Most people see an unused parking lot, and they see…an unused parking lot. But for a small percentage of visionaries, that unloved space is a place of aspirations and opportunities.
They see grand entrances, floor-to-ceiling windows, and modern, urban living.
If that’s you, and you aspire to build an apartment complex, read on. This straightforward guide will give you the lowdown on the typical steps of a new apartment construction.
Conduct a Feasibility Study
You need to start with a feasibility study, and that should include some market research. It will help you spot potential in the housing market and identify gaps.
That will ensure you build an apartment complex that will yield a high return on your investment. The feasibility study should also examine the planned development’s costs and risks.
Select and Purchase Land
When searching for land for your apartment complex, there are a few factors to bear in mind.
The obvious ones are space, location, and accessibility. But you also need to think about zoning regulations for that area. Consider choosing land that offers room for expansion or on-site facilities.
Design Phase
The planning and design phase will turn your apartment vision into a formal blueprint, including floor plans.
Reach out to experts like our team to ensure you design a complex that looks beautiful and offers plenty of functional and practical elements. You need a balance of innovative design features and cost-effective solutions.
Hire a Commercial Construction Company
A modern apartment complex with a high-end finish can only happen if you work with a reputable construction company. Look for one with relevant experience at that scale and a track record of quality.
Check testimonials and client references to ensure you have a company that will meet your rigorous standards.
Managing Your Construction Budget
Large-scale projects need tight budget control to avoid the situation of spiraling costs. You’ll need to outline all expenses in as much detail as possible.
You’ll also need to be realistic about the risks and contingency costs you’ll need throughout the project. Ensure adequate cash flow to avoid delays due to lack of funds.
Begin Construction
During the construction phase, you’ll need to oversee the construction project. Get daily updates from the site leader. Run regular site visits, and ensure you have admin people on hand to take on tasks like coordinating deliveries.
Inspect the Site
When you finish the construction work, it’s time to invite inspectors on-site to check the quality. They will also inspect features like safety, environmental rules, and other regulatory checks.
Leasing
You’ll need to run a marketing campaign to advertise your apartment complex. Do this during the planning stage and allow people to buy off-plan. Ensure you have a streamlined leasing process.
How to Build an Apartment Complex: Getting the Right Support
If you want a lucrative venture, few projects offer the rewards and excitement of choosing to build an apartment complex. Use this guide to help you plan your steps.
Alpha to Omega Properties offers industry-leading construction and design expertise to help you realize your dream. If you’re ready to help shape the skyline in your local town, get in touch.