Remodeling Question?

My husband and I had a contractor look at our upstairs to give re-modeling estimates. It's an older house and we are looking to re-do walls, carpet, new windows, change the bathroom, update electrical and add heat/cooling vents. There are 2 1/2 rooms and a bathroom. The estimates came back totalling $30,000! We only paid $97,000 for the house. Does this sound right? I'm no construction expert. Would it be better to sell the house and buy one that's finished or save up the money to do this?

That sounds about right, I'd say for a Bid its a little low, 2nd floor complete gut and update I'd say about 37000. The plumbing alone is going to be about 7000, the electric about 5000 if you can find someone reasonable, if your just adding HVAC vents (with a new trunk to support them) 3000. thats 15000 just in subcontractors and you havent even done demo, framing/retrofit, windows, drywall, insulation, paint, permits, floor coverings, finish work, closet packages, waste disposal. your also looking at losing your 2nd floor for about 6 months and having strangers in your home everyday, not to mention that building/remodeling is one of the leading causes of divorce.

on the other hand some people like the charm of older homes and if its in the right neighborhood you'll make it all back and maybe more when you sell.

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