Thinking about upgrading to a bigger condo - what can I do to improve resale

[Al Neri]

stay tuned for real pics

fixed the diagram pic link

I have a very big L shaped studio condo (525 SQFT) that I paid 115 for in 2006 (schematics: http://www.shopforeveryone.com/apt.jpg)) I will provide pictures of the place later. I should be able to get 130 for it today.

There are four 2 bedroom apt's available in my buidling ranging from 200-250 right now that I'd like to get into if i sell this one.

Pros:

* Spacious eat in kitchen
* Very big living room and ample room to have a seperate bed area with a queen size bed
* A long two sided sliding door closet when you walk in
* An separate area to keep a desk and file cabinet
* A small room (6x6) with a closet (totaling about 9x9 room + closet) between the living area and the kitchen (it's called a changing area)


Possible cons:

* old (but good condition) kitchen appliances - (stove, dishwasher, in wall oven)
* kitchen floor is like formica - not bad - but not great
* bathroom is dated looking - although everything works fine



Plans:
* I am going to repaint the place within the next month
* I may have bathroom fitters come in and fix the bathroom - but I'd rather do it myself - keep the prices down as much as possible - any idea how much bathroom fitters costs?

any other cheap suggestions.

stay tuned for real pics

 

[ultimatebob]

After Realtor fees and closing costs, I'm afraid that you're not going to make much with only a $15,000 value increase.

Just remember... folks seem to like granite counter tops and hardwood floors now. If you want more than $130K, you're going to have to pony up for those.

 

[Al Neri]

I don't mind losing a few bucks to upgrade -

btw - i have hardwood floor underneath my rug - the apt used to require wall to wall carpeting - now they say 75% - I can pull up the rug if necessary - when the rug was installed I made sure the installer (good friend) used a lot of cushion so the nails wouldn't go into the floor)

 

[MiniDoom]

525 SQ FT big?:laugh:

 

[Funyuns101]

why not just rent it out?
if you stay in the same building, it'd be easy to keep a watchful eye on the tenant.

 

[Al Neri]

Originally posted by: rdubbz420
525 SQ FT big?:laugh:

in NYC 25 minutes from Manhattan

 

[Al Neri]

Originally posted by: Funyuns101
why not just rent it out?
if you stay in the same building, it'd be easy to keep a watchful eye on the tenant.

not allowed to do that in my condo - per the board :-\

 

[MiniDoom]

Originally posted by: Don Rodriguez

Originally posted by: rdubbz420
525 SQ FT big?:laugh:

25 minutes from NYC

I'm sure it's a lovely pad, I just don't see how 525 SQ FT is considered "very big".

 

[Modeps]

Originally posted by: rdubbz420

Originally posted by: Don Rodriguez

Originally posted by: rdubbz420
525 SQ FT big?:laugh:

25 minutes from NYC

I'm sure it's a lovely pad, I just don't see how 525 SQ FT is considered "very big".

Location location location. I know a few people that live in the boroughs, they don't talk about sq footage... they just say "2 bedrooms, 1 bathroom".

 

[Al Neri]

Originally posted by: rdubbz420

Originally posted by: Don Rodriguez

Originally posted by: rdubbz420
525 SQ FT big?:laugh:

in NYC 25 minutes from Manhattan

I'm sure it's a lovely pad, I just don't see how 525 SQ FT is considered "very big".

Everything is relative my friend.

a 400 sqft apartment in manhattan can go for up to 2k a month.

we're not talking herndon or chantilly here

 

[MiniDoom]

Originally posted by: Don Rodriguez

Originally posted by: rdubbz420

Originally posted by: Don Rodriguez

Originally posted by: rdubbz420
525 SQ FT big?:laugh:

in NYC 25 minutes from Manhattan

I'm sure it's a lovely pad, I just don't see how 525 SQ FT is considered "very big".

Everything is relative my friend.

a 400 sqft apartment in manhattan can go for up to 2k a month.

we're not talking herndon or chantilly here

It's Reston. get it right.

