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How much should i invest in renovating an apartment?

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January 31 - East Boston
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Answers (9)

Depends on the value of the property vs what you are buying it for....also depends on what repairs are needed as well as who your target buyer is when it comes to upgrades.....if you provide us with more info and perhaps some of the repairs/upgrades needed we can discuss whether you on the right track or not.
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May 15
The literature on this subject suggests that most improvements do not return to the homeowner the sums spent to make them. This limitation is less problematic in urban markets where the much of the clientele have more money than time. They can pay for what they want and will do so. Do not be as concerned that you are over-improving just because you are the highest price on the street or in your building. You must look carefully at the historical data to determine whether the lack of sales for an "over the top" product are a function of a lack of demand or a lack of supply. Example: A CAREFUL ANALYSIS OF PROPERTY SALES IN DOWNTOWN BOSTON REVEALS THAT IN MANY ELEVATOR BUILDINGS, THERE ARE A FEW APARTMENTS THAT HAVE TRADED FOR ALMOST TRIPLE THE AVERAGE FOR THAT BUILDING, BOTH NOMINALLY AND ON A PER SQUARE FOOT BASIS.
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April 04
The amount you should invest in renovating an apartment should, in part, be determined by what other comparables are for the area.  However, a equally important factor is what use the apartment will serve - will you be living there yourself, and for likely five years or longer?  If the answer to that is yes, you could go a little more high end because you are going to gain the most benefit of use over time.  Comparables will not make a lot of sense in this situation because there is no way to know what the market will look like five years out.  If the apartment is an investment property, you likely will want to go with more reasonably priced and highly durable products.  And lastly, is the apartment going to be a flip?  If this is the case, here is where the issues of comparables will be most important.  Every success!
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March 22
I would look at the area to determine what the comps have for finishes/renovations. You don't want to put too much into a rental that isn't going to bring your desired return on the cash you invested. If your in an affluent community where rental prices are higher and tenant quality is better it may be worth it, on the other hand if you are in an area where the income average is less and there is high vacancy rates you may want to avoid putting much $ into renovations. Generally in lower income areas it is best to make it rentable not immaculate.

Matthew Marshall
Realty National
Boston, MA
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February 21
I agree with the people below.  If you own it and believe you will be keeping the property for a while is well worth investing in renovating it.  You should get a better rent and less worries about having to fix stuff for a while if you do a good job.  Let me know if you need my assistance.
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February 01
That depends on whether you own it or not.  If you own it and it's in a good location it may well be worth it as it can ultimately bring in income and you can continue to rent.  Talk with a Realtor who knows the market so get a professional opinion.
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February 01
It all depends on the purpose, but there are a lot of factors that play into the answer:
-how long you'll own the property
-are you planning to live there or rent it out? both?

My recommendation would be to find a local agent who knows the market well and work with them to help you figure out what is and isn't worth doing. :) Good luck! 
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January 31
I always advise thinking of how long you will own the apartment you are renting, assuming you are the owner. If you have a long horizon, putting in the new kitchen and bath makes sense. If shorter, you are probably wasting money, unless you do a good enough renovation that the next buyer will appreciate it and not want to redo it. Cosmetics should always be done to keep the place fresh and clean. "Back end' renovation, like new roof, wiring, plumbing, and basement work, never really brings a higher rental return, but are good for the home.

Bottom line, don't overdo it, just renovate enough to keep up with current tenant tastes and desires. One needs a good list of contractors that do good work at an affordable price, or your income property starts to lose its appeal quickly....
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January 31
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Would you care to provide some context?

Are you planning to have it for a while?  What's the current condition ?   Are your renovations updates and upgrades or simply maintenance?   Can you increase the rent if you renovate?
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January 31
 
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