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It is hard to find a place in Manhattan with enough storage space for all your items. On the other hand, it is also really expensive to find a bigger place in NYC. Then, you also have to consider moving, booking Divine Moving and Storage company, etc. You can avoid all of this if you can buy a smaller apartment next to yours and combine it. Surprisingly enough, it is quite common to combine two places into one, especially in NYC. If you plan to do the same, you should prepare everything, from the budget, hiring an architect, making a plan for reconstruction, and someone. For this reason, if you plan to do the same, here are all the things you should know about combining two Manhattan apartments into one.
How to afford it when combining two Manhattan apartments into one?
First things first, you need to make a budget when you plan to do any type of reconstruction. It is going to be quite expensive to combine two apartments into one. For this reason, you need to start saving money in order to be able to afford the entire process. this also depends on whether you are owning both apartments or not. If you are not, then you first need to make a budget to purchase the second apartment. Buying an apartment in Manhattan is definitely not cheap or affordable. Therefore, you need to figure out your budget before you start any project. Once you purchase the second apartment, it is also going to be challenging to finance combining two apartments. make sure to calculate all the costs before you decide to do this project. Always count on hidden costs because you never know what you will encounter.
Co-op, Condo, and City Regulations
If you plan to purchase an adjacent unit in a co-op building, make sure it is permitted. In this case, not all co-ops permit combined units. On the other hand, if they do, you have to abide by the specific rules that regulate this process. Unfortunately, there is more. All the renovation plans have to be pre-approved by the co-op board. Do not get on their bad side if you plan to combine apartments. In addition to this, if you are considering this with the condo, you need to buy a separate tax. Usually, this means combining the tax lots as well. However, this is not everything. You need to consult the City of New York’s Combining Apartments guide. Mind you, you cannot renovate without the City’s permission. You will also need to fill out the following forms.
Combining two Manhattan apartments into one – construction costs
It is almost impossible to combine apartments under $10,000. Demolitions themselves cost between $5,000 and $10,000. Why is this so expensive? If you want to raise the value of your home, you need to make the flooring, ceilings, and millwork into one. This means that your entire new apartment needs to have a sense of continuity. If your two apartments have different flooring, ceilings, or millwork, it means you will have to replace everything. Then, you should check electricity, installing new windows, etc. New windows are usually around $15,000 to $30,000. However, this is not the end. You cannot live in your apartments during the renovation. This means renting furniture removal NYC, finding new accommodation for this period, storing your furniture somewhere, usually the storage unit, etc. As you can see, the list goes on and on. The final price will depend on your plans.
There are more things to think about when combining two units. Your taxes will go up if you decide to combine apartments in Manhattan. You will no longer be able to deduct state and local taxes. This may create a quite significant tax burden. This is why you should be extremely careful about doing this project. If you plan to use the additional space as an office, you can actually apply for a standard deduction of $5 per square foot with a maximum of 300 square feet. In addition to this, a certain percentage of related expenses, such as insurance, repairs, utilities, can also be deducted. On the other hand, if you do not plan to use the additional space for business, this will be seen as a capital expense. It would be smart to consult with a tax specialist before making any plans.
Combining two Manhattan apartments into one – resale value
You need to think about adding value to your home. You never know when you want to sell your home, find another house, hire Manhattan moving company, and move away. For this reason, you need to think about resale value before combining two apartments. Unfortunately, it might be difficult to recover your costs. If you plan to live here for a really long time, then, it is going to be fine. There is a way to increase the value of your home. You need to think about the design of these two apartments. If you make it attractive and modern, you will have no problem selling it for a good price. You need to think about making these two units into one cohesive apartment. Luckily, your plan to do this in Manhattan. Thousands of people annually move to Manhattan so you will have no problems finding a future buyer.
How to do it?
Before combining two Manhattan apartments into one, you need to hire an architect. For all the reasons mentioned above, you need to have a professional that will make these two units into one cohesive apartment. As you could see, you have to think about floors, walls, windows, and so on. In addition to this, an architect would know about all the permits you need to have before and doing anything with this project. Bureaucracy might be a little bit complicated at times so it is always great if you have help at your side.