 

[Al Neri]

Originally posted by: rdubbz420

Originally posted by: Don Rodriguez

Originally posted by: rdubbz420

Originally posted by: Don Rodriguez

Originally posted by: rdubbz420
525 SQ FT big?:laugh:

in NYC 25 minutes from Manhattan

I'm sure it's a lovely pad, I just don't see how 525 SQ FT is considered "very big".

Everything is relative my friend.

a 400 sqft apartment in manhattan can go for up to 2k a month.

we're not talking herndon or chantilly here

It's Reston. get it right.

Meh, I'm talking about all the 2 bit suburbs of DC!

 

[imported_Imp]

Originally posted by: rdubbz420
525 SQ FT big?:laugh:

Oh it's bug alright. Go to Vancouver and 500 Sq. Ft. starts at $300k (IIRC: news report last week). Wish condos were $115k here.

 

[MiniDoom]

On a serious note, I just did the same thing for a property I?m selling. Besides painting, you can buy ceramic tiles for cheap and easily retile a bathroom, Kitchen or floor.

 

[FP]

Why would you want to sell for a loss?

 

[BurnItDwn]

IMO 525 sq feet is not "very big" at all, however, I would say it's "very big for a studio apartment."
Most of the studio apartments and condos I've seen were between 200 and 500 sq feet.

My sister and brother in law used to live together in a 225 sq foot studio on the North side of Chicago whilst in college. It was a nice area, but holy crap it was TINY.

EDIT: as far as selling / upgrading, etc ...
If you think it's worth it to you, then do it.

Your home isn't just an investment, it's also a place to live.

 

[amdskip]

I'd replace all the outlets/switches in the place with nice white ones. $75 at most I'd think. Also replacing light fixtures is another easy fix to really improve the look of the place.

 

[homercles337]

Originally posted by: rdubbz420

Originally posted by: Don Rodriguez

Originally posted by: rdubbz420
525 SQ FT big?:laugh:

25 minutes from NYC

I'm sure it's a lovely pad, I just don't see how 525 SQ FT is considered "very big".

For a single occupancy apartment that is big. Especially so close to Manhattan. Shit, my apartment (1br, in central cambridge) is <300 sqft and rent is >$1000.

 

[alkemyst]

keywords: $200 and $250k apartments AVAILABLE.

What's the overall vacancy rate look like for your area? Are these units in a depressed area (mostly what I have seen with lower priced units that non-investors were able to scrape up)?

Someone is trying to sell 'oceanview' property here for about $175k which would be a steal looking at it on paper, but your neighbors are all convicts and the building other than the units some armchair investors bought up are falling apart. It's all nice and danty while you are inside I guess...but walking through the complex and worrying about the people's plumbing above you and your neighbors getting into a shootout is a bit disturbing to most.

I am sure they thought the whole building would sell out to new owners, but some of these degenerates are still looking for $350k+ for units that sold for $75k a couple years ago.

 

[JulesMaximus]

Originally posted by: amdskip
I'd replace all the outlets/switches in the place with nice white ones. $75 at most I'd think. Also replacing light fixtures is another easy fix to really improve the look of the place.

Agreed. How are your window treatments? That's another cheap easy upgrade and it doesn't look like you have many windows.

Make sure you clean the place up and get rid of clutter before you show it. I used to buy bread dough and bake a loaf of bread the morning before we'd have an open house before we sold our condo. Smell makes as much of an impression as sight IMO.

 

[Fritzo]

If you need a larger one, try Trojan Magnums. They're pretty roomy.

 

[Fingolfin269]

I don't know if I will ever understand the New York life without ever living there. I live 30 minutes from Nashville, 15 minutes from work, and have a condo that is 3x the size of the OP with a one-car garage for just a bit more than what you paid.

The crazy thing is that you are okay with it. And that's fine. It just blows my mind that something has value like that because it is only 25 minutes from Manhattan. 25 minutes is a damn trip for me.