What does a capital renovation (kapitalny remont) actually entail?
A capital renovation is an overhaul of a building from the structural components to the utility and communication lines. The renovation is state funded and is generally done very infrequently. There are many old buildings in St. Petersburgs city center that have not gone through this. What this means is that the buildings are filled with inconveniences such as poor water pressure or electricity. Any potential buyer should be wary of investing in one of these properties because outside of the poor quality of life, if the authorities decide that the building is due for a capital renovation the tenants are forced out and the building is renovated. The process can last years.
