Saturday, December 12, 2009

Renovating a rental.




From the article... (read it all HERE):

In the summer of 2007, they were living in a cramped studio in the West Village when they received notice that their landlord was planning to raise their rent from $2,000 to $2,500 a month. Around the same time, a much larger apartment directly above the one Mr. Capron’s brother was renting in Prospect Heights, Brooklyn, became available — a two-bedroom 700-square-foot space for $1,900 a month.

They liked the size of the space and the location near Prospect Park, so they made a somewhat unconventional proposal: rather than asking the landlord to make repairs, they offered to do what they estimated would be about $19,000 worth of work themselves (a figure that included materials and labor costs), in return for a four-year lease with a $400 monthly discount, so they could recoup their investment over the life of the agreement.

11 comments:

Shannon www.OldWorldCharm.info said...

It's always nice to hear about how people pull off renovations ona budget.

Thank you so much for sharing this! :-)

Shannon

Sharon said...

They went over their budget $20k? WTF? Flat out dumb in my opinion.

Harvey Millstein, Certified Interior Decorator said...

He's so cute I didn't care what they did to their apt.

mary said...

Pretty amazing. Very talented couple. And the baby's is adorable.

Roxanne said...

I was blown away by the before and after photos. What a great deal they struck! Now where can I find a landlord like that?

Anonymous said...

Well, first, it's New York. People do treat rentals there as if they were owned. This is not unusual there as it is in the rest of the country. What happens in four years, you ask? It's NYC--home of rent control, rent stabilization, and once-you-are-in-it-is-damn-near-impossible-to-get-you-out laws. Lucky that the landlord is a not-for-profit kind of gal. I expect she will need to keep that in mind in the coming years.

That said, it's a really cute apartment.

The Blasphemous Fiendess said...

I totally agree with Harvey.

Decorina said...

Pretty cool to be able to negotiate such a sweet deal - for both parties.

Anonymous said...

If they can lock that rent in and stay...not a bad deal at all. Think about it, rent in most cities not as cool as NY are at least that. Rent control has it's problems, but in this case, kudos to them.

Thomas said...

i amazed that so many renters are willing to invest their spaces just as much if not more than owners. Great article!

Jenny said...

Umm, off topic, but are they an example of couples growing to look the same as each other? They look like brother and sister.