Tuesday, April 29, 2008
Renovating Advice from a Superbroker
Our fave NYC real estate blogger and broker extraordinaire, Noah at UrbanDigs, just re-posted a great piece on renovating in a not-so-hot real estate market. It's from a couple of years back, but it's probably more relevant today than it was when originally posted in July of 2006, near the peak of the boom.
His thesis is sound; focus on the more conservative renovations that are proven to add value (shiny new wood floors) and consider how long you plan to be there before deciding how much money you want to spend.
"IN A SLOWING HOUSING MARKET YOU WANT TO DO THE LOW RISK HIGH REWARD RENOVATIONS THAT COULD PAYOFF AT RESALE. THESE INCLUDE FLOORS & BATHROOMS, NOT KITCHENS!"
Here at the cityhammer blog, we're of the opinion that if you are planning to sell anyway, save the bulk of your renovation money for your next apartment or home, after all, you should spend the money on the improvements that you will be around to enjoy, even if this means getting a bit less for your place, because you can invest that much more wherever you land.
For the full article, click here: Renovating in a Cooling Market
Great stuff, Noah!