Profile picture for bellepayumo

Would a renovation costing 50,000 increase the selling price of my studio?

The studio is in the ground floor, about 350 sq.ft., with view of the garden.
  • November 13 2013 - East Village
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Answers (4)

Best Answer

Profile picture for CCarron
There's no way to answer your question in the abstract, without seeing your studio and also knowing what you are thinking of in the way of renovations. If you're actually planning to sell, call or email 2 or 3 real estate agents who are active in the East Village and have them do a comparative market analysis of your studio in its current condition, that is, the price they would recommend if you list the studio for sale with them based on sales of similar units in similar condition. Agents do comparative market analyses at no cost to you as a way of getting you to list the property for sale with them.  Also tell them what renovations you are thinking of doing (without telling them the cost) and ask them how much that would add to the estimated value based on comparable sales of renovated studios.  If you're not planning to sell, it's not fair to take the time of real estate agents to do comparative market analyses. However, you can go to open houses and see what other sellers are asking for unrenovated and renovated studios like yours (and see if they sell quickly, which is an indication that they probably got full price or close to it). [deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • November 13 2013
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Some Renovations pay off more then the cost (sometimes much more), while others don't. This is important information for you to know as a homeowner.
I would imagine, some of this would be "regional" as well. For instance an outdoor pool in Alaska might not be something that brings a return at all. I would advise speaking with a Top Local Realtor who knows your area and what buyers are demanding.
  • April 15
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Profile picture for ToddJacobs
Spending $142 per foot is a lot of money for any apartment.  In order to determine if the investment is worth you should consult a professional with experience in renovations and sales.  My knee jerk reaction is that you should not spend that much money on such a small space.  [self promotion deleted by Zillow  moderator. Please see our Good Neighbor Policy for posting guidelines]
  • April 15
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I would bet large dollars it would increase the sales price. Will it increase the sales price by more than $50K, is what you need to determine, through the means Chas Carron has eloquently outlined. You may want to consider consulting a real estate appraiser, also.
  • November 13 2013
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