Forum Archive: Posts by: arkachic

My husband and i have an offer in for a 16×40 home in brooklyn that needs a gut renovation. It is an english basement + 2 floors. The basement is currently unfinished. We plan to gut & renovate. We will put in new building systems (central air, new elec, probably new plumbing) and do some structural work. The place is structurally sound, but we want to remove some load bearing walls so we will have to engineer some new beams/columns. We also want to relocate the back door. The windows & the rest of the exterior will remain, roof is in good shape.

What can we afford to do for 120k? Is $100/sf a reasonable amount to assume? Do you think that includes FF&E. We were thinking that we could do the top 2 floors and the lowest floor would remain unfinished but perhaps roughed in for future fit out.

I should disclose that i am actually an architect however i do large scale commercial work so I dont have experience with residential costs. we’re actually considering hiring an architect who specializes in residential just to give me some advice!
thanks!