. There are buyers, especially women, who make those 2 items a requirement, if they do not want to deal with the aggravation of a renovation and having to do laundry outside the home.

I think you've made a good investment.
0 votes Thank Flag Link Sun Jan 24, 2010
Over the next 2 years how much would it cost you to take your laundry out to be cleaned? Include getting there and the costs of the machines. Do the energy and water use calculations. How much will you save? That alone might cover a lot of the remodel expense. It is all relative income to outgo. Or in your case expenses one way verses expenses another way.
0 votes Thank Flag Link Sat Jan 23, 2010
Hi Jcbuyer
You didn't say what price range your condo is in....200's? 300's? 400"s?
You didn;t say how long you have owned it.........has it appreciated since you bought it..... or has the value dropped?
Putting 10,000 into a $350,000 unit is different than investing that much in a $200,000 unit......

When the realtors appraised it using comps.....how much more did the units with the washer/dryers sell for?

The market is still tentative........2 years from now isn't that far away.
My friend's son has a renovated 1 br in JC (no washer/dryer), they originally paid 325,000 (4-5 yrs ago)...it would sell at a loss today. Adding a washer/dryer wouldn't help.

All things considered......do the work if you want it...........certainly, having a w/d in your unit will make life easier.............a new batheroom is an upgrade most buyers like.

What the future will bring is anyone's guess. No one can tell you if you will recooup your money, or will sell at a loss..........make the improvements because you want them. Spend as little as possible!

By the way.............You had agents look at it..................what did they suggest?
0 votes Thank Flag Link Sat Jan 23, 2010
Hi JC - 10k for that sounds like a lot .. but I am sure it willbe nice!

Jersey City, having a washer and dryer in the unit makes a difference! People will take this into consideration when purchasing ahome. The new bath will also hlpe on the resale of the unit. Two years form now, I think it is aq wise investment. My opinion of course, but as a city dweller before moving to NJ .. the thought of seeing y friends leaving the house to wash clothes.. or sedning them out, tough stuff..

I would say to install it.
0 votes Thank Flag Link Sat Jan 23, 2010
Will renovating your bathroom and adding a washer/dryer ease your comfort level--if so, go for it--who knows what will happen in two years from now--if you are going to do it--do it for yourself now and enjoy it--worry about selling when the time comes.
0 votes Thank Flag Link Sat Jan 23, 2010
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