1. You rarely recoup any profit from gut renovations in your selling price.
2. Most people want to build their own kitchens and bathrooms to reflect their own tastes and will take that into account when seeing your outdated kitchen.
The majority of the time comps for your apartment rely on the most recent price per square foot in your building and surrounding buildings. The level of renovations may move the final sale price a few thousand dollars up or down but certainly not the $30k-$50k a renovation would cost you for a kitchen & bath.
Fresh paint and a good clean up of your home (clutter free homes are easier on the eyes) goes very far towards making it more attractive to buyers.
Feel free to contact me for more tips.
Licensed Real Estate Salesperson
City Sites Real Estate Group
3 West 57th Street, 5th Floor
New York, NY 10019
"A referral is the sincerest compliment"
Since you didn't renovate the kitchen and bath for you to enjoy while living there why do it for total strangers? Kitchen and baths can easily be replaced. Minor repairs can be fixed, an apartment can be painted, de-cluttered and scrubbed clean. Floors and appliances can be replaced.
In fact, I have sold many apartments in Manhattan with "renovated" or "updated" kitchens and baths including brand new construction with the latest finishes and more times than not the first thing the buyer does is rip out the previous renovation and updates and changes it to their liking.
Savvy buyers know the most important attributes of a Manhattan apartment are things that can't be "updated" renovated" or changed. The size of the apartment, square footage, room count, layout, location, location, location, view, ceiling height, floor and building desirability and amenities.
A seller and their broker in Manhattan can control how the property shows, how it is priced, negotiated, de-personalized, staged and marketed. The price you get is a function of the marketing you choose.
Feel free to contact me to help you sell your coop. I'm happy to provide you with expertise and seasoned insight.
Mitchell Hal, Associate Broker
The Corcoran Group
This is a tricky question that has several answers. The short answer is to sell as-is. You most likely won't recoup the money you spend to renovate the kitchen and the bathroom. Additionally, you're moving out, and your design taste is no longer relevant. I have had clients spend a fortune updating the bathroom before selling, only to have the new owner come in and completely renovate the bathroom again! Definitely heed some suggestions from below, including making sure everything is sparkling clean.
Any minor updates you may be able to make, while not spending a lot of money, may help the apartment to show better. Common tactics include removing all clutter from counters, repainting, rearranging (or temporarily removing) furniture if it could help make a space look larger. A seasoned real estate professional can walk you through the process of helping make the best of an outdated kitchen/bathroom. Overall, it definitely won't be a hindrance when trying to sell.
Please feel free to reach out to me directly if you have any other questions about selling/buying/renovating!
Licensed Real Estate Salesperson
114 Perry Street
New York, NY 10014
646 593 7207
Thanks for joining the winning team!
Licensed Real Estate Professional
New York, New York 10019
The BEST of the West - Think BLU
Best of luck, Emery
You can sell as-is and this allows you to get the attention it needs as well as giving the prospective buyers a chance to "design their own" apartment after purchase. Please feel free to contact me if I can be of any assistance in any regards.
Kian Realty NYC
The other thing to think about is whether you need the money that you will spend on these renovations to put a deposit on contract to buy something else? I have seen buyers of mine going both ways on selling their existing home, probably more often on co-ops than anything else. All you need is the right buyer, at the right price. Take everything else that was already said about getting your apartment into the best shape you can, and keep your fingers crossed.
There's no easy answer, because what a buyer might be willing to pay depends on many factors â€” everything from the choice of project to the materials you use to the value of other homes in your neighborhood. But it's important to have some idea of what your improvements might be worth.
DOM PASCUAL, J.D., ESQ.
ASSOCIATE REAL ESTATE BROKER
"Your Experts in NYC Luxury Apartments & Lofts"
304 Park Avenue South
New York, NY 10010
Cell: (631) 741-2764
Manhattan Networking: http://cityamicus.com
Company Website: http://demskerrealty.com/
Facebook Profiles: Dom Pascual; Manhattan Broker
** All information contained herein does not constitute any warranties, offer or commitment or obligation of any sort and/or kind whatsoever and is subject to change, error, omission and/or withdrawal without prior notice. **
Ir would be my pleasure to meet wih you and fo over a game plan.
Metropolitan Property Group
I have been selling real estate in manhattan for 30 years and I am an accredited home stager. If you do not have a Realtor i would be happy to help you
Klara Madlin Real Estate,Inc
It is true that a correctly priced renovated apartment will sell faster. But what does that really mean when it comes to renovations? Historically the return on renovations was about 80% and there is discussion now that it may be up to only 50% nationally.
Ignoring the fact that I am a real estate agent, I have been buying and selling my own property for 12 years. I can honestly say, that I don't believe that renovating is worth it unless you can get it really cheap (rarely possible with the co-op insurance and bonding requirements needed) where the discount on the cost equals the discount that buyers will pay for your renovatons. Considering the mess, the fact that you need to act as general contractor, lack of use of those facilities until they are renovated, and the risk that buyers won't like your renovations, you really need to ask if it is worth it to save yourself a couple months of mortgage and maintenance.
Considering the fact that I am a real estate agent, I have had sellers renovate prior to selling (a bath or a kitchen). Did they get the value out of their expense? Nope. They should have just provided a discount to their selling price then go through what they went through vs. not get their money out of it.
Importantly, as inventory is now low in Manhattan (almost 1/2 that of 2009), there is not as much choice as their used to be. As much as many buyers don't want to renovate as they are first time home buyers, they are slowing warming to the fact that they will have to. Particularly now as this may be the last year of low prices and low interest rates. Co-op buyers are much more understanding that they may have to renovate something. As long as your bath and kitchen are functional and in decent shape, the apartment is sellable.
Feel free to call if you would like to discuss further.
Bond New York
I would assess when you want to sell, versus when you need to sell. I noticed that most buyers nowadays don't want to deal with the hassle of renovating and having to live around the renovations, or have to live in another place while supporting 2 mortgages. This will be an executive decsion based on you.
You will get less money for your unit, if not renovated. But if you renovate, you will be opening up your place to more interested buyers and get a higher price. On the other hand, if you are looking to sell, why put more money into a place that you know you will be selling anyway.
If you need an expert evaluation of your property, I would be more than happy to assist you. I am also a licensed, part time working appraiser in Manhattan to keep my sales skills sharp for my clients, and offer them a higher level of real estate expertise that most other brokers don't come close to.
SVP/ Associate Broker
Rutenberg Realty NYC
This will really depend on the desired outcome. If you want to get as much as possible for your co-op it will make sense to invest in some renovations. If you are of selling it at a discount that as-is is always an option.
If you would like to discuss it further please let me know.
Many of my sellers have asked this same question. The best answer, based upon lots of experience helping Manhattan co-op and condo sellers such as yourself, is that you are better off selling it as is. When you renovate, you do not know if your taste is what the buyer will want. They may have a different aesthetic than you. For example, you may put in light cabinetry, and the buyer wants dark. You may choose a counter-top that you love and they hate. When you sell it as is, the price will be market price for a unit in need of some renovation, and the buyer is then free to remodel to their own taste. It will save you lots of time, money and aggravation. I have not had a seller regret this choice.
Halstead Property, LLC
Licensed Real Estate Associate