Renovating an apartment is a different beast to renovating a house. With a house, you can change both the interior and exterior. But if you own an apartment you’re limited to altering only the inside of your home. It can be a challenge to begin renovations on an apartment. Your neighbors are much closer to you than if you were renovating a house, so you have to worry about noise and the chaos of materials and contractors going in and out. You may need permission from the property manager before you can do anything. But apartment renovation can still be a great way to make money from property or just to improve your home. If you don’t know where to start, take a look at this handy guide.
It’s extremely important that you get any permission you need before you begin renovations. You probably need permission from the property manager, and it might be nice to let your neighbors know out of courtesy. If you rent your apartment, you’ll need to ask your landlord for permission. You might think your chances are slim, but many landlords are happy to have their tenants carry out renovations as long as it’s the tenants paying. It might require you to work a bit more closely with your landlord though as they might be worried about the future rental or resale value of the property.
Secure Finance and Budget
You’ll need to make sure you can finance your renovations, on top of buying that 2 bedroom ground floor flat for sale you’ve had your eye on. If you have cash available to pay for the renovation, try to use that to do as much as possible. You might also be able to get a home improvement loan to perform renovations on the apartment. Whether you apply for a loan or not, you’ll need to draw up a budget. Your biggest expenses could be the kitchen and bathroom. You can transform rooms like bedrooms and living rooms easily and cheaply with paint, wallpaper and the clever use of accessories. Don’t forget to overestimate your budget – add about ten percent to your estimated costs to account for anything unexpected.
Have a Plan
Make sure you know your plan before you get started. If you’re applying for a loan, you’ll need to do this to help you find a lender. Even if you’re not looking for a loan, don’t set out on your project without a clear idea of what you’re doing and how much it will cost.
Look for Contractors and Materials
You might decide to carry out all or some of the renovations yourself. However, it’s likely you’ll need a contractor for some of the work, especially if you need to work with plumbing or electrics. Get quotes from several contractors, and choose who you get quotes from based on recommendations and reviews. Don’t automatically go with the cheapest contractor because they won’t necessarily be the best value. It’s the same with materials too. Cheap doesn’t always mean great value, and you don’t want to end up having to buy twice.