Journal
Welcome to The Journal
Every now and again we will post an entry about one of our projects or a topic we think will be helpful or of interest. If you would like to know more about any of the entries or have an idea for one, please reach out to us at Ken@KastenArch.com and Rebecca@KastenArch.com or call us at (312) 583-3555.
OUR SERVICES - BUYERS & REALTORS
Journal #1
Planning to Renovate after you Buy an Apartment?
When buying to renovate it is important to do a little homework. Even if you’re not sure when or exactly how you’ll renovate, ask an Architect along when you tour the unit. KA+A can help you see the apartment with trained eyes, envision potential and answer crucial questions. By doing the homework, you can find the right place that can be transformed into your home.
How can this space adapt to fit the way you want to live?
Do you want a more open floor plan, expand the Kitchen or Primary Suite? KA+A provides quick ‘Before’ and After’ sketches to help you visualize what can be achieved. Visit our Buyer and Realtor Advisory Services page for examples.
Which layout changes will this apartment support?
Often you’ll be surprised how much change can be accommodated, but some times there are things that seem like they should be easy but are not. KA+A consults with the building’s Management & Operations Team to know if there are any obstacles to removing a wall, relocating or expanding a Kitchen or bathroom prior to you buying.
Which renovations will affect your ability to recoup your investment?
Whether you are planning to live there for 5 years or 15, KA+A works with your Realtor to know what the comparable apartments are in your building.
What should you know about the building you are buying into?
Read the Association’s Board meeting notes. We routinely are asked to read & decipher 3-5 years of notes and other documents. It is important to know if the building has any future capital improvement projects or discussed other possible building liabilities that may be implemented after you buy.
OUR SERVICES - CONDOMINIUM ASSOCIATIONS
Journal #2
Protect and Grow Your Condominium Building’s Value
Every Condominium Association Board has, or should have a singular, critical mission: protect and grow the property’s value and thereby the value of all Owners’ units. Doing this requires laser focus on:
Money
We all wish we had more money but how much does it really take to operate your building and keep the property looking up to date, so it always presents a fresh design and is at the top of the “go to” list for the next generation buyer? Keeping track of major expenditures quarterly and year-to year is the place to start. Even if your building is newer and there are relatively few and infrequent decisions to be made, it is a best practice to field a consistent team of advisers and service providers over time. KA+A can assist with finding the right design team for your needs, help with prioritizing renovations or other capital improvements and advise on even small issues. Returning to the same trusted advisors over time can deliver both financial benefits to the Association and physical benefits to the building.
Marketing
Associations should consider every decision in terms of both near-and long-term impact on the Owners’ ability to sell their units successfully. Every building, no matter the size, has a “brand” in the market that needs to be carefully managed. That reputation directly affects the value of the apartments. Even seemingly small strategy decisions can affect prospective buyers’ and Realtors’ perceptions. These decisions need to be considered in relationship to the surrounding market. What are other comparable buildings in your area doing? What does the new construction around you offer? The Association’s decisions can benefit from experts such as Architects, Interior Designers and Realtors. They are more likely to understand the market and prospective buyers.
Maintenance
Associations should keep critical systems and building features in good repair and invest ahead of time in funding their replacements before the end of their lifecycles. Both indoor & outdoor shared spaces & amenities should look their best at all times. This ensures the best quality of life for the Owners and heads off longer term problems.
Visit our Condominium Association Advisory Services page for more information.