We hope you’re enjoying our series on how to avoid the 9 Common Mistakes Buyers Make. Here’s the next installment:
Mistake #4: Being Unaware of Renovation Costs.
Most New York City townhouses need work, even if it’s just a new kitchen and baths. So, how can you knowledgeably bid without knowing your other cash costs? Will your criteria result in a $50, $100 or $150 thousand dollar kitchen? For a complete renovation, do your tastes and savings allow for $180 or $450 per square foot or something in between? Have you looked at the quality of finish work in a townhouse where the renovations cost $220,000 per floor? Note that you can get renovation money from your bank as part of your initial purchase mortgage. One way to educate yourself is to attend Vandenberg-sponsored BRC events. We invite guest speakers such as architects, contractors, engineers, and elevator experts to speak at these free seminars.
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Next up in this series: Mistake #5: Not selecting the right New York townhouse broker.