Could You Make Money By Renovating Your Apartment?

1
Could You Make Money By Renovating Your Apartment?
2

• 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

3

• Choose the right apartment
• This is of course a little different if youre
  renovating your own apartment for profit, but if
  youre looking to buy an apartment, think
  carefully about how much youll need to spend
  renovating it to make a profit. Think first about
  what youll be able to sell it for once
  renovated, then subtract the purchase price and
  estimated renovation costs, and the figure youre
  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  outdated.

4

• 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. Its 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.

5

• 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 youre handling the renovation project
  yourself, then its 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?

6

• Manage the project effectively
• Finding the time to manage a renovation project
  can be tricky, especially if youre 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 youve hired a team of skilled general
  contractors, on the other hand, you may find that
  they have their own experienced project manager.

7

• 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 youre working
  with a general contractor, how professionally
  they handle things.

8

• 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 [phone].