Hi, all! I am interested a two-family house that has a renovated basement being used (illegally) as a third unit. The basement has undergone extensive renovations, including the addition of a small kitchen and bathroom as well as tiled floors. The two upstairs units have also gotten cosmetic renovations (eg, floors, bathroom, kitchens). Because the basement is not legally “livable space,” it has been excluded from the sq ft calculation, which is 1,672 sq ft. The house sold in 2022 for $277k and is now being listed for $599k. I think that is overpriced given the fact that the legal livable space is 1,672 for a two-family, but the seller seems to be pricing in the basement renovations to the list price. A key detail is that the house was built in 1897 and the only plumbing updates have been for the bathroom renovations in units 1 & 2 & basement. I’m also not sure of the ages of the electrical or heating units. The water heaters will need to be updated soon (one for each unit)...
My realtor suggested we replace the carpet in our house before listing as it is well loved and quite damaged in some areas from our cats. They ideally want us to recarpet the whole house but said downstairs is the priority as it’s the first impression. Most of the damage is upstairs/on the stairs. I’m hesitant to do this because moving the furniture seems like a huge task that I am frankly not up for AND I’m concerned our cats will just damage the new carpet. I suggested offering a credit for the flooring but they think replacing the carpet would be more appealing than the credit. I’m somewhat open to doing the downstairs but really don’t think I can handle a project like the upstairs as we would have to move everything downstairs and then back up. So it seems silly to replace the downstairs when buyers may want a credit anyway after seeing the damage upstairs. submitted by /u/Wrong-Wall-6732 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1sropt1/re...