Remodel & Renovate in 07302>Question Details

Hk, Other/Just Looking in 07302

Rooftop Deck in Downtown Jersey City, NJ.

Asked by Hk, 07302 Thu Apr 15, 2010

We are considering building a rooftop deck in our downtown Jersey City condo, which is priced in the $500,000 range. How much value would a 500sqf rooftop deck add?

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http://www.realtor.org/rmohome_and_design/articles/2008/0812…

Realtor.com offered a cost vs Value anaysis for home owners.. perhaps this can be helpful

Desi Daniels
0 votes Thank Flag Link Thu May 13, 2010
Hello HK. It can really depend on the specific factors of your home and the location that it's in. Will it be a high end deck with good quality materials? Will it create a view of NYC perhaps? How would you access it?
While adding outdoor space can definitely increase the value of a home, how much depends on many factors, the most crucial one will be the timing of when you sold. Currently in this market, it might not add very much, but in the future if things are better then it could add somewhere between $15,000 to even $50,000 on the high side - say if it now gave you a clear view of downtown NYC. Generally I see roof decks add about $25 - 30,000 but that doesn't apply to every situation.
If I were you, I would start first to see what other similar condo's are selling for, like yours, in your immediate area. Then look for condo's that are similar that have outdoor space and see what they sold for.

Unless you are holding your place for a long time, or got an incredible deal on the purchase price of your home, then you might not see a good return on the outdoor investment for a while. Again, it will really depend on the state of the market and competing homes.

Consider the investment for your own enjoyment and try to be as cost effective as possible.

Sorry I can't be more specific!

Best of luck
Karina Anillo
RE/MAX Gold Coast Realty
56 Newark Street
Hoboken, NJ 07030
P (201) 795-5200 xt 332
0 votes Thank Flag Link Thu Apr 15, 2010
Hk,

It's hard to say how much value it will create without knowing bout your specific home. How the roof deck is accessed, both from what room and the type of stairs, it's exposure, the height of the surrounding buildings, views from the roof, and the finishes used will all play a role in the value it adds.

In general though I would say a roof deck is something you should add for your enjoyment while you are in the home, not for the resale value. Chances are you won't make back your full investment. Very few home improvements do. Home improvements should be looked at more for making the most of your time at the home. Bathrooms and Kitchens are typically where you see the most return on your investment and even then you typically don't get back everything you put in unless they were in terrible shape to begin with.

I hope this helps and please do not hesitate to contact me with any additional questions or with specifics on your plans.

Andres Garcia
Sales Associate, CDPE
RE/MAX Gold Coast Realty
56 Newark Street
Hoboken, NJ 07030
Direct: 201 795-5200 x340
Andres@MileSquareRealty.com
http://www.MileSquareRealty.com
0 votes Thank Flag Link Thu Apr 15, 2010
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