Recognizing that I'd like to do all my renovations prior to a move in... Does anyone know if its possible to plan and seek approval for coop renovations DURING the closing process? First off, I'm not planning on major work. Maybe sand, refinish the floors. Minor updates to the bathroom kitchen finishes (i.e., change cabinets, maybe counters). Apartment structure will not be be touched... Do I need... [more]
Recognizing that I'd like to do all my renovations prior to a move in...
Does anyone know if its possible to plan and seek approval for coop renovations DURING the closing process?
First off, I'm not planning on major work. Maybe sand, refinish the floors. Minor updates to the bathroom kitchen finishes (i.e., change cabinets, maybe counters). Apartment structure will not be be touched... Do I need board approval for this type of work? If so, when can I start to seek that approval...
1) Is seeking pre-closing approval for renovation frequently done? I'm guessing that if its done at all, it differs from board to board. I dont want to wait until after closing to start the approval process (which obviously also delays beginning the renovation process).
2) If you can do this, does this impact how the board views your financing? I.e., I dont want the board thinking that I'm going to spend all or some of my post closing reserves on renovations and then hold that against prior to closing...
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Response by samcraig
over 15 years ago
Posts: 25
Member since: Nov 2009
To be honest - and I'm no expert. But if you don't OWN the property yet - I can't imagine any board/management company that would look at your submission.
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Response by Mjh1962
over 15 years ago
Posts: 149
Member since: Dec 2008
When I bought my co-op it was definitley a no no--its not your apt yet and my broker said you dont want to alert them right off the bat to the fact you are going to renovate, it may be different with different boards. I made sure I had all the forms, plans etc and right after closing I submitted them. Good luck
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Response by LoftyDreams
over 15 years ago
Posts: 274
Member since: Aug 2009
When I was on a coop board, (West Side building, friendly non-crazy board) we were happy to discuss the process for renovations, explain what kind of things needed board approval, give introductions and recommendations, and generally get the ball ready to roll once the closing had happened. But you have to do the renovation after the ink.
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Response by glamma
over 15 years ago
Posts: 830
Member since: Jun 2009
you can't really do anything, including hiring a contractor, until it is legally your apt. they will most likely ask if you have plans to renovate during the closing. your broker will be able to guide you how to answer. just pass that interview so you can get to the next step.
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Response by jhochle
over 15 years ago
Posts: 257
Member since: Mar 2009
I would think you can get the ball rolling. By that, I mean you can get a copy the board's required paperwork for a renovation that you will have to fill out, and review it so you know what you will have to present to get approvals. Some boards will indicate what type of work requires permits, etc.
You could also interview contractors, designers, and architects. This can be a little annoying since you will still have to let the broker let you in for every appointment. Once you choose a contractor, you can have them draw up a scope of work to present to the board as soon as you close on the apartment.
I would seriously doubt that the board would approve any renovations before you actually own the apartment.
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To be honest - and I'm no expert. But if you don't OWN the property yet - I can't imagine any board/management company that would look at your submission.
When I bought my co-op it was definitley a no no--its not your apt yet and my broker said you dont want to alert them right off the bat to the fact you are going to renovate, it may be different with different boards. I made sure I had all the forms, plans etc and right after closing I submitted them. Good luck
When I was on a coop board, (West Side building, friendly non-crazy board) we were happy to discuss the process for renovations, explain what kind of things needed board approval, give introductions and recommendations, and generally get the ball ready to roll once the closing had happened. But you have to do the renovation after the ink.
you can't really do anything, including hiring a contractor, until it is legally your apt. they will most likely ask if you have plans to renovate during the closing. your broker will be able to guide you how to answer. just pass that interview so you can get to the next step.
I would think you can get the ball rolling. By that, I mean you can get a copy the board's required paperwork for a renovation that you will have to fill out, and review it so you know what you will have to present to get approvals. Some boards will indicate what type of work requires permits, etc.
You could also interview contractors, designers, and architects. This can be a little annoying since you will still have to let the broker let you in for every appointment. Once you choose a contractor, you can have them draw up a scope of work to present to the board as soon as you close on the apartment.
I would seriously doubt that the board would approve any renovations before you actually own the apartment.