Brain Trust? - Modelling the cost of remodelling

[DanielDudley]

Originally Posted by look 171

I never over run my jobs. On my contract, it specifies that there is a guarantee maximum price unless there are changes, and there always are, and hidden issues the none of us can see. If I exceed the Guarantee Max Price, I pay out of my pocket to complete the job. I have to do that only one time.

How big is the house? More info is needed to get remotely close to getting a ball park number. Since its NYC, getting materials and parking maybe an issue and it should factored into the estimate. Planning with your contractor will be the best thing you can do. Then do it some more. On a job like this, request a rough time line and try and stick to it as close as possible. Lots of residential contractors make their money by taking on too many jobs but have only a small crew and rely on sub contractors. Subs have other work and that's where things go bad. Wait time cost money, sometime lots of it.

Higher end materials on a kitchen normally run about 70-80K for a typical 3/2 house. Appliances will eat up 20K easy. Baths are 20-50K and it only goes up from there.

My advice is to have some kind of plan to get rough estimates if you do not already have a contractor. From my experience, big contractors or companies "usually" do not provide enough details on higher end remod jobs. Who's doing the design work? Who's providing the details? the more specific, the less problems unless the contractor's is a savvy designer to catch design mistakes if there isn't a designer involved.

I really don't think its a 400k job you have there. But then again, we need a lot more info and the size of the place. Wait, 400k? I'll fly out and do that for you right now. I hope this will help you with your questions.

I'm in the Hudson Valley, and these prices are in the ball park. You want to/ need to insulate ?

[jwasbury]

that's the one JR. They added some photos since the initial listing. You'll notice that the 3 interior photos are all of one room. That's the good part of the house. Those floors and the adjacent dining room are in fine condition. Would not touch except for modernizing wiring and lighting. The kitchen is an absolute disaster...100% tear out and redo. Basement needs total gutting, but I would leave as bare unfinished for now. For sure there is asbestos and lead paint.

[fintstone]

$500K on a remodel is just out of my ability to comprehend. That would buy a 4000+ sq ft home with a 2000+ sq ft basement 4 garage spaces on 10 acres with high end appliances, finishes, etc. already in my neighborhood. I guess location, location, location is the key.

[jwasbury]

Originally Posted by fintstone

I guess location, location, location is the key.

I have been studying the area in detail and running my own comparable sales models. One adjustment factor I have had to develop an estimate for is lot size. According to my research, the lot alone is worth 500k ($100 per sqft).

I've spoken to the GC I have used for projects on my home in Jersey City. He tells me that his colleagues in Brooklyn are getting ~$400/sqft for remodeling. We are cheaper here on the west side of the Hudson River... It's the hipsters from Brooklyn that are migrating over here now because it's so "cheap" (relatively speaking).

[gkamara1]

Hey

[wdfifteen]

Whew! I got off easy.

[look 171]

Originally Posted by rusnak

exactly. Mega wonga.



Want to build a 7,000 sf retail building with drive through in Fresno? An Arco Am/Pm with attached two story office?


Reading through this thread, I think there would be a threshold for me to just say forget it, let the pros take this thing and just run with it. DIY is good for maybe curtains and plumbing fixtures. The enjoyment of life carries a higher value than saving a few % here and there. Seriously, I would probably budget to stay in a nice apartment for a year or two, move stuff out of the house, and move back in when it's done.

The true success for any construction project or contractor is sub contractor management, beside understanding design, having an eye for fine details and all the general "stuff". Did you want to be the general on that 7000' commercial build?

Most people that are DIYers, don't normally like to pay for quality management of, even the larger, construction projects. On a small scale job like a kitchen, bath, or a garage, its really easy, but a commercial build that requires more labor then with hose-a and hose-b showing up in his dirty pick up will make you want to tear your hair out completely. I am sure many have dealt with trades folks. They never return calls, show up and simply don't care much about too many things. A good contractor will use solid sub contractors that they know will come through on a timely manner. Lots of DIYs don't realized this but the subs know that they will only for you one time, that's it. So if they are late and must finish the job for their main contractor, that feed them work all the time, they will do just that and forget about YOU. My friend used to say, "isn't my money green, sheeeet". I always tell him that it wasn't green enough. You are correct, the stress and your health is not worth the savings. You do need to keep an eye on them and make sure they are on targeted schedule. Especially if the owner is in another state.

[rusnak]

Originally Posted by look 171

The true success for any construction project or contractor is sub contractor management, beside understanding design, having an eye for fine details and all the general "stuff". Did you want to be the general on that 7000' commercial build?

Most people that are DIYers, don't normally like to pay for quality management of, even the larger, construction projects. On a small scale job like a kitchen, bath, or a garage, its really easy, but a commercial build that requires more labor then with hose-a and hose-b showing up in his dirty pick up will make you want to tear your hair out completely. I am sure many have dealt with trades folks. They never return calls, show up and simply don't care much about too many things. A good contractor will use solid sub contractors that they know will come through on a timely manner. Lots of DIYs don't realized this but the subs know that they will only for you one time, that's it. So if they are late and must finish the job for their main contractor, that feed them work all the time, they will do just that and forget about YOU. My friend used to say, "isn't my money green, sheeeet". I always tell him that it wasn't green enough. You are correct, the stress and your health is not worth the savings. You do need to keep an eye on them and make sure they are on targeted schedule. Especially if the owner is in another state.

I totally agree with this. I do site work on our own stuff, but bid out the subs and qualify them with our civil engineer. That sounds like suicide, but he does the bid plans and contracts for all of the major homebuilders, to the tune of hundreds of home lots per year, maybe thousands per year back in the good times. The key is to know your subs. All of them, from the geotech to the roofer.

My 7,000 job is a super easy job. The other one is the scary one. And we will be doing a 12 acre one next year.

[Paul_Heery]

Jacob,

Let us know if you are moving forward with this. I was just told that they want to assign a project to me that involves a large migration to one of our data centers in Weehawken. So, I may be in the neighborhood often over the next 6 months. It would be interesting to see how things come along.

Paul