What Does it Take to Fix a Condo in South Florida?
North Miami Beach market is HOT. There are a lot of different things that go into fixing up your South Florida Condo and I will attempt to outline what some of the buyers of Sunny Isles Beach condo could possibly do. Just keep in mind that this is not an exact science and depending on your choices of finishes prices will be different.
My name is Leonard Woshczyn and I am a local South Florida Broker Associate working in North Miami Beach and Sunny Isles area Miami-Dade County. I do work with buyers in all price ranges buying and selling all around North Miami area. You may ask what qualifications do I have to make these statements and recommendations.
Well for starters I am not a GC but since the age of 14, I have been working with my dad rehabbing properties for other people and for the last 15 years for myself. I have rehabbed condos, townhomes, and single family homes for resale or as an investment property. So the things that I will go over are based on my and my customers experience.
Let’s use Sunny Isles City in South Florida
Using Sunny Isles Beach as an example, a great City and many opportunities exist to purchase either a beachfront condo or something a bit more affordable west of Collins Ave. Developed throughout the 1970, 1980 and 2000 not including the current real estate growth most of the condos in Sunny Isles are 30 to 45 years old not counting the new construction on the beach front. This is a nice episode from Bob Vila showing one of the approaches one could take with the rehab See It HERE.
Let us just get this out of the way, what is worth spending on a $5 million property may not be logical to spend for a property in $300,000 price range. You could, if that is what you want and like, but logically that makes no sense. There is such a thing known as over improving! That is not to say that you cannot fix up your condo nicely with a proper budget.
Do it Legally
First thing first, in South Florida you need a permit for everything you do, in Sunny Isles and any other city in South Florida. Yes, it is another form of taxation but it also ensures that the work done is done properly and safely. Since most of the residences in Sunny Isles Beach or for that matter North Miami Area is high rise condos, safety is the primary goal and none of the condo buildings will allow you to do any work without a permit and will not let your contractor up the elevator without one.
Now let’s be real we all know that not everyone follows that rule, just keep in mind if you are fined usually that will cost you $500 per day, it is much cheaper to get permits. Permits can be opened at Sunny Isles Beach center next to Tony Romas they have a price list of what all permits cost depending on what you are doing. Permit costs will start at $100 and can total up to around $1500 for a full rehab.
If you are doing a full rehab chances are you will need a general contractor who will need to do a drawing for your project and get everything approved by the city. Depending on the scope of work that will be done and price of the material, cabinets, tile, and fixtures you choose, expect to spend around $30,000 to $100,000 dollars for a condo ranging in size from 1000 to say 1800 square feet. See what Apartment Therapy had to say out the true cost of apartment rehab.
Just to give you an idea. A small full bathroom may run from $5000 to $10000 dollars completely finished depending on your options. A full kitchen could cost you $12000 to $25000 dollars depending on the quality of cabinets, floor, and appliances. Tiling the floor again depending on the options you choose may run $10 per square foot too much more than that.
So have fun updating your condo but make sure that you cover all angles and all possibilities known or unforeseen and price in 10% for the things that may come up unpredictably.
If you are looking for a fixer-upper in the South Florida Area please give us a call we would be happy to assist you in finding one. Call Us direct at 215-917-684 You may also SEE AVAILABLE listings in North Miami Area.