Renovation Costs
we are thinking of buying a four story brownstone and are trying to figure out how much we need for renovations…it’s very approximate but we are looking at re-doing plumbing and electricity, 3 bathrooms (bath is already there just adding tiles, shower, new toilet and flooring) 2 kitchens – 1 can be a cheap ikea…
we are thinking of buying a four story brownstone and are trying to figure out how much we need for renovations…it’s very approximate but we are looking at re-doing plumbing and electricity, 3 bathrooms (bath is already there just adding tiles, shower, new toilet and flooring) 2 kitchens – 1 can be a cheap ikea kitchen. The floors, roof and walls are in good condition.Obviously walls will need to be re-painted.
We wanted to set aside around $150,000 and obviously are going to look at the property with our architect but wanted to know if anyone had any advice? The property is about 3000 sq feet.
any ballpark figures from your own experience would be greatly appreciated!
thanks everyone – this is really helpful! we have a friend who is an architect who will help us and be our “project manager” for a lower cost…we are going to keep the kitchens and bathrooms in their original places so we don’t have to move any plumbing around….but definitely i will assume 50,000 more in reserve funds! i will let you know the progress!
We just finished our near gut reno of a three story, plus made a clean dry basement area for workshop and storage. Our scope included many extras, and some very fine materials so there are no comps to share.
But do allow yourself a budget for surprises! When you start to open things up, some necessary repairs will come to light. We found a supporting beam below the bath that the last plumber simply hacked in several places to make his job easier. Masonry had to be reinforced on the parapet. Timber has to be replaced in a ceiling where there was once a leak. I’m sure there are a few others I can’t recall. These unforeseen incidents are known as CHANGE ORDERS. Good luck!
Based on my experience renovating brownstones, HouseNut seems to have a good handle on costs since you are not gut renovating. You’ve got to be vigilant about the costs, if you’re working with an architect you’ll have to make sure all work is quantified on the plans, anything not on the plans you need to add a cost line item for, and you’ll still need to allocate roughly 15% to 20% for unforeseen items — whether they are “field conditions” or upgrades. If all of the plumbing and electric is being replaced a licensed tradesman will charge more so you could pay up to $45K each for plumbing and electric for an entire 3,000 SF house.
1. Ikea kitchen is the way to go with rental and you could even consider doing it for your own unit with higher end countertops and the like.
2. The big question is the extent to which you are moving any walls or anything behind the walls – are the bathrooms staing in similar place/configuration or are you moving the plumbing guts around? Are you just upgrading electrical service and wiring or adding and relocating outlets/central A/C etc? $150k sounds right for decent finishes on the work you outline if you are just ripping out and replacing finishes, plus painting. floors, making everything nice. If you start moving major stuff around, add more. And if $150k sounds right, make sure you’ve got 1/3 to 1/2 more in reserve cash or line of credit to cover the inevitable surprises. Don’t start out too close to the bone.
rule pf thumb for a gut reno (including permits) that is high end but not crazy, is $150-$200 psft. So, 3000 sft would be $450k-600k.
However, you don’t seem to be doing a gut reno.
So, I’m with housenut on this… it’s possible to get the work done for 150k, if you manage the process closely and do what you can yourself (like painting).
But of course none of us have seen the property. And since this is on the low end, make sure that the 150k is not the last dime you have in the bank when things go over budgrt.
we looked at a three-story place that needed all of this. Ultimately a developer bought it for all cash and flipped it. He spent $300,000 on the reno. I think that would likely be your price tag for this much work, and only can you do it for that low if you are vigilant throughout about money.
housenuts prices are way low for a filed job…250,000 to 300,000 including architecture seems more realistic..of course, you could do it illegally and get a stop work order and 15,000 in fines
I agree with BHS. You have to allow for “soft costs” — architect, permits, engineers if needed, moving and storage costs, builder’s risk insurance. You also have to allow for surprises when you open up walls, and your desire for new furniture when the renovation is all over.
I got prices for doing some of this for a 3500 sq. ft. 4-story brownstone:
$30K for complete plumbing (you may not need to replace all of it)
$30K for electric (you may not need to replace all of it)
$8-12K in materials per bathroom
~$8K in labor per bathroom
Kitchens can vary widely
$20k in drywall/ plaster repair
Add 20-30% for a general contractor to manage all of this