DOI link for Building Renovation
Building Renovation book
Building Renovation is the sixth Stage of the seven-Stage Real Estate Development Process. Building Renovators identify the physical and functional deficiencies of a property, correct those deficiencies, and re-market the property to a different submarket. The schematic diagram illustrates the Building Renovation Stage position in the Real Estate Development Process. The schematic diagram includes box diagram, Venn diagram and circle diagram. This chapter describes the key players of Building Renovation such as buying building operators, property redevelopers, mortgage lenders, construction lenders, property managers, tenants, leasing agents, building systems engineers, renovation contractors, local historians, environmental experts and neighborhood activists. Building Renovators must be able to see market opportunities and envision how the renovated property will capture these. A marketing budget that includes advertising, promotional events, and leasing should be established at the beginning of the project, and then the marketing costs should be managed in accordance with the budget to avoid overspending.