To those of you who are familiar with remodel costs- does this sound like a gigantic headache?
I am thinking of purchasing a house that was built in 1875. It will likely need a complete remodel-
paint
flooring
roof
electrical
plumming
water heater
insulation
kitchen and bath need to be completely done
Would it be possible on approximately a $60,000 budget?
Additional info – house is two story, 1875 sq ft home located in Colorado
That budget sounds like it’s gonna be very, very tight.
If you are planning on doing everything yourself, just taking materials into account, you may have a shot.
If we’re talking contractors, You’ll have to budget much higher.
paint – do it yourself. Don’t even think of hiring somebody.
Flooring – all depends on the condition of your current floors. If it’s hardwood, you may be able to rend a sander, sand it down and polyurethane… if we’re talking replacement, budged 10-20K to redo the whole house.
Roof – I wouldn’t want to do that myself. I’d budget about 10K for the roof. If you need new gutters too… 15K
Electrical and Plumbing… is tough to calculate. If your house needs a total rewiring and replumbing, you’re looking at a LOT of money. I don’t know the prices, as we did all the plumbing and electrical ourselves.
Water heater – plan in about six grand. Including Installation.
Insulation for a whole house… eeeuuuwwww…
another ten grand easy.
Kitchen – anywhere between 20K and 50K – depending on how fancy you want to go and how large your space is.
Of course, the scale really is open on that one.
Bathrooms – again totally dependent on the size and quality of materials you want. We did one guest bathroom over completely and only spent two grand. But we blew ten in our master – and that’s materials only!
I think it’s brave that you consider remodeling such an old house – it can be very rewarding once it’s done.
But it can also drive you crazy.
A couple of pieces of advise:
After making a budget, plan an extra 30% on top for things you haven’t even thought of.
Make sure you give yourself space away from the construction if you want to remodel while living there. Do the Kitchen in the summer when you can cook outside (because you WILL be without a kitchen for at least a month).
Do your bedroom and a guest bath first – in that way, you don’t have to move your stuff again once you’re moved in.
Teach yourself to do as much as possible.
Contractors are a bitch to deal with. They charge a ton of money, good ones are hard to find and I had the experience many times that sometimes they don’t even show up.
You’ll need to get permits for many of the larger things you do in the house… especially if you hire contractors to do them. Even that will add to your budget.
To be on the safe side with an old house like that and the amount of renovations you are planning –
I’d budget at least double – $120K
Then add your 30% overflow and you’ll be in safer waters.
Make sure you finish each project before you start the next. In that way, you have a save way to stop before your budget runs out.
And one more thing:
Become a Direct Buy member if there’s one somewhere close by. The membership fees are horrible, but for the amount of remodeling you’re planning, your savings will repay you many times.
Good luck!
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