The Market

To renovate or not? You decide.

By A. Ready | October 12, 2010 - 2:01PM 

On Brownstoner, a seller teeters on the edge of renovation: "It is a beautiful space near the beach in Brooklyn but shabby looking with old floors and broken tiles in the bathroom and a very old kitchen that needed replacement. Everyone said not to renovate because the new owners would want to do it themselves a different way. The brokers and my friends all agreed so I did not renovate. However I am finding that when a possible buyer shows an interest he invariably mentions the condition and wants a discount of as much as %25 off of the list price. I am now thinking to go ahead and renovate. At least to change the floors. I hope I am not throwing money away but it seems more economical then lowering my price so dramatically to sell the apartment."  What would you do?  

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