When purchasing a commercial space and planning on making it into a multi-family unit can be a bot overwhelming. However, the end result can be very profitable because the building is worth more when converted into an apartment building. This is especially true when the building is located in a business/financial district when there aren’t may rental properties. So what should you do first before you embark on a project of this magnitude? Below are some suggestions to help:
First of all, conduct a study to see if this is a feasible project. If you understand what the local planning regulations are, then you can do this part yourself. You should also have a general idea of what the cost is going to be. Other questions to ask yourself are: Will the local authorities allow a change of use? As far as approved permits are concerned, what’s the precedent? Have nearby building been changed? If they have been, did it increase the value of the building? And finally, what kind of planning regulations could cause you an issue?
After getting in touch with a real estate professional to evaluate roughly what the building would be worth if converted, consult the local authorities. This department may have requirement such as disabled access or residential parking. Checking beforehand can save you headaches.
Next hire a contractor you trust to have the building thoroughly checked over. Get all the reports in writing after making sure they are detailed and signed. This way if you’re given bad advice, you have proof for a lawsuit if necessary.
Hire an architect to design the inside plan after showing the reports mentioned above. Include any changes that the authorities wished to be made.
Now is the time to get bids from professional contractors for estimates on labor and materials. Make sure that you have penalties built into the contract in case the work is not completed when promised. Check all credentials of whomever you hire.
Submit your detailed plan to the proper authorities.
Now you’re ready to begin!
Every commercial building owner wonders about the right time for renovation. Commercial construction and design are inevitable parts of rehabilitating older-style buildings to make them appeal to modern renters. When is the right time to renovate your commercial property? How do you know it’s time to put the time, planning and investment into commercial construction?
Even though commercial construction is a serious investment, it has long-term benefits for your property. There is nothing less attractive to a renter than an out-of-date building with a laundry list of problems. Even when you aren’t planning a major project, you should stay on top of issues like plumbing, HVAC issues, broken windows, fence repairs, painting and roof maintenance. These concerns are important for keeping your tenants safe and comfortable.
As you work on smaller projects, you should work to build a relationship with a reputable commercial construction company. When you work with contractors, carefully evaluate their work and honesty. Do they give you reasonable estimates? Are they able to complete work within the estimates? Are their prices in line what other contractors offer? Before you start a renovation, you need to know that you are working with a reputable company.
It’s time to renovate your building when it starts to look slightly out of style. Always keep an eye on other properties in the area, especially new buildings. Compare the styles to your property. How are they different? Do they offer amenities that you don’t have? What aspects of newer properties make your building seem out of date? Look at the styles of roofs, fences, balconies, windows, the club house and other details you can see from the road. If you notice that most properties have a much more modern look than your property, it’s probably time for a serious renovation.
It’s important to consider the interior of your property as well. You should work with a commercial construction company that can perform both interior and exterior renovations. The interior of your units and clubhouse should be renovated so that they have modern appliances, flooring, lighting and other amenities. A good commercial construction project manager can help you identify projects that will help improve your property immediately.