I will always choose a home in need of renovating before a home someone else has updated. I like things the way I like them and am frustrated by poor design (especially after hanging out on GW for a few years!). That said, in your situation, where you have so recently completed a fantastic renovation, I would be hard pressed to leave it behind!

I would also be concerned I wouldn't be able to recoup enough of my expenses so soon after renovating. But, I live in rural Maine and suspect finding larger places in NYC is not easy!

This post made me smile, Katrina. I don't think it's insane at all. As awesome as your home is now, how could your eyes not wander to a two bedroom (and two bathroom!)? With the experience of your recent renovation, this place would be easy-peazy for you :-)

benjesbride :-) I'm going to poke around a bit and see what the offers are from others. I've already renovated it in my head with pocket doors and sliding doors instead of swing doors. I'd go with the same fixtures and finishes but a solid site finished floor instead of engineered. I didn't know we could use site finished solid flooring until I found out that a neighbor used it.

After last year's kitchen and sunporch remodel, at age 73, I don't think I have another remodel in me. I have remodeled two different houses; the first, only one time; this one 2 times plus new windows plus new kitchen.

It sounds as if you are eager to jump in and begin again. Like Anglophilia, I'm in awe of your energy and enthusiasm.

I think it depends on how much you want not only more room, but your "ideal" home. Only you can decide that. I look at remodeling with an eye to resale, since this isn't our forever home.

Some thing we do for ourselves, regardless of market. We reduced the # of bedrooms from 3 down to 2, for example, because all the rooms were very small and couldn't even take a queen-size bed, let alone a CA king. Since we were doing that we installed a master suite with a full bath - at the time this was a huge risk, master suites were 'high-end' and there were literally none at all in our eclectic neighborhood. Now, 25 yrs later, we're congratulated by RE agents and envied by friends because their older homes don't come with a full master suite.

We enlarged the kitchen because I like to cook, even though big kitchens were 15 yrs in the future. Now of course I'm sorry I didn't eke out another 2', LOL.

But other things we do for resale. We updated the kitchen and both bathrooms after 15 yrs because some of the materials needed a quality upgrade (in all 3 of our remodels, it's been consistent: it takes three times as long as everybody, including the pros, thought it would; and costs at least twice as much). Our first remodel (right after we bought, we gutted the entire structure) reworked the entire floorplan, and it's been good enough to never need changing.

We choose finishes and colors that please us but are also neutral. We added storage (who ever has enough?) and high-speed network cabling throughout. All the lighting is high-efficiency; everything is water-saving and energy-conserving. There is room for all the recycling containers, even (no small feat in a small house).

Would I do it again? Not here. We're coming to the end of our lifestyle here and will be moving on in 3-5 yrs. Not enough time to recoup any remodeling costs. It's all maintenance overhead at this point.

Our 3rd property was a buy in during construction. Allowed choices within the cluster of options or upgrades. Found this easier and very happy w outcome. Location and setting were the motivation as opposed to more space/fancier/etc. features you bring into your life can have more to do with variety/enjoyment and some return ....this can be achieved in various ways. Remodeling and selling is a lot of work time and money but seeking something out for yourselves can be a value-just evaluate what value is actually the best for you. Waiting sometimes is okay too. No more remodels for us...smaller in future so More time for other things

We're on our 8th reno in 21 years (some of those were apartments, however.) And we're tired. :-) Every time we've gotten something done, we've moved on to a new project. We just get our houses looking great, and then we sell them, and move back into a mess. We are picky about floor plans and how things look, and my husband does much of the work himself. It's worked well for us, but we are ready for that season to come to an end. At least for a little while. ; )

I don't know that it will make sense financially if the seller won't come down on the price. They are at the top of the market for a renovated 2 bedroom but it still has 1950's fixtures in at least 1 of the 2 bathrooms and the kitchen needs updating. They don't have many photos in the listing.

Katrina, can you make your investment back on your 1 br condo? My guess is you probably can, so I say if the price is right, jump on it. Sounds though like the seller has stars in his/her eyes.

Is it the same building?

The fourth of fifth time I did a renovation, I asked myself if I had become a serial renovator? Probably yes. But, I know what I like. The good news is now you have a reasonable expectation of what is possible and how much it's going to cost.

Just remember, you make money on the purchase, not the sale. Don't pay too much.

I would if it I could use many of the same finishes. Same kitchen cabinets, just different layout, same tiles for the bathroom etc. You have all your contacts to do the work in place.

Who wouldn't want more space in NYC if they could get it?

I remember after renovating my kitchen and bathrooms the first time, I had acquired all this knowledge and skill and felt that I should use it. It seemed so pointless to have gone thru and learned so much to get it done, to just throw that away. So I totally get that you are still keen to do another one.

We had a house fire and ended up redoing everything (hard but fun). I got to fix everything I wished I'd done differently (I'd recommend the site finished hardwoods), but now I'm totally burnt out and am happy to live with what we have. It sounds like you still have the energy. If you get it at a reasonable price, I'd do it.

Well, a two bedroom in NYC is very desirable. Even though you just finished updating, an opportunity for more space is definitely worth it. Not only for you to have more space, but now a guest room. If you think you will stay a while, it would be well worth it from a longer term value/investment perspective too.

homechef - Will you please explain: you make money on the purchase, not the sale.

cpartist We'd make our investment back on the renovations. It's our same complex.

oldbat2be,

If you look for the right opportunity, analyze what it will likely cost to bring it up to your or the markets standards, and set the purchase price to reflect this reality, you will at the very least break even. Never fall in love and never overpay. Things like dirt and bad taste can be your friend. Rot and decay are your enemy. This way, you make money on the purchase by buying the right property and paying the right price. Never over pay. You start out in a hole from the beginning.

cpartist We'd make our investment back on the renovations. It's our same complex.

A two bedroom in Manhattan will always be worth a heck of a lot more than a one bedroom. I say go for it if you can get it for a reasonable price and with your place being newly renovated it should be a fairly easy sell if you price it within range.

8 times. We move every yr-2 yrs. Each time, I do a major remodel. The last 4, I've done them after we close but before we move in. I used to do them while we lived tgere, and doing it before moving in is soooo much better.

If moving to a new location or the increase in size makes better sense to you, then I would deal with the second renovation. However before you presume that you're just gonna knock down that wall and make an island you may want to make sure that it's not loadbearing. If you found you were stuck with the corridor kitchen, would you be OK with that?

It's bank owned. The bank did some minor renovations (carpet & paint) and priced it at the top of the market. There is a confirmed offer. It doesn't make financial sense to buy at the current price and renovate so my guess is the buyer likes it as is. The bank is also shifting expenses to the buyer that are usually paid by the seller.

Katrina, Sounds like a textbook situation where you walk away. Too many complications, any updating will need to be redone, and they want too much money. You would walk in the door upside down from the start.