CAPITAL IMPROVEMENT (CAPEX)
Benefits of Unit Renovations & Common Area Upgrades
The ROI of these upgrades benefits not only the Owner but the Tenants as well.
Under California law, owners must renovate to keep their units up to California Building Standards and Codes. They also must make repairs when a problem endangers the health or safety of a tenant. Additionally, owners have the right to upgrade the apartment, but they must follow the law in this regard.
Renovations While Occupied
If the renovation project impacts a tenant’s ability to live in his/her unit – such as a kitchen or bathroom remodel – the owner might consider completing the construction when the tenant is on vacation or offering to pay for her hotel room.
If an owner wants to renovate while a tenant is occupying a unit, there are several ways to limit the impact on the tenant. He could limit construction to the tenant’s work hours or offer a rent reduction. Owners must give reasonable notice of at least 24 hours before they begin renovations. Tenants are entitled to the “quiet enjoyment” of their space, and a renovation cannot interfere with this.
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STREAMLINE BUILDERS, INC., Santa Monica, CA 90405
General Contracting & Construction Management
General Contractor's Lic. # B945745
Email: email@example.com | Phone: (310) 310-2001