9:23 AM 04/29/2012
I am considering buying a 1 or 2 family home in the south slope or windsor terrace. I am debating whether to consider houses that need a gut renovation, but I really don't know the cost. I know it all depends on the level of renovation and scope of work, but I'm just trying to understand a ball park figure. Are there rules of thumb how much it would cost, maybe by square footage? Any advice would be very helpful. I think I would be modifying the layout but would attempt to keep costs reasonable (for instance subway tile not super expensive tile in the bathrooms).
Rough estimate would be 250.0/ft for "subway tiles" ranging to 400.00/ft higher end.
Re-arranging a house to your liking is a customization that comes with significant "up charge".
Considering the cost of acquisition, time, and renovations, this will cost significantly more than a "move-in" condition house.
The myth of sweat equity is OK as long as you knowingly suspend dis-belief. Proponents of this myth are quite common, probably the majority. This is primarily because the first of the above three costs is attainable, and the ultimately greater cost is spent over time.
You might guess from my drift that I oppose this myth, but you do end up with a personalized dwelling. As a luxury this has great value, just understand that the process is not one of great thrift and perserverence, but rather pride and self indulgence.
Been there, done that.
9:17 AM 04/30/2012 | 0 Votes
I would have to disagree with Bruce. It is definitely possible to complete a gut renovation on a property and come out ahead of what you would pay for a "move-in" condition house.
Even if you find a decent mint-condition house (which will be expensive) it will have all the downsides of somebody else's choices of finishes, fixtures and room layouts. The obvious benefit to doing your own renovation is that you have a home that has been custom tailored to your lifestyle and sensibilities.
I'd be happy to show you many beautiful examples of homes that were completely redone for less than the "subway tile" figure above. In all cases, the energy efficiency of the buildings was dramatically increased, and the long-term maintenance costs greatly reduced.
3:26 PM 04/30/2012 | 0 Votes
I have a bridge I think you might be interested in.
I can show you many beautiful examples of homes that were completely redone for less than the " subway tile" figure above. It helps that I am a contractor and know my way around town. And I did it before some of the more onerous requirements were in place.
To the original poster, except for the bridge, I am not trying to sell you anything. I have forty years experience in renovating brownstones. My point was, keep your eyes open, don't fool yourself, no matter how tempting.
5:52 PM 04/30/2012 | 1 Votes
I think the bigger problem with gut renovations is it takes skills and experience to manage as well as potentially a lot of time. consensus on this forum seems to be: don't tackle a "gut" on your first go-round. plenty of people break that rule, but it seems like good advice to me
11:33 AM 05/01/2012 | 0 Votes
It is often not the price of tiles, toilets, countertops, etc. that you purchase, but the quality of the contractors, the true scope of the work, scope of changes you are making, and design and re-design time, fixes, etc. that seperate a more expensive renovation from a less expensive one. The closer the place is before renovation to your desired "after" the less risk and less expense the project will entail. A lot of people go into it thinking if they're willing to forgo the Toto toilets or whatever then they can budget a "low-end" renovation, but that's a misunderstanding of where the majority of the costs and hassles come in.
2:53 PM 05/01/2012 | 0 Votes
Bravo, bhs and slopegirl.
What may seem a simple and innocuous change (let's move that bathroom, let's move that wall) prove a greater level of complexity requiring more skilled professionals and trades. Now you need a structural engineer and a mechanical engineer. Now they want sprinklers.
Replacing fixtures where they are and upgrading surfaces and finishes, replacing windows, all sorts of jobs are allowed wihout permits. Imperial entanglements are the problem. And contractors who say you don't need permits, scaffolding etc are not your friend.
6:36 PM 05/01/2012 | 0 Votes
"gut" or "not gut" is also not the right way to think about it because often a gut renovation can be cheaper than a well done restoration because it takes time to preserve/protect things, work around intact elements, and it takes a more skilled worker to restore plaster, cornices, refinish woodwork, patch original wood floors, etc. than for some guy to come in and slap up some drywall and cheap new molding.
3:14 PM 05/02/2012 | 0 Votes