Ballpark Cost for 2-Fam Gut Job?
I’m currently looking at 2-family for sale and wondering what rough cost would be gut and convert it to a 3-family. Couple points – Zoning provides for 3 family (without changing structure of house, above ground basement conversion possible and FAR provides) – House is 1930 brick, bones look good but inside would have to…
I’m currently looking at 2-family for sale and wondering what rough cost would be gut and convert it to a 3-family.
Couple points
– Zoning provides for 3 family (without changing structure of house, above ground basement conversion possible and FAR provides)
– House is 1930 brick, bones look good but inside would have to be gutted. Would not look to change too much of structure only open up the floorplan a bit as existing structure provides.
– Dont expect will put very expensive finishes, but not builder grade either (something middle of the road)
I dont want to wind up overimproving for the neighborhood and wnat to leave enough room in my offer for contingencies.
Any sense on how i can get started to ballpark this? What should be on my checklist of big items to consider?
Thanks!
Our gut reno will be around 200USD per sqf. This doesn’t include any soft costs for engineers, architect, testing, expediting and so on as well as no carrying cost for the empty house. Further this is before increases in costs due to unforeseen issues. Demolition will start next week.
Every material is quite basic. We only splur on a Daikin AC and very efficient heating system. Without this the cost would be around 175USD.
Curious to meet anybody who can do it cheaper.
Our gut reno will be around 200USD per sqf. This doesn’t include any soft costs for engineers, architect, testing, expediting and so on as well as no carrying cost for the empty house. Further this is before increases in costs due to unforeseen issues. Demolition will start next week.
Every material is quite basic. We only splur on a Daikin AC and very efficient heating system. Without this the cost would be around 175USD.
Curious to meet anybody who can do it cheaper.
We just completed a similar project – and it was a total and complete gut reno – for around $150/sq ft. We have mid-range finishes (solid white oak floors, solid doors, AC on 2 floors, Anderson windows, formica countertops, basic bathrooms that look great, nice-looking non-tacky hardware from Home Depot, and a few special orders and small splurges). But yes, the soft costs were around 25%, maybe more. After much hemming and hawing over whether to change the C of O, we kept our c of o at 3. But given extra time and money, it’s possible to change it. Of course, extra time and money will be required again and again and again throughout the course of your project. Your best resources will be an honest contractor who comes recommended; and a knowledgeable expeditor. The expeditor will be up on all the codes, which literally change by the week. You could never decipher it all on your own. Buckle your seatbelt for plenty of unexpected construction surprises along the way and either get Xanax or a yoga membership, you will need it or both. It is an immensely stressful experience.
It is easier to find a mortgage for a two family than a three family.
what mopar said about three families worth thinking about. we own a 3-family and I’ve noticed in park slope, prices for three family buildings are lower than for similar square feet as a one family or two.
So you might be decreasing property value by renovating this way, and also you might find a better price in ready to go three family.
It took us over two years to find a property by the way. I think waiting and looking is way better than renovating (though we’ll be doing that at some point too I’m sure).
there are always hidden costs in home ownership but renovating seems to be the time when you can truly run amuck.
Also, 3 family (or more) dwellings require either a sprinkler system or fire escape.
Depending on your neighbors if they call 311 on you and report you to the Dept of Buildings, even if you do everything by the book and according to plan… if your neighbors don’t like it or are “uncomfortable†with your construction for any reason you can expect the DOB to come down and FIND violations which will result in STOP WORK ORDER and fines = time and money.
Good luck
$200 would be a really low end job. Anything of decent quality is going to be much more than that, especially when you consider the holding cost (mortgage, taxes, insurance, etc.) associated with the inevitable lengthy delays. Also consider the stress involved in getting the contractor to finish the last 5% of the job after he convinced you it was ok to move in and he’s already moved on to the next job.
“I have a hard time believing $150-$200/sf is accurate when all the other factors are taken in to account. ”
It isn’t. People hear numbers like this, want to believe them, and find out the hard way when it’s too late to turn back. Estimates like that are very dangerous and people should be very careful and demand proof. It isn’t that hard to do a budget and see that the low range numbers are way out of date.