Gut Reno Estimate?
I’m looking to buy a 2 family brick from the early 1900. i was told it will need a TOTAL GUT RENOVATIONS. My broker said it will cost me $100K. The engineer that did the inspection said it would cost at least $250K. A contractor that came for estimate $80K. This prices are so different….
I’m looking to buy a 2 family brick from the early 1900. i was told it will need a TOTAL GUT RENOVATIONS. My broker said it will cost me $100K. The engineer that did the inspection said it would cost at least $250K. A contractor that came for estimate $80K.
This prices are so different. Who is right? Help!!
Susan, mine was about 100 psft including extras. That included all sheet rock, stairs, insulation, plumbing, electric, trim, flooring, and installation of everything I provided like tile, cabinets, appliances, etc. Did not include paint, tile, appliances, fixtures, switches, HVAC.
In this economy I bet it could be done for less. Contractors are not as cocky and material costs are way down. (In fact I probably overpaid a bit but that was my choice in that I used a guy I knew and trusted, I didn’t even get any other bids. And in the end I had no major construction-related issues, the job went as smooth as a baby’s proverbial ass, except for the city, natch).
I am also looking to do some extensive renovations in my Brooklyn home. bkny or anyone else can you recommend either a contractor, plumber, and/ or electrician to call for bids?
Well — it’s a little off topic, but car repairs are definitely WAY cheaper in Bushwick than other areas. It’s because the hourly cost of labor is much lower. Restaurants are also massively cheaper. A half rotisserie chicken is $3.50. No doubt it’s because rents are lower there. The plumber who lives around the corner has done lots of little inexpensive things for us. But I’ve never tested this theory on a gut renovation. Not yet!
Miss Muffett – i have never heard of that theory but based on comments on this board I would have to agree. like ban, we have a high end reno, with granite, marble, ammana, viking, sub zero, tin ceiling, island etc…high grade wood floors. we stripped and restained all of our wood, including the stairs and we did not exceed 150k. our contractor, electrian, plummer were all licensed. we also gutted and finished the cellar (below ground floor), which included digging down a few feet, so a total of 4 floors.
we live in bed stuy and so so does the friend that i was referring to.
Why does it need a gut? Sometimes people say that when it doesn’t. Ex: Inspectors will tell you to replace all the plumbing — for no particular reason except it’s old.
Susan – What do you mean by that? Just demolition? If so, you could pick up some casual labor & oversee it yourself. You’d have to get rubbish pick-up.
Does anyone have sf estimate of a gut reno excluding fixtures, hardware and surfaces? Just labor?
On the plus side, I think you will get better labor prices from contractors now than you would have a few years ago.
Ban, that’s interesting since that’s a reasonable price. I’m wondering if there’s any truth to the rumor I’ve heard that contractors/architects charge more for renovations in more expensive neighborhoods, even if it’s the same work! Anyone have any evidence of this, or to the contrary?