Townhouse Gut Reno estimate

In all seriousness though- I am mid gut reno at the moment and here is my budget experience: researched price per sq ft estimations, did the math and said “we can’t afford that”. Bought the house anyway, planned everything, hired everyone, put together our budget, number was too high. Worked with the GC to find savings, brought the budget down on paper. Started work, ran into issues here and there…..and we are slowly ending right back at that original “we can’t afford it” number. We are finding a way to afford it but it’s not pretty. So when someone says $250/ft they are pretty spot on. At least in my experience.

randolph

in Renovation 9 years and 6 months ago

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randolph | 9 years and 6 months ago

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you really need to be heavily factoring in the emotional cost of a major renovation. how much does a year of massive stress, anger, frustration, panic attacks, giving up, marital strife, false hope and sleepless nights cost?????

katanov01 | 9 years and 6 months ago

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randolf, I am factoring in $350k discount for uncertainty, stress and trouble (realize this is individual) + $150k for rent of an non-renovated townhouse for 1.5 year (100k per year) while we renovate and get permits while paying mortgage and taxes on this one. Brings the nicely newly renovated townhouse premium to $1.5mm+ from the one needing gut-reno.