How to best estimate renovation costs prior to purchase without the time for contractor estimates?

We’re being asked by the broker to sign the contract to purchase a frame house in Brooklyn in the next day or two. The initial inspection is done, but we haven’t had time to bring a reliable contractor in to estimate renovations. Although the kitchen’s and baths that need to be replaced, the house looks in decent condition. However, the building inspector said that the repair work in the basement looked shoddy and that he’d probably open up all the walls to change the plumbing, electric, etc. and that total renovations could run $50k/floor. How is it possible to know whether the gut renovation is highly recommended or just an option, and we could otherwise have a more selective renovation at a lower cost?

eastfour

in Plumbers and Plumbing 12 years and 2 months ago

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lcrivolitorino | 12 years and 1 month ago

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Honestly any contractor that gives you an “estimated” cost, and that is what that is exactly, will only be misleading you. There is no way!!! Renovations take time prior to start, types of materials that the homeowner wants and maybe after you change your mind, well then your price just went up, it is just a foot in the door for most contractors. I take time even before hand to give customers estimates, needing to know very specifics on what they want and what types of materials they want me to work with. THEN I give them a Price! I’ve never answered any customer when I walked into a home for the first time and when they say to me; “How much do you think?” Each and every job is priced accordingly. And all details have to be discussed with no surprises! lcrivolitorino@hotmail.com   Lombardi Interior Renovations.

curated | 12 years and 2 months ago

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We do pre-purchase walk throughs and write ups with prospective buyers so that they can have a good idea of what renovations will cost. Definitely best to do this before you have signed contracts. Feel free to contact us. http://brownstoner.staging.wpengine.com/curated

Augustiner | 12 years and 2 months ago

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if these electricity and mechanicaly were done last 100 years ago then you have a more extensive reno ahead. Not necessarily now and not necessarily a gut. It´s like an old car, maybe it works as is for a while, but the more layers you peel off, the more trouble you will find.
A contractor knows what systems are outdated, and should be able to give you a rough number. Add 30% to that number and that´s what it will cost you.

slopemope | 12 years and 2 months ago

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Man i wouldn’t go into contract without a seperate Termite inspection on a frame house.  No way.  Give broker confidence that you are moving swiftly and decisively, and that you are going to buy house unless its falling down.  Then get some contractors and a termite inspector in there asap.  If broker wants to prevent an eager buyer from doing basic due diligence, I would pass that one by.  But i suspect you can make it work by pushing and letting them know how serious you are.  If not, theres too many alarm bells.  Call All Renovation, maybe they could meet you after work and do a quick assessment – explain the situation.  And call Jeff at Ecology Exterminating, explain the time issue to him and see if he can get out there for a termite inspection.  Good luck, it is a crazy market.

sourcream | 12 years and 2 months ago

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With such limited time and such a bid decision….your only options are trying to as many contractors as you can to see the place today and tomorrow….the more you meet the better feel you will get of what exactly needs to be done….if you can get a handful to come by (in luck) then at least a ball park range is the best settlement you will have. With such short notice this is all that can be done….Read some reviews and get a few well-reommended contractors to come by from the archives….you should have an idea of the estimated cost after a few meetings

slopefarm | 12 years and 2 months ago

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I guess the issue is what you need to know before signing a contract. Is it whether you can afford to take on the house at all — in which case you woul dnot sign without an estimate within your means? Or is it whether you have basis to demand a lower price in response to what you learned from the inspection — a difficult proposition in this market and in light of the assumption that you are buying an ubnrenovated house? Are you trying to borrow for reno costs? IMHO, I think the main pre-contract question is whether you have the means and want to take on the house and for that you really need a ballpark estimate (you won’t get better than rough ballpark in the next day or so) and you need to assume your actual final reno cost will be a good 50-75% higher. If that is within your means and the deal is still worth doing, go for it. If the estimate takes you right up to your edge, then I recommend not going forward. Everyone thinks their situation will be different, but it always costs more than you think it will.

briank | 12 years and 2 months ago

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Don’t fool yourself, you cannot do this without professional help-Contractor or engineer are best options. Architect only if you plan some design changes. Most contractors give free estimates, but it’s kind of awkwardc to use them for this. get soemone who’ll do the estimate for $150-200\. That way he’ll be more responsible in voicing opinions.

eastfour | 12 years and 2 months ago

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Thanks – what is your availability today or tomorrow – and contact?  Alan 917.862.7910

concernedcitizen | 12 years and 2 months ago

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We are often in that area. I would be happy to take a look and give an opinion.