This page tracks the progress of the renovation of our Upper East Side fixer-upper apartment for those who want to follow along.
Here are some relevant financial notes for background:
- We’re not rich. We can afford a Manhattan pied-à-terre because of our unique circumstances: we’re retired, we have some savings, we live on Staten Island with our son and his family, and we’re tired of traveling.
- This apartment is largely an asset swap: instead of bonds, we now own a pied-à-terre with essentially the same after-tax returns and risk profile as the bonds.
- Our real ownership cost is the apartment’s monthly maintenance. This expense is offset by not taking three vacations/cruises a year.
- Our $130,000 renovation budget comes from the after-tax, after-expenses profit we earned from the sale of our UWS apartment.
Here’s a top-down view of the layout
Here’s the apartment when we closed:
The work needed to renovate the apartment is:
- Replace everything in the kitchen and enlarge the pass-through window
- Replace everything in the two bathrooms
- Create a small 9’ x 10’ office with flex-walls and French doors
- Install a stackable washer/dryer in the closet (to create a laundry)
The next steps are to:
- Move our furniture out of storage and into the apartment
- Make major decisions on what we want in the renovation
- Find a contractor
The renovation costs associated with this step are zero.
Here’s the apartment after we moved in the furniture:
Status:
- Move our furniture out of storage and into the apartment… DONE
- Make major decisions on what we want in the renovation… DONE
- Find a contractor… DONE
The next steps are to:
- Get an estimate from the contractor
- Review/approve the estimate, hire the contractor, pay the deposit
- Prepare and submit the Alteration Agreement to the co-op board
- Work with the co-op board to obtain their approval
- Pay the fees owed to the co-op
- Schedule work with the contractor
- Buy the long lead-time items: appliances and cabinets
The renovation costs associated with this step are $x:
- Deposit paid to the contractor: $a
- Fees paid to the condo: $b
- Cost of appliances: $c
- Cost of cabinets: $d
Ann Landers said, "At age 20, we worry about what others think of us. At age 40, we don't care what they think of us. At age 60, we discover they haven't been thinking of us at all." I would add that at age 80, we're just happy that we can have concerns about any of this.