What are the typical co-op renovation rules in New York City?
We'll demystify this topic in the following video, I'm Nick at Hauseit.
Visit our website www.hauseit.com to save money when buying or selling real estate here
in New York City.
So let's get started.
All co-op and condo buildings in New York City have renovation rules which you must
follow as a unit owner.
A co-op building's rules for renovations are usually listed in the building's alteration
agreement.
This document must be signed by unit owner and submitted to management for approval along
with supporting documentation before any work may commence.
The main purpose of co-op renovation rules in New York City is threefold.
To make sure that your proposed renovations wont harm the building, to ensure that you
and your contractors have adequate insurance and 3, to ensure that the construction is
orderly and considerate of fellow residents.
Insurance. The construction industry in New York City is highly litigious and it's quite
common for the contractors to sue clients, injured workers to sue apartment owners and
buildings and everything in between.
Therefore, under the terms of a co-op alteration agreement, each contractor is usually required
to submit a certificate of liability insurance and worker's compensation naming the co-op,
managing agent, unit owner and the board of managers as additional insured on the certificate.
A minimum of $1,000,000 in coverage is typically required by most buildings.
Scope of work, co-op renovation rules are also designed to prevent apartment owners
from making renovations which may harm the structure or mechanicals of the building itself.
Co-ops will typically require a unit owner to pay for the building's architect and engineer
to review the plans of any proposed renovations.
It's also common for co-ops and most owner condo buildings to prohibit apartment owners
from increasing the amount of the electrical capacity in an apartment.
Co-ops also typically require an inspection of any alteration before work is completed
and signed off.
For example, if you replace or repair the bathroom and kitchen plumbing, the building
may require that the super stop by and inspect the pipes before you allow to close the walls
back up with dry wall.
Some co-ops also have blanket prohibitions on specific types of alterations such as installing
a washer/dryer or adding another bathroom.
Construction hours, co-op renovation rules always establish a frame work for construction
hours, holidays as well as maximum number of weeks any construction alteration or renovation
work may last.
The typical co-op building in New York City usually only permits construction between
9AM and 5PM on weekdays.
Furthermore, most co-ops prohibit workers for making any unusually loud noise until
10AM.
Most co-ops also prohibit any construction work on Saturdays, Sundays and public holidays.
In rare instances, a co-op or condo may permit non-noise making work on the weekends such
as plastering and painting.
Many co-ops also prohibit the use of jack hammers or any unusually loud tools at all
times unless prior approval given by the building.
In addition, all co-op alteration agreements require unit owners to provide a minimum amount
of notice to the building and immediate neighbors in advance of commencing any alteration work.
Co-ops may also restrict the total length of time you're allowed to renovate. A common
maximum is 4 months.
Now, this is designed to prevent apartment owners from constantly changing their plans
in creating a state of semi-permanent construction which will obviously harm the quality of life
of other unit owners.
Co-ops with elevator capacity issues may also count the number of apartments which are permitted
to be renovated at the same time.
In some buildings, this may result any renovation wait list.
Fees and liability, most co-ops charge the non-refundable alteration agreement processing
fee.
In the same way, they charge the fee when submitting a purchase application.
In addition, many co-ops require a unit owner to make a deposit in advance of beginning
any renovations.
The deposit is returned provided that the alteration do not cause any damage to the
common areas of the building.
So there you have it.
We hope you found this video helpful.
I'm Nick at Hauseit.
Visit our website www.hauseit.com to learn about ways to save money when buying and selling
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