The following is adapted from a real estate panel that I spoke on. The contractor who presented during the event discussed important issues that a buyer will want to be aware of before hiring a contractor to make renovations and improvements to their property.
After you close on your purchase, if there is money left over, you may want to make some modifications, repairs, or renovations to your new home. You will probably consult with various contractors who can help you with that process. It is important to select a contractor who understands the laws in your state and locality. Be wary of contractors who offer significantly lower proposals in comparison with other contractors – there may be a lot of “extras” built into their contracts, or maybe they are not familiar with the construction regulations in your area. It can become more costly if they cannot process the permit and other paperwork properly and expeditiously.
When purchasing a coop or condo unit, you will be given an alteration agreement which stipulates exactly what the procedures are for your particular coop or condo, including what can be done and who needs to be insured. The biggest hurdle when dealing with an alteration is getting your plans approved by the Management Company. A contractor who is familiar with the construction process in coops and condos will work with the building to make sure the whole package is presented.
The best timeframe in which to finalize terms with your contractor is to meet with your contractor once you have a closing date set and firm up your plans and define what you want to do, your budget restraints, and discuss a timeline for how long the project will take. The time it will take for the project as well as the cost vary depending upon the scope and kind of work you are looking to do. Also, your taste, quality and whether you want custom designs all have a significance and impact as well. Pricing can vary from $75 to $300 per square foot.
If you have found the foregoing to be valuable, then you may also be interested in hearing more about the panelists and I’ve included an opportunity for that in the bonus below.
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