Newbie Renovation ?'s
Interested in purchasing a brownstone in need of major renovation – roof, plumbing, electric for starters – not to mention putting it all back together again. We are in the early stages – i.e. no contract signed but we need to get our ducks in a row. How in the world do you begin to…
Interested in purchasing a brownstone in need of major renovation – roof, plumbing, electric for starters – not to mention putting it all back together again. We are in the early stages – i.e. no contract signed but we need to get our ducks in a row. How in the world do you begin to estimate the cost of of renovations? SInce we have to take it down to the studs – we might as well add some modern conveniences like a/c and such. How do you get financing for a property in such an initial state of disrepair? HOw much can be done before it becomes more than the projected value of the property? When do you get an architect and engineer involved? How do you estimate that cost? want to get some ballpark figures and a starting point. The property is currently a 4story – 3 family, that we would like to make into a owner triplex and garden rental unit. Any insight would be much appreciated.
Between 150 and 250 a sq ft depending on what level of renovation you want to do.
300,000 sounds a little low to me, but I could be wrong.
On the renovation: get your architect on board first. Get ideas/plans about what you want to do, then use those plans to get bids from contractors. Many architects can give you a ballpark range about prices but you’ll need to go to contractors to get better numbers. If you’re landmarked you’ll have to get plans approved by Landmarks before you do anything. Are there C of O issues with your proposed occupancy change? You’ll need to factor in the cost and time on that as well.
The archives on this board are a good starting point for general estimates on renovation costs.
Best of luck!
300K min if you go with basic materials. A lot more if you add in lots of frills, high end materials, etc..
This question is asked and answered in detail on this board frequently and can be found in the archives