I mentioned how we decided to tear down the small 30 inch wall between the dining room and the new kitchen. This will open the place up and make the house seem a lot bigger. Real Estate experts agree that kitchens and bathrooms are the two most important rooms that influence a home buyer’s decision. Therefore, we decided to spend a significant percentage of our overall construction budget on the new kitchen (23%). To fit the character of the neighborhood, we’re going all out with new maple cabinets, granite counter tops, stainless appliances, tile back splash, and tile floors. Our kitchen also features a 3 person peninsula / breakfast bar. The breakfast bar is located in the area opened up by the removal of the 30 inch wall. Finally, the Kitchen will open to the refinished back porch and oversize backyard (when compared to the neighborhood).
We’re confident in the kitchen’s ability to give this house the “Wow” factor that we’re looking for. But we’re also confident we didn’t overdo it. We got very competitive prices on our counter tops and cabinets…and we’ll look to do the same for the flooring and appliances.
As previously mentioned, NY Home Solutions recently acquired its first investment property. Located in Allentown, 78 Mariner brings an abundance of challenges and opportunities for our first full rehab. For starters, the property is located in the Allentown Historical District. That means that any major exterior work needs to get passed by the board before we can proceed. Luckily the exterior is in fairly decent shape. We should be able to get away with refinishing the existing siding and applying fresh paint. Another challenge comes from the fact that the 3rd “bedroom” is hardly 50 SqFt! The house has several minor quirks. However, it also has a great deal of potential (The brand new roof doesn’t hurt either!). We’re very confident that we will be able to fully rehab this home without cutting any corners whatsoever. In the end, we will have a marketable home that will help to increase home values in the neighborhood.
Adjusting the Layout
The house was purchased as a 3 Bedroom 1 Bath home listed at 1,200 SQFT. As I mentioned, this 3rd “bedroom” located on the 1st floor was way too small to be considered a bedroom. The rest of the 1st floor was made up of 3 large dining/living room type areas as well as a kitchen at the back of the house. Attached to the kitchen is a small utility room housing the hot water tank, boiler, and washer/dryer. Some good news came when we measured the layout and found that the square footage was more in the range of 1,600-1,700 SQFT. It should go without saying that the more square footage you have, the more the house will sell for. We still had to deal with the fact that as far as we were considered, we were sitting on a 2 bedroom, 1 bathroom house. In the real estate world, you always want to shoot for at least a 3/2 layout (3 Bedrooms, 2 Bathrooms). Anything less would take a very unique situation to sell quickly and at the desired price. We decided to address this issue right away. We decided to convert the current kitchen into a large back bedroom. We would utilze one of the other “general rooms” as the new kitchen. In addition, we would convert the current “3rd bedroom” into a 2nd full bathroom. We would then be left with a 3 Bedroom 2 Bathroom home with an ample amount of space in all rooms.
Below are some Additional Improvements Planned for the Property (We will go into more detail in later posts)
- Fully scrape/sand/re-paint the exterior (Different colors from the current)
- Powerwash and stain the back porch
- Clean backyard and minor landscaping work
- Update electrical service
- Re-route baseboard heating based on new layout
- Rough plumbing for kitchen and bathroom
- New solid hardwood floors throughout the dining room, living room, and upstairs hallway
- Remove 30 in. of wall separating dining room and kitchen
- New kitchen cabinets
- New granite countertops
- Stainless Appliances
- Tile Backsplash
- Tile the kitchen and both bathrooms
- New carpets in all bedrooms,
- Build in closets in 2nd and 3rd bedroom
- Completely new bathrooms (showers, toilets, vanities, fixtures, etc)
- Scrape and re-frame windows
- Patch drywall and paint all surfaces
We’ll post more details about the various improvements planned for the home. For now, we are busy scheduling contractors for the major work involving electric, plumbing, heating, etc. You can see all our pictures on Facebook or at our Picasa Web Album.For more information, check out our website: http://www.nyhsolutions.com/
We’re very excited to officially announce the launch of “NY Home Solutions”! NY Home Solutions is a real estate investment company that specializes in the purchase and rehabilitation of distressed homes in the Greater Buffalo Region. The services offered by NYHS provide legitimate alternatives to home owners troubled by legal, family, or financial burdens.
About 1 year ago, I began speaking with my good friend, Costa, about the potential of rehabbing residential properties in Buffalo, NY. What started as mere curiosity over a few beers in NYC eventually transformed into a legitimate business opportunity. Throughout the winter we both hit the books pretty hard. We learned as much as we could about real estate, construction, project management, starting a business, etc. This continued to drive our excitement and in the spring we knew it was time to get started. Unfortunately, our enthusiasm got the best of us as we made a few minor errors when setting up the business (more to come on this later). However, we eventually worked through the maze of setting up the LLC and we are now fully operational.
The majority of the summer was spent making critical connections with businesses and individuals in the region. We were also searching relentlessly for what would become our first investment property. We were walking through up to 5 houses per week. We eventually found a great deal from one of the real estate connections we made over the summer. On Tuesday October 11th we officially closed on 78 Mariner St. in Buffalo’s historic Allentown district. The house has been fully gutted and it needs a full interior rehab. We’ve began the construction and we hope to have the house back on the market within a couple months.
We have a strategy in place to grow the business to include the following:
- Multiple Rehabs
- Wholesale Deals
- Residential Rental Properties
- Commercial Rental Properties
We truly believe that the services offered by our company will relieve homeowners of the stress associated with an unwanted home. We will be able to get these homeowners out of their undesirable situations so that they can move on with life. The rehabs that we do will revitalize the neighborhood while maintaining or increasing real estate values. We have met a few neighbors on Mariner and they are very excited that someone is finally fixing up this beat up home. They realize that fully rehabbed home will make the street more desirable and increase the value of their homes. We were able to alleviate someone’s burden while creating a positive situation for the city. All the while, we are creating an opportunity for a new family or individual to move into the neighborhood.
We refer to it as the “Win-Win-Win” Solution. A homeowner gets rid of their unwanted home and they can move on with life (Win #1). A new homeowner gets a new home in a great neighborhood (Win #2). NY Home Solutions gets to continue revitalizing the region (Win #3).
There will be several updates coming. We will provide specific details about or projects as well as tips and tricks to setting up the business and searching for deals. Check back for updates on facebook and/or twitter. You can also check out our website: http://www.nyhsolutions.com