Building an apartment building is a complex and expensive process. As a result, you need to make sure that the construction project goes through with few complications, all while ensuring that you have a willing group of tenants ready to move in when the time comes. To help you through a successful apartment building construction project, here are 5 steps you need to take.
1) Research Your Area
Above all, you should become intimately familiar with the immediate, local area in which you are planning to construct the new building. That includes understanding the local infrastructure, as well as potential neighbors and regulations you will need to keep in mind throughout the process.
The success and value of your apartment building will ultimately depend on two things: a smooth construction project that does not balloon out of control, and tenants who are willing and excited to live in it. Researching your area, and the various points of importance as they relate to residential building construction, is a crucial first step on your way to success.
2) Understand Your Audience
Let’s examine the two above-mentioned components in more detail, beginning with your future tenants. These will be the people responsible for providing return on your investment, so building the building with them in mind is of crucial importance.
First, you should know just what types of tenants to expect. If you build close to a university, for example, you will likely get a large number of college students who are interested in your apartments. Luxury apartments in high end neighborhoods will have very different requirements than low income houses. All of the above options can ultimately help your building succeed, but only if you know from the start which audience you should optimize it for.
3) Know Your Compliance
Just as crucial is understanding how early you should begin to inform yourself about local laws, regulations, and compliance requirements. The process of getting a building permit, particularly if you are constructing a building for special audiences like students or low-income citizens, can take time and effort. You should start early, and inform yourself of just what is needed early in the planning stage to ensure that you can begin building on time. Speaking of which:
4) Establish Your Timeline
After knowing the requirements for your area, audience, and local law, it’s time to begin estimating just how much time the project will take. As you can probably imagine, the average time it takes to complete a housing project depends on the size of the building and the number of its individual units, as well as your location and the amount of required red tape.
The National Association of Home Builders estimates that average completion time of an apartment building construction project, from authorization to the completion of the project, is just above 13 months. Of course, your required time may differ slightly depending on available resources and local conditions, but using the NAHB’s benchmarks can be a useful starting point for establishing your timeline
5) Find Your Partner
Don’t underestimate the final step in the pre-construction process: finding a reliable construction partner to help your project succeed. That partner both help you finalize each of the above steps, and expedite your timeline.
But in order to succeed, finding the right partner is crucial. If possible, look for a construction company that is familiar with the area in which you are building, and willing to work closely with you to complete the project. Find the right company, and they can become a trusted partner not only for this apartment project, but future ones to come. To get started in your research process for a reliable construction partner, contact us.