Sure, it’s not a route for any budding investor, but anyone who has been involved in real estate for at least a small period of time will have gotten the urge to invest in condos.
These are the types of buildings that can really start to make your cash flow rise. Usually, they are priced reasonably, and investors tend to by several at a time in the same block to make management easier.
However, according to Terra Group, when it comes to renovating condos a lot more different rules apply. Many of these are related to the law and to make sure that you fall on the right side of it, we have pieced the following guide together to help you on your way.
Stay on top of the official regulations
Before you even consider renovating a condo, or perhaps buying it in the first place, you need to read the official regulations from top to bottom. Due to the sheer amount of people that own an apartment in one of these blocks, the rules can be stringent to say the least.
As such, you need to go through them with a fine tooth comb. To make matters even more complicated, something which might be completely acceptable in one condo isn’t going to be the same as another. The regulations are set by the association in charge of the condo, not the state, so to say that the rules vary by project would be an understatement.
Be wary of the practical limitations
Once you have got over the hurdle of legalities, it’s time to think about things from a practical perspective.
For example, there might be nothing in the regulations that prevents you from moving your bathroom. However, if you were to study the blueprints of your condo, it might become apparent that this just isn’t possible. The plumbing might be situated at just one side of the building and suffice to say, for the sake of your condo, this just isn’t going to be moved.
Bearing this in mind, before you consider any wholesale changes to your condo, study it to see if these are really feasible. There is much less flexibility on offer here.
Your paint brush might be your best friend
Following on from the above, it should probably go without saying that one of your best friends is going to be your trusty paint brush. This is something that isn’t going to break any laws (unless you are planning to paint the exterior of your building), whilst it doesn’t need to take into account any plumbing or wiring issues that might sometimes impact other renovations.
Instead, it’s a tactic that can bring a fresh element of life to a room and ultimately make it look a little more unique. If you are looking to flip your condo, the standard rule is always that neutral colors win hands-down – so don’t consider anything too exotic if you fall into this category.
