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1 Anonymous Users
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Re: Combining 2 condo units
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Home away from home
 
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Lol, I know EXACTLY how it works, and no, it's nothing like the yellow pages. Depot dumps contractors on the regular if the work isn't up to code. Mainly because if there's anything wrong, you can complain and bitch at HD and they will pretty much always give you at least some of what you want. If said contractor screws up a lot, it costs HD money (and time and aggravation, which translates into more money), they get rid of them. As such, they tend to be left with - for the most part - fairly decent contractors who won't screw up very often. Also, it isn't a "send out for bid middleman". There are certain few companies that HD works with, so you will get at most, one or two companies 'fighting' for that bid. Also, again, this isn't like you're asking some random who has no clue wtf they're doing. They employ designers and other people for just this type of thing. Believe me when I say you are nowhere near the first person who wants this done, and would not be the first person to walk into one of the stores to get it done.
Posted on: 2014/5/29 20:28
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Re: Combining 2 condo units
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Quite a regular
 
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Thanks for the reply Joe. Well we already own 1 so with the adjacent apt available the opportunity has presented itself. Pretty basic combo, no need to gut, so I'm thinking 50-75k should be enough to update 1 bathroom, demo a kitchen and open up 2 walls and refinish all of the floors. I'd end up with a 1700 sq ft 3 BR with all in cost of just under 800k or in the $440 per sq ft area. Seems reasonable when I look at 3 BR comps in the neighborhood but really hard to know if it's comparable until it's all done.
Posted on: 2014/5/29 17:41
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Re: Combining 2 condo units
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Quite a regular
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Relax Cory, no need to show off your own ignorance. Of course I know HD doesn't use cashiers and stock boys for work but as a large corp they are nothing but a middleman for other contractors that can range anywhere in quality. It would be the same as picking randomly from the yellow pages. I'm looking for someone with experience in this type of work to handle the permits, design and build out.
Posted on: 2014/5/29 14:21
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Re: Combining 2 condo units
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Home away from home
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First Home Depot out sources to contractors that bid on your job... might as well find a reputable in town contractor that knows how this town "operates." A girl in Weehawkin went that route and was unable to get clearance and close the walls to her bathroom for over a month.
Second this has always been my goal, they are hard to find. This would cost at least 500k for the two units, if they needed to total gut work. The construction will cost you between 80-120k. Right there you are looking at 600k altogether. The best way to do this, would to buy one, lease it for a year, than purchase the other one to live in. You will be able to secure the second loan because the bank will take into consideration the other unit is occupied. The only problem is that the second mortgage will be higher. Once this is all done, you can start getting the paper work done. If you find a property that is in the vacant stages in the area, please feel free to share. This might be the only way it can be done, and if over 50 percent of the owners of the condo units would like to do this, the bylaws would allow it. Feel free to pm me. Joe
Posted on: 2014/5/29 14:20
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The All Knowing and All Powerful Joe Has Spoken!
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Re: Combining 2 condo units
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Home away from home
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i mean, it isn't as if they aren't a multi billion dollar corp and do this kind of 3rd party contracting daily across the country. but shrug, go with whomever you like. ps, if you thought i meant a bunch of retail kids would show up at your house in aprons and do this, you're mildly retarded. they work with contractors.
Posted on: 2014/5/29 14:09
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Re: Combining 2 condo units
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Quite a regular
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LOL - I wouldn't trust them to hang a picture.
Posted on: 2014/5/29 13:49
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Re: Combining 2 condo units
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Home away from home
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Home Depot has a service for this.
Posted on: 2014/5/29 1:24
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Re: Combining 2 condo units
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Home away from home
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When 135 Montgomery St. started selling their units then at $35,000 for a 1 bedroom, many years ago, they allowed for 2 and 3 apartment conversion. They had their own floor plan for combining apartments. I was told then that 135 Montgomery St was a co-op and not a condo. They started selling in the 1980s. St. Johns is a condo and they also have a floor plan for conversion.
Posted on: 2014/5/29 1:05
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Re: Combining 2 condo units
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Quite a regular
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Interesting I'll have to look at 135 Montgomery. I'd need the Association to approve the changes in the by laws but there is nothing structurally that should cause any issues.
Posted on: 2014/5/29 0:25
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Re: Combining 2 condo units
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Home away from home
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There have been a number of combination of condos at 135 Montgomery St. Also St. Johns apts have combined condos. It is legal but you should check with the rules of each condo board.
Posted on: 2014/5/29 0:13
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Re: Combining 2 condo units
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Quite a regular
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Anyone out there combined apartments in JC? Curious how the permit process went and what the logistics were for the sale and mortgage.
Also, any contractor or designer recommendations would be helpful. Not too many options but I want to make sure we aren't missing anything in the potentially new layout. Thx
Posted on: 2014/5/28 23:17
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Re: Combining 2 condo units
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Quite a regular
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Well here is what I've been told so far about those two issues.
Mortgage - most likely route is to get an investment property mortgage to start for the new property. Once sold I'd then have to change the master deed as we'd look to combine the units. A new primary mortgage would then have to be obtained for the combined mortgage. Taxes - the assessed value is not likely to vary much on the combined units as the sq footage is still the same. The only real savings would be on combining utilities. As for pricing, I've seen what i would view as comparable from the high 300s to 500 per sq ft. Pretty wide range for similar styled homes and building. That's what makes it tough, how can you tell where on the scale you should be based on a rendering. It's a large enough swing that it means the difference between creating instant equity or being 200k in the hole.
Posted on: 2014/2/5 1:55
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Re: Combining 2 condo units
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Home away from home
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I am curious why any lender would agree to this. Unless you are paying cash? What I mean is that the value of two one bedrooms may be greater than the value of one three bedroom. Not to mention that you would have to invest a lot of money in converting the space.
Posted on: 2014/2/5 0:58
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Re: Combining 2 condo units
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Home away from home
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I'm curious about the tax implications. Seems like the city would get more taxes for the two separate units, but I could be wrong. You'd have to go through a legal conversion process (and the condo association would have to approve as well, most likely).
price per sq foot is going to be all over the map.
Posted on: 2014/2/4 20:37
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Re: Combining 2 condo units
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Home away from home
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If I were you, I'd double-check with the city as well as the condo association if you haven't already.
Just be sure it's doable before you put too much energy into it.
Posted on: 2014/2/4 18:05
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Combining 2 condo units
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Quite a regular
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Looking for any advice and recommendations for converting 2 adjoining apartments in jersey city. Already spoke with a mortgage broker and lawyer but I'm looking for some help with a GC that could handle all of the issues and or someone to help with the design. It's 2 1BR units that could be turned into a 3BR.
Also, for anyone that's been looking in the 07302 area, how's the supply? Doesn't appear to be much and most 3BR units are only available in the high rise buildings. Trying to gauge what fair price/sq ft in an older building without all of the amenities would go for. Any tips would be appreciated. Thx
Posted on: 2014/2/4 1:30
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