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Every region of the country has their own building requirements, and regulations that they deal with, which affects the cost of a project.
Sorry for the length of this post. As you can see, there is no easy pat answer for your questions. Developing real estate takes a lot of homework. By the time you see a building coming up, probably 1/2 of the work has been done.
Your first step is going to talk to planning and zoning and the building and permitting department. Tell them what you are thinking of doing and then they will give you the guidelines of what they are looking for.
There is a lot more to it then just building on the cheap for your benefit. If that was the case states, counties, and cities would have tons of ungodly looking structures of poor quality everywhere for the benefit of only the owners pockets .
will only approve a certain look and feel for development of any size. What is dictated for architectural controls will determine your cost to build to a certain degree. If the government wants all of these special items that are not standard it will costs more dollars and time.
Can you use a draftsperson knowledgeable on local building codes to draft your plans along with a structural engineer signing off, or do you need a licensed architect? You might look online and find some stock plans that come close to what you want to do, and take them to a draftsperson or architect and ask how much per sq. ft. do they charge to design, and make sure it plans ready to submit, etc.
Hello Nike Roshe Run Leopard Black And White all, I am new to the forum and have been reading all over BP trying to educate myself about real estate. I 27 years old and have saved up quite a bit of money($120k at the moment). I interested in building an apartment building, somewhere in the 8 12 unit range. There is a need for apartments in my small town and building is relatively cheap. I hate debt and would like to do this using cash only(Eventually, I saving up!).
calculate building costs for a small apartment b
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Here in California we have some of the strictest environmental standards in the country, high cost of permits, and fees for everything imaginable.
I sure Massachusetts is similar. In order to figure your costs, you need to find a lot that is in a location that not only zoned for the type project you want to do, it needs to be an area that is in demand, and will command the rents you need to be profitable, and produce the return you are looking for. Obviously if you can do it all with cash, that a huge help.
This is why developers go back and forth with the city and county on projects revising because the developer is asked to include this and this and if they did everything they would lose money. It finding a balance that pleases all parties so that it makes sense to move forward or dump the project.
I caution against trying to do a project the size you thinking about alone on the first go round. I suggest you find a contractor to either hire as a GC or act as a consultant. Another idea would be to start smaller and learn the ropes. Good luck. Let me know if you have any additional questions.
Will you be acting as your own GC or hiring a GC and subs, or ? If you do it yourself, there the matter of insurance, workman comp etc. that needs to be figured out.
You do realize that when you submit your site plans and zoning for approval that the county or city council isn going to let you construct a piece of crap eyesore just because you can do it cheaply.
You sound like you would take the honorable road in construction but there are others out there who would destroy communities just to build maximum cash flow.
Chris O I think there a lot of very good advice given here. You need to think about acquisition, permitting, planning, construction, and hidden costs. An 8 12 unit building in my opinion is pretty big for a first one, simple design or not. I not trying to discourage you, if you have related experience you might be ok.
Chris O have you considered buying existing? Although I not out in Western MA, it seems to me I gotten a few calls for financing of multis in Adams (this is not a solicitation for financing, I don lend in Western MA) It may be more cost effective for you to buy and renovate, since I seem to remember the buildings were very inexpensive out there. Rents are low, too, because there are very few jobs. But if you live there, you know that.
Once you find the land, you need to know exactly what it is going to cost to develop the project. Are there utilities at the property? What will it take to actually hook up to them. For instance, sometimes you are charged a fee for a water meter. Many people think that fee actually means you get a water meter, when in reality, you are Nike Roshe Run Red Native
You can also use the stock plans to talk to contractors and ask them a ballpark figure for building something similar in your area.
getting the privilege of buying a water meter and hooking up to City water. There different things like that you have to find out.
I can buy the land for around 25 30k. But how would I go about calculating the cost to build? I would be building a very basic, no frills apartment building. I would be using the cheapest labor I can find and I would be doing as much work(the unskilled work) and as long of hours as I could to save money. Any help would be great, thanks!
Your idea of basic and their idea might be two different worlds.
Remember though that the plans have to fit the site, and allow for required set backs for landscaping, side yard, curb, gutter and sidewalk if required, etc.
Get a list from the City that shows all of their development fees, including any school fees, park fees, etc. Find out if there are any special assessments in the area you plan to build.
If utilities aren the property, how far away are they, and what will be the costs of bringing them in?
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