Just like purchasing an apartment in New York City, renovation also takes quite a bit of planning and saving money in preparation. Every co-op has different rules and regulations, as well as a list of fees for making changes to any unit in the building.
Right from the start, your co-op will charge fees, including a non-refundable alteration agreement processing fee. Most co-ops will also ask for an advanced deposit before you can touch anything. As long as your alterations do not cause any damage to the building’s common areas, your deposit will be returned to you when the project is completed.
The alteration agreement allows the co-op to hold you liable for anything that your remodeling work has damaged. In most cases, you’ll have to pay the fee as you submit this alteration agreement along with the quotes from your apartment renovation contractor, the remodeling plans, and your contractor’s proof of insurance.
Renovating an apartment is part and parcel of the New York City landscape. Such renovations are so common that the industry has become highly contentious. However, if you do your homework and are prepared to absorb the costs, you should be fine.
All co-ops require renovation contractors to provide proof of a minimum of $1M insurance. In most cases, a contractor should have a comprehensive personal liability policy, workers’ compensation and employee liability, as well as property damage insurance.
The alteration agreement you sign with the co-op will require you to submit a Certificate of Liability Insurance and Workers’ Compensation. This should name you as the unit owner, as well as the co-op, the managing agent, and the board of managers.
Co-ops charge fees and require plenty of paperwork for apartment renovations because such fees are meant to cover the ancillary costs of the work. For example, there might be a need for the building to hire more staff or require some staff to work overtime, and your neighbors will have to tolerate the mess and noise of the construction happening next to them. Your contractor may have to use the service elevator most of the time for carrying the materials and tools up and down the building. And your renovation might take a lot of time to complete.
The co-op might charge a flat fee, or it might require a weekly or monthly payment. The fees may also steadily increase over time, which is partly done to discourage renovators from taking more time than what was originally scheduled.
Get in touch with Knockout Renovation for your apartment remodeling needs. Call us today at (212) 599-5060 or tell us about your project here. We look forward to working with you in Brooklyn, NYC, or in other areas around New York City.
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