Newbie seeking help on estimating remodeling project

15 years ago

Hi, I've just been browsing this forum for hours and find it so helpful! Now I'm hoping that you all may be able to help me with some specific questions. After months of searching for a move-in ready house and not finding one (can't afford the ones we like and don't like what we can afford), we're considering buying one that needs some updating. However, never having done any remodeling before, I don't know how much effort and money it will take. I'd like to get an idea - just some rough estimates, before making an offer on the house.

I think the "bones" of the house are good - pretty exterior, great lot on cul-de-sac, spacious open floor plan, high ceilings, 4000+ SF, so there's no need to knock down walls or anything "major" like that. Here's the laundry list of what we'll need to do if we buy this house:

- Remodel entire kitchen: new cabinetry (I don't need special orders or exotic woods, but nice modern looking cabinets w/ slide-out shelving and some drawers would be great), granite countertop, new high-end appliances (Gaggenau stove/ovens, warming drawer, Miele DW, 48" built-in fridge/freezer, etc.), The existing layout of the kitchen will remain roughly the same, although the spaces of the current 36" stove and 42" fridge will have to be expanded. The current smaller island will be replaced w/ a large 2-level island.

- Gut and remodel large master bath, 2 regular baths, and 1 half-bath. I'm thinking granite counters, tumbled marble tiles, new sinks, vanities, showers, tubs, fixtures...

- Flooring: resurface existing hardwood floor and replace the kitchen tile & bedroom carpeting w/ new hardwood to match.

- Paint entire house. Replace baseboards, some doors, doorknobs, moldings.

- Redo (not sure how yet) 2 fireplaces that are covered from floor to ceiling w/ ugly green and purple marble tiles (probably was expensive and looked nice back in the day).

- Combine 2 smaller separate walk-in closets into one big master closet (by breaking down the wall in-between). Custom built-in shelving for bedroom closets (lg master closet & 3 smaller closets).

- If budget permits: Move laundry from 1st fl to directly above on 2nd fl. Will need to use half of each of 2 bedroom closets to make the new laundry room and add a door for it.

Well, if you're still w/ me, sorry for the long post! That's it. I'm not looking for anything outrageously expensive or unusual. Except for the high-end kitchen appliances (I'm an avid cook), everything else should just be what typically goes into a very nice modern new house. HOW MUCH DO YOU THINK IT WILL COST, roughly? (This is in Long Island, NY.) Can places like Home Depot Expo do this job well or should I hire custom remodeling people? With no experience and we're not DIYers, do we need an interior designer, a KD, a GC, or an architect? Or is the designer at the kitchen cabinet store good enough? How much more will designers and GCs cost us? Where do I begin to find good people for the job? Alright, thanks so much in advance for your help!

Comments (8)

Jon1270
15 years ago
last modified: 9 years ago
$200K, maybe? I really have no expertise here, but the range of possibilities, even within what you've specified, is huge. It's easier to say what's unrealistic, i.e that you're not going to do this for $75K, than it is to say what it will cost. It's hard to conceive of this as a money-saving move, though - complete remodels on three bathrooms and the kitchen, redoing all of the floors, replacing trim and doors, adding a laundry, reworking fireplaces... it seems there's not much you plan to leave intact.
sierraeast
15 years ago
last modified: 9 years ago
You might want to get real world estimates from local contractors in your area to get you a closer feel for those projects. Anyone here can only get you a guess and even if someone has had a similar project(s), you need someone to take a look up close and personal to see what all is invoved. Every remodel is unique.
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chisue
15 years ago
last modified: 9 years ago
Is there something unique or historic about this house? How old is it? Brick or stone exterior? What's the land value?

You could be money ahead to demolish and build new or completely gut it. You are replacing all the *expensive* parts of a house and doing it piece by piece -- saving *what* exactly?
live_wire_oak
15 years ago
last modified: 9 years ago
Since you live in an expensive labor market, I'd expect the total to be nearer 300K than 200K, but it's definately over 200K.

If there are that many things you want to change about this house, you can't afford it either. It costs more to remodel than buy new. Start with a smaller starter type house and wait a few more years building equity before considering moving up to a home with the luxury features you desire.
justnigel
15 years ago
last modified: 9 years ago
If you're semi-serious about this place, get a home inspection and ask the inspector for ballpark prices for what you want to do. The inspection is relatively cheap, and will give you a sense of whether or not to go forward.

As far as trades go, I'd find a good GC and a good kitchen designer. They both cost money, but it's usually money well spent on quality and a timely outcome. (They can even save you money sometimes with good suggestions...)
weedyacres
15 years ago
last modified: 9 years ago
We're doing pretty close to what you're doing, with a 3800 sq ft house, except that we also added on a sunroom. We're DIYing it all, and total costs for materials only, not including the addition, will probably be just under $100K. And we didn't do high end kitchen appliances (or high end materials for the most part, other than granite and glass shower doors). Add labor and you're looking at some big $$$.
rembrandt
15 years ago
last modified: 9 years ago
Remodeling is about double the cost of new construction, give or take depending on the amount of tear out and wall moving. Kitchens, budget $1000 per lineal foot. It will be more. As far as your list though, I have to agree with another poster, build a new home. Could you do it yourself? Sure, but why? It would take you years to do all of that and you'd never get the gratification of having what you want, because it would always be a work in process. That might be obsessive compulsive behavior if it appeals to you.

You need to have a reference point from which you can make the kinds of decisions on your wish list. Can you afford to build new and get close to the same results of your grand scheme? If you did all this to this home, what would it be worth against comparable real estate in your market? Your Realtor would be a resource for that information. And lastly, unless you are buying a foreclosure for ten cents on the dollar and have very little invested and lots of equity to work from, do you really want to put such a high percentage of your 'value' and negative cash flow outside of mortgage payments?? Remodeling requires current assets of 100%. Dollar paid for dollar invoiced. A mortgage only takes 20% down. Do the math. If you can get a $400,000 home for 80,000 out of pocket and monthly payments you can afford, isn't that better than say, $40,000 down a $200,000 home and $200,000 out of pocket for a total of $240,000 cash monies out of pocket? And you'd really be po'd if after all was said and done, it was only worth $220,000 on the market.
ttfweb
15 years ago
last modified: 9 years ago
I have looked at an online cost remodeling cost estimator at: www.myremodelingproject.com It is not going to give you an exact figure, but a fair ballpark estimate.

Here is a link that might be useful: cost estimator

Newbie seeking help on estimating remodeling project

Comments (8)

Jon1270

sierraeast

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chisue

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