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.
Exchange Place Office
251 Washington Street
Jersey City, NJ 07302
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 â€¦
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.
273 Grove Street
Jersey City, New Jersey 07302
o. 201-333-4443 x.200
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,
"Phone Phil" Lebowitz Weichert Realtors Alpine / VCloster Office 201 750 6885
I think you've made a good investment.
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?
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.