Pricing for Townhouse Renovation?
Hi, we’ve been looking at some townhouses in Cobble Hill recently. I think I have a good sense of where the market is on pricing. But then I mentioned to a realtor friend that no matter what house we end up buying, it’ll probably require a top-to-bottom renovation, given the condition of what we’ve looked…
Hi, we’ve been looking at some townhouses in Cobble Hill recently. I think I have a good sense of where the market is on pricing. But then I mentioned to a realtor friend that no matter what house we end up buying, it’ll probably require a top-to-bottom renovation, given the condition of what we’ve looked at so far. She casually mentioned, “Oh, that’ll run you about $400-$500 per square foot to do a nice job.” My jaw dropped. Look, I can get my arms around the idea that the house is going to cost several million, but is it really true that I need to be thinking 150%-200% that amount to get something liveable? Some of the houses we’ve looked at are 25×45 feet over four floors – that would mean we’d end up spending over $2 million on renovation!
I can help you for $150- $250 sqft see what I finished at 30 west 126th street in NYC Harlem we charged $245.00 per sqft http://www.mtbgroupllc.com also see what we did at 302 washington ave.
Call anytime @ 646-895-0154
Geoffrey
I too am a contractor. Most of the stuff above is correct. You definaitely get what you pay for. We just finished a townhouse renovation on the UWS and it came out to $300/SF, new stoop and facade included. Very nice and high end. There is certainly economy of scale in a townhouse gut renovation. Changes are extremely expensive. Think about what you want before you take the leap. Planning is essential. You can get a lot from your architect and contractor if you are informed and involved.
You may also want to get a contractor to look at your potential properties with you.
If you are going to get an architect involved, get the best one you can. Find someone who knows how to work with contractors and knows construction. Some architects are great at drawing and don’t understand how things get built. The architect and contractor are going to work together for a good period of time. The architect should act as your owner’s representitive and should be able to negociate for you. If they are able to get along with your contractor, are well organized and turn things around in a timely manner, it will save you tons.
Some referrals:
Bill Watson, CastroWatson, wwatson@castrowatson.com
Brian Papa, MADE LLC, http://www.madenyc.com
As a contractor, I would agree with the advice to hire a good architect to help plan the project to your budget. That’s essential for 95 percent of owners, those who do not have either the experience or wherewithal to manage it themselves, or who do not have an exceptional or personal relationship with the contractor to see them through the process. However, for all the flack contractor’s get for “poor performance,” just remember that there are unqualified or poor architects out there as well. A bad or inexperienced architect can just as easily lead to massive cost overruns, disputes, and dashed hopes as a lame contractor can. Choose your architect–and your contractor–with care.
I’m an architect and have completed close to a dozen renovations of townhouses and significant pre-war apartments. The price of the renovation depends on the quality and completeness of the renovation. Flat walls? New (safe) electrical system? New energy efficent HVAC system? New plumbing? Level floors? Insulation and sound proofing? Restore the plaster cornices? It all cost money. $400-$600 is a real price range. A house in Ohio cost $200 to build, you’re building in New York, it is more expensive. Your townhouse is at least 100 years old – there is more wrong with it than you see at the Open House. An Ikea kitch in a $2 million dollar townhouse is joke that the next buyer isn’t going to pay for – re-sale is king. Quality always sells.
My advice:
You get what you pay for – Hire a good architect, make your decisions while everything is being drawn and can be priced correctly by the bidding contractor. Changes made in the feild or delayed decisions cost twice as much.
Have the architect qualify the bids – “apples to apples” that spell out out absolutly everything. If the contractor doesn’t give you a price for sound insulating the powder room that means he’s fine with you listen to the toilet flush during Thanksgiving dinner. Be your own advocte ask as many quests as possible. Keep the architecture neutral/classic, the interior decoration can be personal and special.
Hire a qualified contractor that knows how to schedule the subs – timing is everything, I’ve seen so many renovations where the work was done out of sequence and has to be ripped out and redone.
The Architect will also determine that the work is being done correctly the first time and that you’re not over paying the contractor for the work that is completed.
A great deal of my work is ripping out other people’s half-ass renovations. Take on what you can handle – do the house in phases. Complete one project before you start another.
Make sure you have a contingency of 10% of the total cost of the work – you’ll need it.
I’m an architect and have completed close to a dozen renovations of townhouses and significant pre-war apartments. The price of the renovation depends on the quality and completeness of the renovation. Flat walls? New (safe) electrical system? New energy efficent HVAC system? New plumbing? Level floors? Insulation and sound proofing? Restore the plaster cornices? It all cost money. $400-$600 is a real price range. A house in Ohio cost $200 to build, you’re building in New York, it is more expensive. Your townhouse is at least 100 years old – there is more wrong with it than you see at the Open House. An Ikea kitch in a $2 million dollar townhouse is joke that the next buyer isn’t going to pay for – re-sale is king. Quality always sells.
My advice:
You get what you pay for – Hire a good architect, make your decisions while everything is being drawn and can be priced correctly by the bidding contractor. Changes made in the feild or delayed decisions cost twice as much.
Have the architect qualify the bids – “apples to apples” that spell out out absolutly everything. If the contractor doesn’t give you a price for sound insulating the powder room that means he’s fine with you listen to the toilet flush during Thanksgiving dinner. Be your own advocte ask as many quests as possible. Keep the architecture neutral/classic, the interior decoration can be personal and special.
Hire a qualified contractor that knows how to schedule the subs – timing is everything, I’ve seen so many renovations where the work was done out of sequence and has to be ripped out and redone.
The Architect will also determine that the work is being done correctly the first time and that you’re not over paying the contractor for the work that is completed.
A great deal of my work is ripping out other people’s half-ass renovations. Take on what you can handle – do the house in phases. Complete one project before you start another.
Make sure you have a contingency of 10% of the total cost of the work – you’ll need it.
load07: “gold faucets” will damage copper pipes. So you will need to put silver pipes.
I did a lot looking when I was in the market for a new kitchen. I didn’t chose either but I have never seen a kitchen in Home Depot that was better quality than IKEA.
$150 – $200 sounds about right. Unless you want gold faucets.
Price point comfortability is key to it all.