How to get a rough idea of what a renovation will cost?
I’m looking for a home. I found a small brownstone that needs complete renovation. It’s not liveable right now, but it’s not a total wreck either. I’m a complete newbie to this. How do I go about figuring out how much it will cost me to renovate the place, to see how much I can…
I’m looking for a home. I found a small brownstone that needs complete renovation. It’s not liveable right now, but it’s not a total wreck either.
I’m a complete newbie to this. How do I go about figuring out how much it will cost me to renovate the place, to see how much I can afford to bid on it? Do I bring in an architect, or an engineer? Do these professionals ordinarily make quick house assessments like that?
Thanks for your guidance. I’m the kind of person who thought I needed a house in move-in condition, but I can’t find one of those in my price range (under $900K)
You can probably find a house in relatively good condition (minimal reno needs) in Sunset Park in your price range. If you’re not the kind of person who feels comfortable with renovation and had no history with it, you’re likely to hate the whole process.
You can do much better than $100K per floor if you are willing to do some of the finish work yourself (painting, ect.). Really depends on how many bathrooms, kitchen and other cabinetry choices, and if there are any structural issues to deal with. Keep in mind the architects will generally tell what you want to hear (lowball) and good contractors will be more conservative, but until the demolition is done, you won’t know if you have any unforseen structural problems to deal with. You should have add at least a 20% cushion over what anyone tells you it will cost — stuff just comes up, and it WILL take a lot longer than anyone will lead you to believe.
I have a friend who purchased her brownstone in Prospect Heights when it was uninhabitable. She applied for (I think) a HUD mortgage/loan in which she was able to finance the mortgage as well as the cost of renovation so if you haven’t even submitted a bid you might want to look into this also. Good luck!!
Thank you for all the good advice.
I’m in total agreement with the 1st two posts. Wife and I fully renovated a 4-story bstone in Park Slope a couple of years ago. I always hesitate to call it a “gut” reno, because we took great pains to preserve a lot of detail and preserve the original character of the house where reconfiguration or modernization was required.
I would say that our reno was towards the high-end on fit and finish, and $100K per floor all-in costs, including soft costs, such as architect/engineering fees, was about right. I’d peg our intial phase at around $450K. Plus, we’ve spent close to $50K on additional exterior work, such as repointing, sidewalks, etc., since we moved in.
I would say that we are glad we did it (now that is’s done), but we certainly questioned our sanity along the way. We wanted to get the entire reno at least 80% done in one big initial push because the prospect of living through projects each year for the next 10 years was even more unpleasant. Fortunately, we were in a fin’l position to do that (though it was more of a stretch than we had imagined it would be).
I cannot emphasize enough how much time and effort the planning and execution of any renovation project takes. I also cannot emphasize enough that no matter what estimates you get, the costs will ballon to about 50% more than you anticipated. It’s not always the contractor at fault. People simply fail to to account for the many complexities and unforseen problems. Also, there are many costs that simply add up. The professionals are typcially estimating the big checks you’ll be writing, not the hundreds of little checks for hardware, books, paints, you name it. Anyone who has kept close track of all reno expenses knows exactly what I mean.
If you’re a babe in the woods, the first step is finding an architect you like and trust. You must check references for any professional you hire – arch, eng, contractors, etc.
Also, in general we budget about $5K-$10K for annual maintenance. These old houses take money and/or time & skills to keep up. There is always something that needs fixing/upgrading no matter how much renovating you’ve done.
While bringing in an architect, strucutural engineer, and contractor will help you evaluate the condition of the building, it will also scare the cr*p out of you and lead to “over-analysis paralysis”. Do you have any friends who have done this before? Find someone who has dealt with the wide range of actors involved. Talking directly to each person — architect, contractor, etc — won’t give you the broad understanding of the process and how everyone interacts. And it will spin your head & make you think you need to bid low to afford all the work each person will tell you is necessary.
The prior poster was right about finishes. It drives the whole process. An inexpensive tile bath costs a fraction of a fancy stone bath. A kitchen can be $15,000 or $150,000. Don’t be cheap: the cost of nicer finishes will come back to you one day and the cost of re-doing stuff is very high. Try doing the project in phases. It took me a long time to figure out a house you can customize is worth more than the shell + construction work. And I lost several houses along the way that, in retrospect, would have been perfect. It will take longer, but hopefully make it into more affordable chunks. I hate to say it, but if you have to do it on the cheap to afford it, think twice.
You also have to be the kind of person who can tolerate the frustration of renovation. Twice as long/twice as expensive should be your matra. And finally, you can always change the house but you can’t change the location. A great house in a so-so area won’t hold value.
A complete renovation price is hard to pinpoint without knowing the level of finishes and details you ultimately desire. As well, the condition of the building systems has a great effect on the price of a renovation. If there are not signs that the building has been fully renovated in the last 20 years, expect to have to re-do most of the plumbing and electrical. My experience is that $100K per floor in a partial gut renovation is a starting point for your budget. Of course, if you have the time to manage the project on your own, you can save yourself a good deal of money.
Good luck!
Jeremy Shannon, AIA, LEED AP
Prospect Architecture
718-783-0348