If you’ve lived in your apartment for some time and looking to refresh your space or you’ve been looking to buy an apartment and the nice ones are above your budget, renovation might be your solution.
Renovating an apartment is an exciting project to take on, but the cost of getting your desired results is always a concern for most individuals. It’s always critical to talk to professionals such as apartment renovation contractors well in advance and budget for this project before embarking on it.
In this article, you’ll find some helpful information on the estimated costs of apartment renovation in NYC and some of the factors you need to consider.
The average cost of renovating an apartment in NYC is $100-$200 per square foot, but multiple factors will influence the overall amount you spend. They include:
- The size of the apartment.
- The year the apartment was built.
- The materials used.
- The labor costs.
- The cost of approvals and permits.
- The customizations required.
Size of the apartment
The bigger the apartment, the higher the renovation costs. The price also depends on the size of the area you’re renovating. Wet spaces like the baths start from $400 per square foot, and kitchen areas start at $300 per square foot. Dry rooms are typically cheaper and range between $30-$50 per square foot.
The year of build of the apartment
If you live in an old building, the cost of renovating the home may be more than that of a newer house. This is because old homes sometimes have underlying issues that must be taken care of before the renovation starts.
The materials used
Building materials in NYC tend to be more expensive, so you can consider getting the materials from out of state if you’re on a tight budget. Another way of saving on material costs is mixing high-end and standard materials. The materials range from $100-$300 per square foot, depending on the quality and customization.
The labor cost for construction workers in NYC is the second-highest after Zurich, at a rate of around $98 per hour. You’ll also incur the fee of paying engineers and contractors who ensure that the job is done according to the required standards.
Cost of approvals and permits
The level of renovation determines whether you’ll need permits from the Department of Buildings or not. If your renovations involve adding electrical outlets, relocating a sink or toilet, and other general plumbing and electrical trades, you must get the permits. Plumbing starts from under $3000 and can go up to $6000 depending on the scope of work. Electrical permits will cost you about $1500, and asbestos inspection will be around a $1000.
Customizations and other unforeseen expenses
High-end customized materials are expensive and require a professional to fix them, which is an additional cost. You also need to budget for miscellaneous expenses because, in most cases, the total amount always goes above the estimated amount. This is because of unforeseen conditions during the renovation process that must be addressed.
A comprehensive, customized approach
One of the thumb rules of getting a home renovation done quickly and smoothly is to find an insured, licensed, and reputable contractor.
As a fully licensed General Contractor in NYC with a portfolio of over 1500 renovated apartments, Chapter brings years of experience to every project, offering comprehensive, customized, engineered renovation solutions to new and existing homes.
Keeping home renovations as stress-free as possible while fully educating our clients is our ultimate goal. To accomplish this, we manage a streamlined technology-based process that will take you from start to finish.
We don’t sell renovation services, we sell confidence.