For anyone thinking of investing their money, building an apartment is undoubtedly one of the most rewarding projects they can undertake. With that said, apartment building construction can be challenging, and it’s critical to understand the process for a seamless construction project. What’s the procedure of building an apartment from start to finish? Read this guide for an outline of the steps to build an apartment building.
HOW TO BUILD AN APARTMENT COMPLEX
IDENTIFY YOUR ASSET CRITERIA
Before shopping around for vacant properties, you need to determine criteria for your apartment building.
Ask yourself these questions to determine what you want your apartment building to look like:
- Who are prospective tenants?
- What’s the capitalization rate?
- What’s the monthly maintenance or upkeep budget?
- What’s the possible monthly rent payment?
- What’s the budget for potential renovations?
- Is there a need to work with a property management company?
- What’s the desired location, and how can it help in marketing?
LOOKING FOR LAND
Shopping for vacant land is one of the most critical steps for construction. An investor needs to keep the purpose of the apartment building in mind to help them choose a suitable location to accommodate the multifamily property.
After you have narrowed down the desired area for your apartment building, it is time to find individual properties to start to compare. Contacting a local real estate agent or multifamily general contractor may help lead you in the right direction. Utilizing the specialized skills of a local general contractor will ensure smooth apartment building construction.
Once you decide on a plot of land, a professional will mock up a floor plan following Building Codes & Standards, budget, and number of flats.
PREPARATION: BUDGET AND ESTIMATION
Constructing an apartment complex requires a considerable amount of budget and material. It is best practice to have a max spend number set prior to starting the apartment building construction process to ensure you don’t overspend and are comfortable with the construction costs.
Apartment construction is costly, and many people will need to borrow the capital to get started. It is important to note, acquiring a loan for construction is more challenging than a traditional mortgage.
An experienced general contractor will help you plan out your budget and strategize all the details you may never even think of.
Different financiers offer different terms and conditions, so the building owner must consult several lenders to get the most favorable option.
GET PERMISSION FROM AUTHORITIES
Many apartment buildings get demolished daily because of a lack of solid evidence showing ownership. The legal side of building apartment buildings can be complicated. There are many obstacles to navigate pertaining to the legalities of apartment building construction. Anyone planning to construct an apartment building should get permission from the appropriate agencies and obtain the necessary permits and approvals. While the documents you need may vary from state to state, here are some of the documents that may be necessary for the construction work.
- Structural report
- Land documents
- Sectional drawings/elevation/architecture
- Soil test report
- Land survey
- Architect Certificate
DECIDING ON THE APARTMENT BUILDING PLAN AND SIZE
When building an apartment complex, the investor should plan out the vision for the apartment building to avoid falling into common pitfalls. How do you construct the perfect design for your apartment building? Consider these elements to create a plan for what you want your apartment complex to look like:
- House layout
- House grounds
- Number of bathrooms
- Number of bedrooms
- Square footage
WORK WITH THE RIGHT BUILDING CONSTRUCTION PROFESSIONALS
It’s not uncommon to find a property owner ignoring key building construction professionals and undertaking the project without help and insights from the necessary experts. While one may think they’re saving money, this can be detrimental to the overall success of the apartment complex. Construction experts understand the entire process and will work with you for a desired outcome.
A construction project can be demanding, but working with the right people throughout the entire journey will make your project feel seamless. The professionals to add to the team may include:
The architect oversees the apartment building vision. An architect’s role may include:
- Choosing or suggesting subcontractors
- Visiting the construction site to monitor the progress
- Ensuring compliance with building regulations and safety
- Specifying cost estimates and requirements
- Creating the house plan
- Professional architects should be licensed and certified
A quantity surveyor guides the building owner to operate within the budget through:
- Subcontractor payment arrangements
- Handling legal matters and contracts
- Cost management and estimation
- Providing project cost management
- Bill of quantity preparations
An electrical engineer offers services such as wiring and plumbing. Other tasks may include:
- Plumbing and air systems design
- Ensure proper equipment maintenance
- Resolving electrical issues that may occur
- Designing, testing, and installing electrical systems
- Ensuring the apartment building meets all electrical codes
The construction engineer is the professional in control of the entire project and ensures workers are safe throughout the construction. Other services may include:
- Inspecting the design and drawing to ensure they meet proper standards
- Supervising subcontractors
- Working with the quantity surveyor to purchase materials and stick to the budget
- Hiring subcontractors, getting construction tools and equipment
BUILDING THE APARTMENT COMPLEX
With a team on board, it’s time to begin constructing the apartment complex. As the job continues, it’s essential to check the progress and ensure the professionals follow budgets and timelines. The experts you hire may work with subcontractors to speed up the construction. The average time to construct the apartment complex will depend on several factors, including size and available workers.
Here are the construction stages to keep in mind:
It includes doing soil tests and clearing out vegetation and debris. The completion time depends on land size and the vegetation.
This includes excavation, foundation and concrete pouring to support steel rods.
FRAMING THE STRUCTURE
This requires wood. A house wrap is also necessary to ensure the building won’t get damaged due to harsh weather conditions.
PLUMBING AND ELECTRICAL
After the house dries up, next it’s time for the installation of HVAC systems, pipes, and electrical wiring.
Roofing is an integral part of constructing an apartment building and should be done correctly. The selection of roofing materials and design primarily depends on the budget. The developer can study different factors and advise on the proper roofing for the apartment building. Roof types for consideration include slate, green roofs, rubber slate, solar tiles, stone-coated steel, metal roofing, asphalt shingles, and concrete tiles.
INTERIOR AND EXTERIOR FINISHES
It involves the installation of cabinets, kitchen counters, windows, doors, and any other exterior fittings you may need. There are different types of wall finishes, including:
- Marble Powder Finish
- Laminate Finish
- Designer Mirror Finish
- Glass Mosaic Finish
- Gypsum Plaster Finish
- Plaster of Paris Finish
- Cement Textured Finish
- Cement plaster Finish
There are different types of floors available in the market today. Choosing one for an apartment building depends on the ease of maintenance and material cost. Examples of flooring include laminate flooring, carpet flooring, terrazzo, ceramic tile, vinyl, and hardwood. Factors to consider for the flooring may include cleanliness, damp resistance, smoothness, hardness, initial cost, durability, and slipperiness.
KICK-START YOUR APARTMENT COMPLEX BUILDING TODAY
While building an apartment complex may seem challenging, this shouldn’t be the case if you follow the necessary steps. The above-outlined steps can help any investor complete their building construction with minimal glitches. Use this knowledge to complete your project without falling into the common building construction pitfalls that affect many projects.