The Cost to Rehab your own Philly Loft
Is it worth the time and effort?
If you know anything about Center City condos, you know that within the same (older style/exisitng) condo building, there can be two identical units in size, shape, and layout. One is priced 40% MORE than the other. The costlier unit has been fully rehabbed, and the cheaper unit is still in original conditon.
So what does it cost to cosmetically rehab a condo here in town? Well, the prices can vary of course depending upon who you use, materials used, and if you plan on replacing existing elements, or reinventing the wheel, so to speak. It has been my general experience that to simply upgrade kitchen, baths, floors, walls, closets, etc (not including heating/AC, or MOVING water supplies, etc.) is going to cost you somewhere around $50 per square foot. So if you have a 1000 sq ft condo that you wish to make gorgeous, you should plan on spending $50,000. And if done right, with a good eye to detail, without getting to jaded or one-sided in your new “look”, the increase in value to your condo is going to exceed the $50,000 you just spent.
Now these rules are very general, and I would suggest you call me to chat prior to making any decision if you are concerned about return on your investment. I have rehabbed soooo many condos in Philly that hopefully I can be of help to you and your rehabbing dreams.
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
