Gutting out a house how much should it cost.?

Question

I recently took over a family house that is three floors pretty nice size i want to extend the kitchen, add a familyroom, on sec. floor add a mster suite, plus new hardwoods, windows, redo baths, siding, updated plumbing and electrical. i know i need a professional to come and give an estimate but Is it possible to do so staying at like a $250,000. budget,

Answer 1

That is a pretty decent budget you have to work with. You should be able to get the job done with that if you are prudent with your material choices and dont make any change-orders. In other words, be reasonable with your choices and then stick to it. Change-orders are very costly and add up quickly. Get several estimates from reputable companies, make sure that they all include using comparable materials. Be prepared to make trade-offs. In other words, if you really want hardwood on the first two floors, maybe you can use a laminate on the third, etc. Maybe master plus one other bath will be large with up-graded fixtures and scale down 1-2 others with more basic stuff. Dont be in a rush to sign anything because the gc that you hire is going to be a big part of your life untill this job is done, you want to be comfortable with him. If this is an older home be advised that asbestos may be present on the pipes and you will pay extra for its removal. Keep us informed how things go.

Answer 2

I would imagine you could stipulate a limit to your budget when the builder comes to give you a quote. You could say to them "I have $200,000 budget" and hold onto the other $50,000 as a contingency plan - which when they go over the budget, you can miraculously find an extra $50,000.

Also be prepared to maybe have to cut one or two jobs out, if your budget just doesn't cover it. You can always add the expensive stuff a few months later when you have saved up for it(i.e. the marbleworks in the kitchen could be an example).

Good luck and its very exciting to be able to gut a house, enjoy the process, as it can get very draining. The end result will be worth it though.

Answer 3

To find out if this budget will work you need to 1st say where the house is located. I house in the upper Midwest can be built for about 120,000 and sold for about 200,000 but the same house in CA. Can cost 500 to 600,000 to build and sell for 1,500,000.