What If I Buy A Home On Long Island To Live In, Then Flip?

I got into a rather lengthy conversation the other day with a prospective buyer for a low priced property with great potential in a higher priced area.  She and her contractor husband are thinking of buying it, living there for a few years and selling for a profit.  Her question to me was, "how do I know what changes to make to the house that will pay when I decide to sell?"  It was a great question and one I think anyone considering updating kitchens and baths, or making any significant changes to a house, should bear in mind.

The most important thing to consider when updating a property in any market, in any town on Long Island, is to not over improve for the area.  For example, if you're in a neighborhood of homes selling in the high $300,000s to the mid $400,000s, you won't want to put in a very pricey state of the art kitchen.  You may enjoy it while you live there, but you can bet you'll expect to extract every dollar for the renovation when you sell, and it's not likely to happen.

You'll also want to think about typical configurations of space for your Long Island neighborhood before you decide to do away with your formal dining room because your lifestyle is much more casual.  If most homes in the area have it, not having one can be a detriment, and can cost you dollars and diminish the buyer pool when you're ready to move on. 

Must have that in ground pool?  That's fine, as long as you understand that in many towns in Nassau County and Suffolk County, where the summer is relatively short, it's not necessarily adding value to the property.  Build it if you will, enjoy it for yourself and your family and friends, but don't expect it to pay you back when your put your home on the market.

When in doubt about just what renovations make the most sense, ask a professional Realtor® for advice.  Then do what feels right to you.  Just don't go into it blind, understand the ramifications.

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About the author:  Geri Sonkin is a Licensed Broker Associate/Stager/Decorator serving Long Island sellers and buyers for over 24 years. Areas of expertise include Nassau County, Suffolk County, Queens and Brooklyn. Specializing in resales, new construction, co-ops/condos, waterfront homes, estates, short sales, rentals and staging your home to sell for the most money the market will bear. For more information: www.LongIslandsBestHomes.com For new construction: http://2274Woodbine.GreatCustomHome.com516-425-6098 Search all MLS listings and access up to date market statistics at AtHomeOnLongIsland.com  All text and graphics contained herein Copyright © 2010 Geri Sonkin & its licensors, unless otherwise stated. All rights reserved.  Above photo courtesy of Morguefile.

If you're considering buying, selling or staging a home on Long Island, I'm here to help.  Just give me a call or send me an email.

Geri Sonkin Long Island Real Estate Expert Home Stager,   Decorator

Geri Sonkin - Long Island Real Estate Expert - Stager/Decorator 

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