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Apartment transfers, credit for improvements to old unit

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  • Apartment transfers, credit for improvements to old unit

    Thinking about transferring to a different apartment in Penn South. Over time, I have made several improvements, such as new kitchen tiles and cabinets, to the unit.

    A PS neighbor told me about something in the PS Council (???) May 22, 2014 minutes about most units now turning over are major, major renovations, and costing about $8,000 to renovate.

    If that is true, I will not have as much money as I thought to put toward the new apartment. Even less if I have to pay for 3 months rent for the old apartment until is it resold. I think I should be able to get credit for the improvements I made to the old unit.

    Does anyone know anything about this topic?

  • #2
    Re: Apartment transfers, credit for improvements to old unit

    You won't get credit for improvements, but if they were approved it should cost much less to restore you apartment than $8000,

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    • #3
      Re: Apartment transfers, credit for improvements to old unit

      Originally posted by coop member View Post
      You won't get credit for improvements, but if they were approved it should cost much less to restore you apartment than $8000,
      Out of curiosity, can you point me to anywhere on the PS website or materials available from the PS management office that would support the statement you make. Because, I could find nothing, nada, no details on the PS website about how renovations of a surrendered apartment are effected. For example, no information on standard prices relating to refinishing of floors, replacement of tiles, replacement of bathroom fixtures, spackling/painting of walls, or any similar activities. Surely, with 2800+ units under management, PS Management must have standard price-ranges of some sort. If such standard price-ranges do not exist, how exactly is the pricing of renovations determined?

      If no renovation prices are made available to the PS community, it appears that the outgoing shareholder is completely at the mercy of management's decisions as to how to renovate the surrendered apartment, and thus the outgoing shareholder has virtually no estimate of how much of the existing equity will be returned to the outgoing shareholder or shareholder's estate. How can this be?

      Now, it could be that information is out there of which I am unaware. Note that my original post did refer to specific Coop Council minutes in which the General Manager spoke of apartment renovations.
      ===============

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      • #4
        Re: Apartment transfers, credit for improvements to old unit

        I have a related question about apartment transfers. If you bought an apartment many years ago and paid less than the price now, do you have to purchase the new apt. for the current price like the new buyers, or do you get the old price? For example, if you are now an empty-nester and live in a 2 bedroom apt, but you want to move to a studio, will your apt. sell for the amount you paid or the current price? Also, will you then pay the current price for the studio?

        How do these type of transfers work?

        Thanks to anyone who can answer this!

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        • #5
          Re: Apartment transfers, credit for improvements to old unit

          do not quote me but I think you get what you put in- you won;t make any money on a penn south apartment

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          • #6
            Re: Apartment transfers, credit for improvements to old unit

            If you move down to a smaller apt you wouldn't pay the triple equity, but the same equity you paid for your apt. However if you paid single equity and the apt you choose is already on higher equity you would have to pay that equity. You can ask to be shown apts with a similar equity to what you paid only. This can be confusing and the office can explain it better when you make the request.

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