Buying and Renovating in NYC? Follow These Steps for Your Sanity!

Hold that fancy pen! Before you sign on the dotted line for your new NYC apartment, check out these tips to keep the process smooth and your sanity intact. Our latest blog breaks down the essential steps to take to prevent a potential buy from turning into a nightmare.

While NYC renovations come with more twists and turns than a subway map, proper planning can save you from countless sleepless nights and unexpected hidden surprises.

1. First things first, what is an alteration agreement?

Before diving into your NYC renovation, don’t forget the all-important alteration agreement—the building’s renovation rulebook. Think of it as your guide to avoiding renovation mayhem, ensuring your project meets all codes and requirements. This agreement covers everything from work hours and timelines to whether you need architectural plans or specific plumbing and electrical specs. It might even impose some quirky restrictions, like banning noisy power tools and possibly nixing washers and dryers. Some management companies insist your contractors have specific insurance and fixing that right before your start date can delay your project by months. So make sure to get a copy and read it before purchasing any fixer upper. Here’s the lowdown on some common rules and restrictions:

• Wet Over Dry. Expanding a wet space (like a kitchen or bathroom) over a dry space (like a bedroom) below can be restricted to prevent water damage.
• Replace Branch Piping and Valves. Many buildings, especially older ones, require replacing all plumbing branch piping and valves if you're doing plumbing work.
• No Work on Risers. Rerouting plumbing, gas, or electrical risers is prohibited.
• No Chipping Concrete. Most buildings don’t allow chipping or channeling concrete, though some do.
• Upgrade Electrical Systems: Ensure any setup meets current electrical and energy codes.
• Soundproof: If changing your apartment layout, you may need to install soundproofing.
• Replace Windows: If the board has a window replacement plan, you may need to include this in your project.
• Penalties and Responsibilities. Exceeding renovation timelines might cost you, and you’ll be financially responsible for any contractor mishaps or damage to common areas.

Your attorney—preferably one who’s navigated real estate board agreements before will help you spot key issues like security deposits, escrow fees and negotiate penalties, plus make sure your renovation is covered by comprehensive insurance. If you find yourself scratching your head over that piece of paper, don’t worry—give us a shout and we’ll help you sort through the terminology. Consider us your sidekicks!

2. Do Your Due Diligence!

Hire a professional inspector to catch potential problems before they turn into wallet draining surprises. We’ll help you find the perfect professional to uncover any skeletons in that apartment’s closets before you commit to it. Some of the point your inspector will dig into:

o   Electrical Load Test: Older NYC buildings might not have the power for modern gadgets. An electrical load test will show if you need to upgrade your service.

o   Check for Code Compliance: If your place isn’t up to code, you’ll be the one holding the bill for fixes. Sadly, we can’t magically peer inside walls or inspect pipes, so just keep that little bit of wisdom for later!

o   Test for Asbestos: Found in buildings from the ‘50s to the ‘80s, asbestos can turn your renovation into an unexpected adventure. It might even make an uninvited guest appearance when we start knocking down walls, so add it to your mental checklist along with those sneaky pipes!

o   Make sure all mechanical and plumbing systems are a go: This includes a thorough examination of the water supply, drainage, heating, cooling and gas lines. Identifying issues early can save you from costly surprises down the road.

o   Probe Your Walls: Know what’s behind your walls’ surface to avoid mid-renovation shocks like structural columns or hidden plumbing shafts. This will give you a clearer picture of what changes are possible for your new layout and what might be off-limits.

3.  Partner with a Pro

Hiring a certified design firm and a licensed contractor is like having a savvy tour guide for your renovation journey—minus the wrong turns and detours. We take care of everything from pre-design to managing the nuts and bolts of construction. Your building’s alteration agreement might throw some renovation red tape your way, like needing architectural plans and a mountain of documents for permits and DOB approvals.

It’ll also detail the review process by the board and management company, requiring you to submit layout plans for review by the building architect or engineer (who you’ll typically have to pay for). Approval from all of them is necessary before filing with the DOB. Don’t worry—while the paperwork might seem like a maze, we’ve got the map to guide you through it. Additional documents you may need to provide to your board: security deposit, written scope of work, product specs, certificates of insurance for all contractors, etc.

If this post has you rethinking your NYC apartment hunt, don’t fret. Doing your homework now can help you figure out if that dream space is worth the investment or if it’s destined to be a money pit. And hey, if your prospective apartment turns out to be a dud and you need to dive back into the real estate hunt, no worries! As pros, we’ll patiently wait while you find the perfect fit. After all, a renovation project should always start with a home you absolutely love!

So, roll up your sleeves and let’s chat about how we can make your new venture smooth and successful. Contact us if you'd like to learn more about us and our process in our Investment Guide.

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