Rennovation
Hey guys,
Hi,
I found a large 1br aparment on the upper east side of NYC thru a broker. The ask is 1425/month which is probably 150 or so less than a nice apartment that size would go for. The only prob is that the apartment is being completely rennovated (it has no floors, sheet rock all over the place etc.) The broker promises that the apartment will be complete by may 1 and if its not they will prorate me. The only prob is i don't know if i should trust the landlord to do the best job on the work once i sign a lease and lay down a deposit. I did see the apartment next door and it has hardwood floors, nice tiling in the br and good kitchen fixtures etc. How can i get something in the lease to guarantee that the apt looks like it should when I move in? Lets get creative here, I can't just ask for a refusal right, b/c this is a competative market, esp if they fix this place up like the others, it would be a steal at 1400.
How can i get some leverage here though? the want me to sign a 2 year lease, so the incentive here for the land lord is to clearly scale back the work once he gets some one in contract before the work is completed.
Any thoughts?
Best,
Doobadoo
How many units in the building? Most of the time landlords, especially if they have very many units have a sort of "standard" renovation that they do and they are going to do the same thing every time. Its not worth the thought process to do something different even if it is a little cheaper.
There are about 15 units in this building. Here is what I was thinking:
I find out when the renovations will be done (say may 1). I then offer the landlord a non-refundable deposit of say $250. This deposit give me the option to sign a lease at 1425 on may 1. If the rennovations really suck, i have the right to refuse the lease and forfeit the $250.
From the landlords perspective: he can earn rent on the appartment, at the negotiated price from day 1 after the renovations are complete. If the prospective tenant refuses, he forfeits $250, and the place comes back on the market immediately. (shouldn't be a problem to move it).
I just don't want to put down a $1500 or more deposit and have some land lord tell me my lease is beginning on may 1 while the contractor isn't done, or something is really incomplete (my imagination: no running water, electrical probs). The place is gettting a complete rennovation, new floors, sink, bathroom fixtures etc.
Thanks,
Doob
As a follow on, my broker has done biz with this manager before and tells me the place should look like the one i was shown on another floor. She says that we can add a letter to the lease etc. stating that work must be done, but i doubt she means what I want: refusal option. Why should i give this guy 1500 deposit, for a lease that won't start for a month, and most importantly huge amount of work on the place still needs to be done.
Not anything bad about brokers, but most of these apartment brokers in NYC are kinda slimmy. She was trying to get me to give her a deposit on her fee before i was even sure if i wanted the place. etc.
Only worry is that there is a huge demand for apts that are priced as nice as this (other brokers have access to this one). Maybe they will find some one dumb enought to go ahead with a 1500 deposit on an apartment with no kitchen sink and sheetrock all over the place.
Best,
Doob