Jun
24

Thinking of Selling Your Apartment with a Neighbor?

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With larger Manhattan apartments generally selling for more per square foot, this question comes up from time to time.

Suggestions to consider:

  • Would the 2 apartment layouts work well together?  Some really don’t.  According to some experts, the straight line – horizontal feel does not really work well.
  • Consult an architect or professional designer to see if the combination would create a desirable space.
  • Bigger combinations are more desirable than smaller combinations.
  • Consider the cost and amount of work that would be necessary for the renovation.

Other points to ponder:

  • Be objective when determining  whether the combination would be more valuable
  • Have a good working relationship with the other owner
  • List both apartments with the same broker and make sure an architect has reviewed the proposed combination to make sure it is feasible.
  • Make renderings and floorplans available to prospective purchasers
  • Hold open houses at the same time for both units.
  • Make sure you have a written understanding on how any sales proceeds will be divided prior to marketing the units.
  • Make sure the combination would be approved by the co-op board.  If this is the first combination in the building, definitely make sure the board is in agreement prior to marketing them together.
  • Consider offering the units individually as well as in combination with the neighbor to cover your bases.
  • Financing is trickier when purchasing two apartments that will be combined to one.  Make sure your lender is on board.
  • Have an architectural plan created for marketing purposes that achieves the multiple bedroom apartment with the least amount of renovation necessary.  Consider getting a proposal from multiple contractors based on the plan.  Avoid the lowest priced contractor which may be unrealistic in price.
  • Consider purchasing part of the common area from the board or association to enhance the layout.

 

Excerpted from article at the Brick Underground

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