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camsgt

Are My Expectations to High?

camsgt
9 years ago

This is a 1952 2 story Cape Cod Style( I believe) I purchased this for what i think/thought is a steal at 35k.It is a house that went into bankruptcy after the owner passed away.He was in middle of a remodel and was doing all the work himself it appears.Doesn't seem like a lot of thought went into the remodel.
In its current state,it is completely gutted,everything down to the frame.Outside has new siding and it has a new roof.(professionally done) So i have a big open shell.
It does not have any plumbing or any furnace or duct work.It has no kitchen.I can't even tell where the kitchen was.For some reason all this was removed.He tried to lay a sub floor over existing floors which don't look good.I am going to have to rip up all the sub floor and have it redone.
To the right of the stairs as you enter the house,it looks like he boxed off a room and it looks like he added a row of small rooms along the back,maybe thinking they would be bedrooms but that can't work,they are tiny,like 8x10 and no closets.The only current bathroom now is only 5 feet wide and 10 feet deep.
i see all new wiring and a new 200 amp service that is fully wired.I have to assume he did this as well.Before i do anything,i am going to go to the court house and see if i can find any building permits for the work that was done and maybe who did the work if not him.
Then i am going to have the home inspected for code on the wiring,then a structural engineer look at it to make sure it is solid and no walls came down that weren't suppose to.
I just did quick math on costs.Comps in this area are around 175k-225k.So i started at 35k.I am thinking i can get everything done for 100k-125k.I would like to be under 150k all in.The more i look the more i am questioning myself.I tried to break it down by room/need
Kitchen-20k
Bath 10k
Add Bath 15k
Furnace 8k
Plumbing 8k
Floors 15k

That would leave 24k for misc and like i said i do have another 20k or so i could throw on top if i had to.
Right now,i am just trying to figure out how i want the floor plan to work.In it's current state it is horrible.I wish i had pics as to what the house looked like before he started.The stairs at the front entrance really limit how much of an open concept space i can do and that is what i was really looking for.I might have to try a designer to try and figure something out because i am just coming up blank.
The house sits and about an acre of land just outside town and i really like the potential i think this house has.It's going to be a long summer project i am thinking!
So what does everyone think?Is it doable,any ideas on how i can come up with a decent floor plan or any other opinions on this project?
I paid cash for the house and have almost 125k in other assets.Not sure if i am going to use cash for the remodel or financing or maybe a little of both.
Sorry for the crappy drawing,working with freeware design software....

Comments (9)

  • live_wire_oak
    9 years ago
    last modified: 9 years ago

    If you are paying labor for contractors, the costs add up quickly. Figure out what you can DIY. Like an Ikea kitchen, etc. And budget in some money for a consult from an architect. He'll not only have a relationship with a structural engineer, but he'll be the one to design the plans for you to file with your permits office. Once you have the master plan, and can verify that the electric done will work with that, then you can proceed a bit at a time to implement the plan.

    I'm assuming this isn't a flip, and that you intend to live there?

  • geoffrey_b
    9 years ago

    Are you doing this work yourself? Your estimates look more like the cost for the materials - no labor.

    Especially the kitchen - $20k - you have all the appliances + cabinets + counter tops + sink + disposal.

    4 years ago I remodeled the downstairs bath, and the materials alone were about $8,000.

  • camsgt
    Original Author
    9 years ago
    last modified: 9 years ago

    Thanks for the tips. didn't consider an architect,that sounds like a good step.i do already own new kitchen appliances.
    yes,this will be my retirement home,not a flip.i was on the fence about building or remodeling or modular.then this came up and i thought it had so much potential and if nothing else the developed lot was worth what i paid.i took floor plans to a local home builder and it was right around 200k to build from ground up with a 1400 sp ft home,not including land.this was my reasoning to go with this project.i plan on this being my last home and really want it the way i want it.
    there are a few things i can do myself.i would hang all the drywall,not tape/mud,i can do any framing and i think i could handle kitchen cab install.
    for plumbing,i want to do all pex and i've never worked with that.looked at heating options like geo thermal but thinking going to stay with conventional.

  • millworkman
    9 years ago
    last modified: 9 years ago

    Reno's always cost considerably more than new construction and your numbers definitely sound too low. Hopefully the work that is finished was permitted and up to code or your costs may skyrocket even more!!!

  • camsgt
    Original Author
    9 years ago
    last modified: 9 years ago

    well if that ends up being the case,ill just demolish it and build new.but already having my costs on what new would be it is hard to wrap my head around reno being more expensive...
    reno= excavation,basement,foundation-done,
    framing-done,windows,well,septic-done
    wiring done,roof done,exterior siding,insulation-done

    i understand i have a little more to do than a standard reno with,plumbing and heating but i was thinking main costs were going to be flooring,drywall,cabinets and fixtures.
    but thats why i am here,for the info and i appreciate the assists.

  • weedyacres
    9 years ago
    last modified: 9 years ago

    If you're not going to change the floorplan, then it sounds like you've got what amounts to a partially-built house. It's already been gutted to the studs, and is on its way to being put back together, so your cost should be more like new construction than renovation. No unknowns behind the walls to clean up or anything.

    Nonetheless, you've got your work cut out for you. I'd start with an architect to get a decent floorplan, then go from there.

  • PRO
    Joseph Corlett, LLC
    9 years ago
    last modified: 9 years ago

    camsgt:

    What you need is someone who can make a modern floor plan in this 63-year-old shell, whether that be a residential architect, a design build firm, or a good general contractor is up to you.

    Explain your budget first thing; it will save everyone lots of time.

  • transnationalq
    8 years ago

    What are the differences amongst these: residential architect, a design build firm, or a good general contractor?