How to Remodel an Apartment Building
Apartment building renovation is a huge investment, and owners can see substantial ROI on upgrades that are useful to their tenants. There are a few things to consider before making a start.
Most apartment renovations require a permit from NYC Department of Buildings. This typically happens when an Architect files an Alteration Type 2.
Choose a contractor with experience — and references — working in NYC co-op buildings. This will help with the planning, bidding, and project management.
Layout
Apartment living is a great way to live in the city without the expense of owning your own home. However, if you want to remodel an apartment, you need to follow different guidelines than a single-family home. For example, you must check with your Body Corporate (or strata) to see if there are any restrictions on the renovation. This may include rules about moving load-bearing walls or any work that will affect neighbors.
For instance, if you’re doing a remodel in a high-rise building, you may need to file for permits. This is because the space is limited and you’ll likely be working in close proximity to your neighbors.
It’s also important to consider how your renovation will impact storage. You’ll want to think about how you can make the most of the space while still providing prospective residents with plenty of storage options. For example, upgrading bathroom fixtures is apartment building remodel a good way to improve the look of an apartment and increase its appeal to buyers in the future. You can also add smart home features like keyless entry, which will help ensure security and reduce costs by reducing the need for electric lighting.
Space
The size of the space available for a remodel will be a major factor in its cost. Having an understanding of the limitations of your space will allow you to keep your costs down. You will also want to take into account any special requirements you may have. For example, some buildings have strict rules about noise levels and how much work can be done while tenants are living in the building. A contractor who is familiar with this can help you work through any issues that could arise.
If you are able to renovate without inconveniencing your tenants, it will make them feel valued and put the building at a higher standard. In addition, it will help you attract new residents.
One way to do this is to add a laundry room, which is highly desirable for many people. Another great amenity is a center for package, postal, and local deliveries. These features are easy to install by a multifamily renovation contractor and will attract people with convenience in mind. In addition, green spaces and outdoor amenities will also draw in potential renters.
Lighting
Apartments can be notoriously dark, but a little clever lighting can brighten things up. For starters, replace old recessed lights with dimmer switches to allow tenants to create the “mood” they want. Under-cabinet lighting will provide task lighting for areas like kitchens, and a well-lit entryway will welcome residents.
Outdoor apartment complex lighting is also important. Illuminating recycling and trash areas with programmable LED lights can help reduce light pollution while showing tenants where to place garbage and recyclables. Adding a few extra lighting fixtures will let residents see whether they’ve parked in a reserved space or if a neighbor’s cat is out again.
Apartment renters usually have to obtain permission from their landlords before making renovations, but some changes can be made without getting the okay from a leasing office. String lights are a popular trend that make for a stylish apartment light, and they come in a variety of colors. Scattering them around a faux fireplace, dresser, or mantle will add a dreamy vibe after the sun goes down. A few LED candles placed here and there can also be a mood-enhancing addition to any room.
Materials
In apartment renovations, materials and finishes are a key consideration. Using high-quality materials not only increases the resale value of your home, but also creates a more visually appealing environment for tenants to enjoy.
For example, engineered wood flooring is not only affordable and beautiful but also incredibly durable. Moreover, it is resistant to scrapes and stains. These benefits make it an ideal choice for your next remodel.
Another great way to boost your property’s appeal is by adding green spaces. This feature not only attracts millennial tenants, but also helps with noise reduction and air quality. Additionally, it can help your apartments stay competitive in a saturated market.
Before starting your renovation project, review the building’s alteration agreement to ensure that you comply with any restrictions. For example, many older buildings contain asbestos and must be removed during a remodel. In addition, condo and co-op buildings require the approval of a board-hired architect for certain structural changes. This can increase your timeline and overall cost. This step is especially important for larger projects, like changing a floorplan or moving beams.
Budget
The cost of renovating an apartment building will vary depending on the size and location of the property. It also depends on the type of apartment renovation contractors renovations that are needed. For example, kitchen and bathroom renovations typically cost more than other upgrades.
Additionally, if the remodel requires changing electrical and plumbing systems, this will increase the overall renovation cost. Additionally, it may be necessary to install new fire suppression and ventilation systems.
Identifying what improvements will add the most value to the apartment building will help minimize construction costs. For example, cosmetic changes that will only earn owners a full payback within six years should be avoided.
It’s also important to consider the neighbors during an apartment remodeling project. This is especially true if the work will affect adjacent apartments or homes. In most cases, a co-op or condo will require owners to submit plans and obtain approvals before starting any construction work. Additionally, it’s necessary to notify tenants about construction noise and potential disruptions. This will keep residents informed and avoid complaints. Finally, if the renovation involves moving load-bearing walls, permission from the building management will be required.
