In article .com,
wrote:

I am interested in a 30 year old 1-bedroom condo in a great location
that has never been upgraded, i.e all that dark brown colors and yellow
appliances.

I calculated it would conservatively cost me 10k to upgrade it to
modern standards. My question is will I certainly get my 10K back plus
some profit if I sell in a few years? What is the rule of thumb when
upgrading older properties in good locations?

I often hear people say you never get all your money back when you
upgrade? But does that still apply when everything is nearly 30 years
old?

In your case, it isn't so much that you would do better when
you sell, it is that you will do "less worse". People will
see the dark brown colors and yellow appliances, and read it
as old and in need of a lot of work. That will really cut
the price down. If you update, you will get much closer
to the real value of the place.

In addition, if you live there for a few years, you will
have the benefit of having a much nicer place to live. If
living in an updated place is worth, say $100 a month extra,
then you will only have to get $5K better in the sale to
break even (since you will have $4800 in value worth of
better living.

-john-

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John A. Weeks III 952-432-2708
Newave Communications http://www.johnweeks.com
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