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!!
Good luck getting it done even at the high end of these price ranges. And do not take an architect’s estimate to the bank, either. Sorry Jim. I also think that 100K per floor for a total gut is LOW.
Another architect here. As I often find, the frequent and reliable posters here, and this thread seems to have turned into a mailing list of them, are all saying the same thing and are all correct. The price ranges given here are consistent and accurate.
I particularly appreciate those posts that recommend speaking with an architect. 🙂 Have an architect, and maybe simultaneously a contractor, come by and have a look. If you’re very serious about buying this house, then some (me included) would be happy to come by and provide an estimate.
Much good advice above. I am with cmu. My first reaction to your post is that you don’t quite seem prepared for this kind of undertaking. You need to do a real gut check before you take on a gut reno. It’s not for the faint of heart. You need to have a really good reason to want to go through it and the willingness to ride herd on the architect, contractor, everyone you hire. You are going to need to think critically about the information you get from various professionals and be ready to make lots and lots of hard decisions quickly. You are going to need to put in a lot of time supervising the job and picking out everything. You need a financial and emotional cushion because the job will take longer and cost more and be more disruptive to your life than anyone tells you it will, and there will be surprises, even in a total gut. This isn’t your only choice — make sure you want to do it and go through it. If you do, embrace it, gear up, and prepare yourself.
And don’t use anyone recommended by the broker to help you make this decision. Good luck.
artdecopark: the tone of your post and even your identifying yourself as “a mom..” (as if that automatically says anything about your renovation sense) is very scary. Don’t reveal too much to contractors or anyone else with an ax to grind.
gut renovation:…it’s long, messy, expensive, frustrating and marriage-threatening.
Otoh, the scale of renovation may be nothing like what your re agent says. Many things can be done incrementally while you live there (is it livable?) You need to talk to an architect.
And what most of above say.
Architect here…just wanted to say everyone above is correct and to warn that any contractor saying they can do a gut renovation of a 2 family house for only 80K is trying to swindle you. That would be impossible in this city, and I can confidently say that without knowing the full scope of work.
Good luck.
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What denton said.
what eman says, you didn’t say how many sft but figure $150-$200 psft. That assumes new walls, floors, plumbing, electrical, HVAC, but no exterior work.
never ever ever believe the broker.
engineer is more on the money, but even then it is difficult to find a good contractor to match the engineer’s estimate.
I agree….$100K will not be enough. $250K is a better base estimate. It isn’t just the cost of the gut reno, but the cost to put walls, doors, floors (maybe)tile, kitchen(s), etc back in. The broker either lied or has no sense of costs and then should have said so.