Ballpark Renovation Figures

Found the house I’m looking for, but it needs a gut renovation. I’m trying to gauge what a very rough range is for such a project. I’ve done walkthroughs with contractors and realtors before, and what follows are figures I have heard tossed around over the years. Asking for you all to tell me where I’m wrong. (But nicely! This is my first post.)

(Figures ??? or complete guesses ??? based on renovating a two-story, freestanding frame house in Windsor Terrace. Also, I can live with Ikea cabinets, and I don’t need a Viking range. I’m looking at nice renovation, but as I said, this is Windsor Terrace, not Brooklyn Heights.)

Upgrade electric: $25k
Upgrade plumbing: $25k
New roof: $15k
New full bath: $15k
New half-bath: $10k
New facade: NO IDEA AT ALL. I love the way hardy board looks, but this is fully detached, so….
Blowing out a few walls and adding a doorway or two: $20k
Interior painting: $10k
Permits: No earthly idea.
Architectural plans: No clue.

Feel free to tell me how delusional I am. But nicely.

48x16

in Appraisals 13 years and 8 months ago

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Benchmark Projects | 13 years and 8 months ago

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As a construction consultant one of the services I offer is developing  renovation budgets for home buyers before they make an offer. If you are interested in my services you can contact me. Benchmark Projects LLC

Thanks
Ralph

denton | 13 years and 8 months ago

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Figure $160-$200 per sft for the interior, plus any add’l for roof, siding, etc.

needmtg | 13 years and 8 months ago

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Your prices match what I spent on baths, painting and roof (11k for 17×45). And I did a nice IKEA kitchen, including plumbing runs and electrical, for less than 18k. Of course not pretentious Viking and subZero crap, but then you’ll be in the 100k territory. Don’t be put off by the ‘double the price and time’ stuff, possible but not in any way certain to happen if you are realistic. Southsloper’s figures are certainly not.

Steam heat is fine if you’re willing to accept the lower efficiency (82-84%) instead of new water systems which can go up to 95-96\. This may save you $200 per year and cost you more than 15k to replumb and get a new boiler, so figure the ROI.

48x16 | 13 years and 8 months ago

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Thanks very much. Your replies tell me that I’m not way way off base. (I just realized I forgot about windows! Doh!) I’m off to meet with an inspector now. If there are no cataclysmic structural problems, I’m doing it. 
And masterplumbe: the heat is steam heat, I believe. Is there any reason not to keep that? The boiler, while probably pushing 20 years old, is gas, so there’s no nightmare oil tank on the premises, at least.
Thanks for the hand-holding.

southsloper | 13 years and 8 months ago

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I changed 2 into 3 bedrooms, redo (cosmetic) bath (1/2 from ikea), mini split air, and when all is said and done will be over $125,000.  Whatever you are planning, at least double it.  Probably worth getting an architect or contractor in to look at.

masterbuilder | 13 years and 8 months ago

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Hi, I just emailed a hard budget out to some people who did not have real ideas – on the money end – and needed my assistance.  And I just did walkthroughs with my subs for a gut reno.

Full rewire:  $25K is accurate.
Full new plumbing for two-story:  $25K to $30K is accurate.
Roof: I need the square footage and style of the roof.
Bathrooms:  Depends on tile, etc.
New facade:  Depends on material and existing conditions.
Interior painting:  $10K is accurate.
New sheetrock throughout?
DOB fees:  They don’t know either until they hit the button and the system spits out a number.
Architectural plans and fees:  Could be $10,000.

As for your finish materials, you should create a line-item spreadsheet.  It doesn’t matter to me if you want a Viking range or a G.E. range – the install cost is the same.

I find clients tending to go over budget because they have not thought through all the details and entered them into a spreadsheet.  You should also consider a fluctuation variance for change orders.  They come up no matter what.

masterbuildernyc@gmail.com
www.bgrnow.com

karhu | 13 years and 8 months ago

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Hi patter, I can help you with the last 2 items. I am an architect, if I can take a look at this property and get more information from you, I can give you an estimate of architectural service fee. You can contact me at generative.arch@gmail.com

northofditmas | 13 years and 8 months ago

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With or without permits?