Part 1: Prepping For Sale
A: WHAT WOULD YOU DO? I'm asked this all the time by sellers who are considering putting their apartment on the market and not sure whether or not they should renovate their apartment beforehand. Fact is, every apartment is unique but with a new exclusive that I am about to get on the west side at 314 West 56th street, doing some minor work to prepare the apartment for the open market is a no-brainer. Before I reveal what I decided to do and not do, what are your thoughts to get the most money at resale taking into account the current housing market?
The apartment is vacant and my client is not in a rush to sell but would like to get the apartment on the market soon; although a quick sale would be preffered. A fairly good situation for me as I dont have a time pressure that would adversely affect pricing and having it empty will allow buyers to see the true size of the apartment w/out the presence of big cluttering furniture. Here, take a look at what the apartment looks like right now:
Reverse Living Room
Alcove w/ Exposed Brick
Pic of Floor for Before/After
Living Room & Hallway
So, the questions that come up is what should be done with this apartment besides cleaning it up? Should we renovate the kitchen? The bathroom? The floors? A Paintjob? Add closets? New Windows? Crown Moldings? Etc.., you get the point!
By the way, the kitchen and bathroom are in need of a renovation as well. Will try to get new pics of these and post back up here.
Since the housing market is in the midst of a correction, even though there is a healthy number of buyers looking to purchase a home in New York City, it is still a buyers market in the sense thath buyers can negotiate the final purchase price as sellers seek to move their property. However, some fundamentals still apply to getting top dollar and renovation is NOT one of them!
The apartment I am about to sell is about 500 sft or so, has maintenance charges of $610/mth which includes taxes (very reasonable for size), is not a view apartment and gets some sunlight as it's exposures are of the back of the building. While buyers like to see light and views, this apartment has its location, quietness, large size and great closets for alcove studio, exposed brick, and lenient board working for it. So, I will focus on that during the sales process.
So, WHAT WOULD YOU DO TO PREP THIS PROPERTY FOR SALE GIVEN MARKET CONDITIONS?
I'll post an update on this property as work is done and show you the before and after to see if we made the right choices.
Posted by anon
Thu Dec 7th, 2006 11:30 AM
kitchen and bathroom...dont spend more than $25K though; 17K for kitchen, 8K for bathroom..no need for ultra high end materials or appliances.
Keep costs low but get apt in good showing shape to get most money at resale
Posted by Beerio
Thu Dec 7th, 2006 12:34 PM
I'd suggest maybe putting some good subtle lighting in. If you can increase the amount of light in the apartment without it being obvious that you've done so it can only help - especially given your description of the lack of great natural light and views.
Given that you didn't show the kitchen or bathroom it's impossible to say whether they need redoing. That floor needs to be totally refinished though. I'd be tempted to stage it with a little light furniture as well - When I see a totally empty apartment I know immediately that the negotiating power lies in the buyer's hands.
Posted by Noah
Thu Dec 7th, 2006 01:20 PM
Sorry - the kitchen and bathroom are in need of renovations too! I'll add it to the post now. Pics of these came out awful. Ill try to get new ones.
Posted by newbie
Thu Dec 7th, 2006 01:50 PM
I'd do the bathroom before the kitchen - not everyone in NY makes great use of a kitchen but everyone uses a bathroom. and redo the floors in a lighter color - can brighten up the place
Posted by Noah
Thu Dec 7th, 2006 04:35 PM
getting great stuff here...I dig the 'staging with light furniture' and agree with the statement right after.
The floors is obviously a must and the lighter color is more of a question of how light? The kitchen cabinets do have a cherry wood outline, and so does the top of the built half wall (half way across, about 5 feet high) that separates alcove space. So, I ordered a similar color for stain as opposed to natural light stain that would have contrasted too much I think.
All in the works. Will show you the end product! Thanks all!! Keep it coming
Posted by Miro
Fri Dec 8th, 2006 02:35 PM
Hi,
I think. If you know how much a seller will asking for and how much the same apartments in that neighborhood sell for, than you can figure out if it’s make sense to make any changes or to sell as TLC apartment. If the selling price is reasonable for market value I will not spend more than $25K to put this apartment to a good shape. Make it nice and sell it for good price as a GREAT DEAL. That’s what I will do.
Posted by butch
Fri Dec 8th, 2006 04:08 PM
why not just polish/refinish the floors and leave the kitchen and bath renos up to the sellers?
nothing turns me off more than cheap and quick renos that most likely someone will want to redo any way.
give them some ideas at the open house
Posted by Noah
Fri Dec 8th, 2006 04:26 PM
Butch thats exactly what I decided to do. The less-is-more approach to this one. Floors going to be done in few days so Ill put new pics and a more detailed discussion of what you are talking about in a new post when its done and ready.
Putting $25-30K for a quick low end renovation just isnt worth the time here, and a higher end renovation is certainly not an option in a buyers market such as todays.
Posted by Beerio
Fri Dec 8th, 2006 04:48 PM
I think leaving the floor reasonably dark is a nice touch - makes it look more expensive to my eyes!
Also agree with the bathroom/kitchen comments. As long as it's bearable I'd suggest leaving it, a lot of people have very particular tastes. I know when looking for my own place I didn't want to have to pay for someone else's tatty and tasteless renovation.
Anyway, the less you do, the quicker you can get it on the market - sell it and move on. Time is money...