MONEY LAUNDERING.

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Author: Liebman, Lisa

BEFORE/AFTER

EST. HOME VALUE $500K[1] [1]"Maybe low 500s," says local real estate agent Fran Davis. The owners bought the apartment in 1987 for $140,000 and then spent $105,000 a few years back renovating their master suite and second bedroom. The historic building's price appreciation these past 18 years suggests the place would be worth almost $400,000 today if no work had been done. Total renovation payback so far: about 50%.

1. Turn a half bath into a laundry room. The space got new plumbing and a pantry with built-in cupboards and drawers. The original tile floor was not level but was stable enough to leave as is, saving $20,000 for high-end appliances, like a Bosch washer and dryer ($1,678), for laundry room and kitchen.
2. Make it multipurpose. An extra-deep stainless-steel sink by Franke ($1,275) and a wall-mounted gooseneck faucet ($755) were chosen for looks and utility: Every summer the couple use the space to can 100 pounds of tomatoes. Custom file cabinets sit opposite the washer and dryer, and the sealed walnut top serves as a buffet and work space.
3. Keep costs down. An earlier renovation of their two bedrooms had ended with a 25% cost overrun, so the owners were ultracareful this time. Among their many cost-saving moves: persuading their contractor to trim his management fee and choosing bluestone tops ($5,100 for laundry and kitchen) over granite ($7,500). The entire kitchen and laundry redo finished right on budget at $110,000.

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By Lisa Liebman