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In theory, renovating apartments for profit should prove relatively straightforward, but the research you carry out and the planning you put into place, are key elements of the process that can go a long way to determining your success.<br><br>
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In theory, renovating apartments for profit should prove relatively straightforward, but the research you carry out and the planning you put into place, are key elements of the process that can go a long way to determining your success. With this in mind, here a few simple pointers for making your apartment renovation project profitable:
Choose the right apartment This is of course a little different if you’re renovating your own apartment for profit, but if you’re looking to buy an apartment, think carefully about how much you’ll need to spend renovating it to make a profit. Think first about what you’ll be able to sell it for once renovated, then subtract the purchase price and estimated renovation costs, and the figure you’re left with is your profit margin. Try targeting apartments that can be transformed with minimal structural work, since this will automatically send your costs rocketing. Oftentimes, apartments may be structurally sound and even have a decent lay-out inside, but the décor, fixtures and fittings, look tired and outdated.
Asses the apartment thoroughly An essential tool for helping you determine what kind of renovation project you can undertake with an apartment, is the strata report. Double check the stipulations within the report and look carefully for any sign of limitations on what you might be permitted to do. It’s also worth checking how much maintenance work is being carried out on the apartment building or complex on a regular basis – which should be indicated within the strata report – as this may indicate that there is an issue somewhere that requires deeper investigation.
Get quotes for the project Getting one quote from a contractor and sticking with it is foolish; ideally, you need at least 4 or 5 quotes to get a better understanding of which might be the best deal, and of course you can also use those quotes as a bargaining tool. Buy your materials from one supplier If you’re handling the renovation project yourself, then it’s always worth trying to find one supplier for all the necessary materials and equipment, as this way you may be eligible for bulk discounts. Again, shop around though; finding one store that sells everything you need might seem convenient, but is it going to cost you more?
Manage the project effectively Finding the time to manage a renovation project can be tricky, especially if you’re holding down a full-time job, and many opt to hire a project manager. Knowing exactly what to look for and monitor, a project manager will oversee the entire project from beginning to end, and make sure everything stays on target, and on time. If you’ve hired a team of skilled general contractors, on the other hand, you may find that they have their own experienced project manager.
Apartment renovations are often profitable, and compared to renovating a house, they can be relatively quick and easy projects to undertake. However, a lot will depend upon the way in which you manage the project, and if you’re working with a general contractor, how professionally they handle things.
RZ Construction Group Inc is a fully inclusive general contractor and provides high quality services including apartment renovation in NYC. From initial design to final clean up, our results speak for themselves. We are fully licensed, insured, and bonded to provide both commercial and residential construction services to customers in Astoria and the surrounding area. Proud to serve New York State for 25 years. No job is too small nor too big. If you are looking for home addition contractors or kitchen renovation in Astoria or want to know more about our wide range of professional but affordable construction and repair services, reach out to us at (718) 938-9887.