I am in the process of buying a house.I am getting a good bargain but at the it needs to be redone almost completely
it's a 2200 sqft center hall colonial
I am thinking of about 60k for the following work to be done. Please share your thoughts
1) 2.5 bathrooms, all of them have to be redone
2) Kitchen needs complete redone, with tiles, needs appliances
3) 1/3 rd of the house has wooden panel, removing it and putting drywall
4) Replacing about 6 doors(May be frames), and closet sliders
5) carpet removal and Hardwood flooring on first floor, refinishing the second floor
6) repairing some drywall and cieling damages, Painting interior
7) Install duct work, Air conditioning, getting gas line from the street( Right now it has baseboard heating)
8) Installing recessed lights
9) Other things like crown molding, baseboard molding, electrical fixture etc.
I am a first time buyer, and my agent said I got about 120K bargain compared to similar move in condition house.
Is my estimate realistic,and I live in Northern Jersey.
Sorry, No. The killer is the 2.5 baths AND the kitchen. The most expensive rooms in a home.
This is not like your building new. You have demolition first. Then you have disposal…..which is NOT cheap in your location. Your AC is going to be high….all new duct work in an existing home.
My preliminary estimate would be $132,000 without seeing the project……($60 per square foot X 2200).
If you did all the work yourself $60,000 is possible. The cost of labor to materials is generally considered on a ratio of 1/1.
Now for the fun part. Have you considered the permit process yet?
Rating: 3 out of 5