I own a brownstone on the upper east side (between 1st and 2nd) which hasnt been renovated since the late 70s. My general question is whether now is a good time to have work done. Some work definetly needs to be done, but there are a lot of jobs I am considering that arent exactly necessary. For example, I am considering having the facade of the building cleaned and new windows installed (just two... [more]
I own a brownstone on the upper east side (between 1st and 2nd) which hasnt been renovated since the late 70s. My general question is whether now is a good time to have work done.
Some work definetly needs to be done, but there are a lot of jobs I am considering that arent exactly necessary. For example, I am considering having the facade of the building cleaned and new windows installed (just two examples).
My though is that labor costs right now, because of the economy, are the lowest they have been in a while. I spoke with a contractor who proposed to do some substantial renovation work (new bathrooms, new floors, etc.) in two apartments who gave me a quote of $160K but said that in 2008 it would have been $250K. Does this seem right (that work costing $250K in 2008 can now be done for around $160)? More generally, am I right to assume that the cost of labor is lower than its been in a while?
[less]
Response by HirshsonDesignGroup
almost 14 years ago
Posts: 20
Member since: Feb 2012
One would hope that your GC is working with the same skilled labor in 2012 as employed in 2008. In that case, it's unlikely that the cost of that labor has dropped over 30%. However, contractors are working on tighter margins and taking on more varied projects to fill gaps and manage costs. Without a doubt, now is a good time to comparison shop your renovation.
Ignored comment.
Unhide
Response by saiyar1
almost 14 years ago
Posts: 182
Member since: Jun 2010
Mot sure about the exact figures, but yea it makes sense that construction work is cheaper now. Probably not as extreme as labor costs in FL since buyers/owners are much more scrutinized, but it still follows. I would imagine Spring would be the most pleasant time for everyone as well... Fair weather for the workers and you'll be willing to get out of the house.
Ignored comment.
Unhide
Response by Primer05
almost 14 years ago
Posts: 2103
Member since: Jul 2009
nintzk,
I have been a general contractor for 15 years. The only reason labor costs would be lower would be if I fired the guys who have been with me for years and hired workers who would be less money but perhaps less skilled. My costs have only gone up. It is not that much different then any other business .
I do not believe it is reasonable to assume a project would be 90k less now. There are some contractors who might be slow due to the economic times , you should get a couple of bids. The last thing you want is to hire a desperate contractor. I am also on the upper east side. If you want me to take a look and give you an estimate I would be happy to
It probably would've cost 150k back in 2008.
Like Primer05 said, cost only goes. Labor, insurance, rent, even supplies in the midst of lack of constructions!
Ignored comment.
Unhide
Response by ba294
almost 14 years ago
Posts: 636
Member since: Nov 2007
oops, cost only goes up.
Ignored comment.
Unhide
Response by Nintzk
almost 14 years ago
Posts: 96
Member since: Nov 2011
Interesting...clearly there is no way for me to know if the guy is telling the truth or just making a sales pitch.
At the same time, if real estate has gone down, which it clearly has, and a lot of laborers are unemployed, which is also the case, it wouldn't surprise me if renovation cost also goes down. But I would agree that this would be the case only if you used laborers desperate for work.
Ignored comment.
Unhide
Response by Isle_of_Lucy
almost 14 years ago
Posts: 342
Member since: Apr 2011
One could also make the argument that when real estate goes down, people are more inclined to stay put where they are. That translates into home improvements on the rise. This, coupled with increased overhead (insurance, etc.), doesn't leave much room for your theory.
The best time to do renovations is when your home needs renovations. Or slightly before.....
Ignored comment.
Unhide
Response by karhu
almost 14 years ago
Posts: 84
Member since: Aug 2010
Price goes down when the contractor is willing to sacrifice his profit to get work due to economy or maybe his marketing strategies. Can't tell you when is the best time, but there are some worst time for certain work, such as exterior work during the winter. Prepare the contract/construction document and invite several contracts to bid is probably the best way to get a better price.
Ignored comment.
Unhide
Response by gottabrain
almost 14 years ago
Posts: 64
Member since: May 2010
I've seen two types of renovations: work that is done to keep up with the latest fad in interiors (new condo open kitchens, for example) and those that are tastefuly and clasically done. If you find that you're beautifying your home, and not in a way that screams "I want to look like my new neighbor", then anytime is a good time.
New York is a haven for many structurally-sound, older constructions (sounds as if you own one), and I wince when I see one that's been overhauled to look great for the moment.
Good bones within a home will resonate with anyone who has a good eye. Good luck
Ignored comment.
Unhide
Response by Primer05
almost 14 years ago
Posts: 2103
Member since: Jul 2009
Karhu,
There are times that some contractors get slow and they might reduce the price some but not even close to 30%. I have heard of stories of contractors bidding very low but they are generally the ones who do not finish the project
Ignored comment.
Unhide
Response by Dan123
almost 14 years ago
Posts: 1
Member since: Mar 2012
As a brownstone homeowner myself who has renovated many of my properties in NYC I can tell you that the prices of labor, material, permits and so on have just gone up. This is NY! Nothing will ever drop in price. My only concern is picking the right contractor. I have someone I have been working with for the past couple of years, Handymen of NYC, if you are interested in proceeding with your work I suggest you get in touch with Ezra 212-794-0720. They%u2019re reasonably priced & do great work. %u2013 Dan
Ignored comment.
Unhide
Response by nyc10009
over 13 years ago
Posts: 26
Member since: Sep 2010
Hi there,
You can try our contractor @ philipshomeimprovement@gmail.com. The quality of his work was great. I think he is doing a complete renovation in the 80's if you want to contact him to take a look. His pricing and timing worked well for us. Best of luck.
Ignored comment.
Unhide
Response by adamkidron
over 13 years ago
Posts: 76
Member since: Jan 2010
These guys do tons of construction / general contracting work in Manhattan, mostly Brownstone gut renovations - http://www.allrenovationllc.com
They walked me through some amazing projects in Manhattan during the review process when I was interviewing contractors. They were above all the most professional - I received a detailed itemized estimate per floor (my brownstone was a 3 story) which helped me budget accurately and hold off on some items which I could do down the road.
'/%3e%3c/g%3e%3c/svg%3e)
One would hope that your GC is working with the same skilled labor in 2012 as employed in 2008. In that case, it's unlikely that the cost of that labor has dropped over 30%. However, contractors are working on tighter margins and taking on more varied projects to fill gaps and manage costs. Without a doubt, now is a good time to comparison shop your renovation.
Mot sure about the exact figures, but yea it makes sense that construction work is cheaper now. Probably not as extreme as labor costs in FL since buyers/owners are much more scrutinized, but it still follows. I would imagine Spring would be the most pleasant time for everyone as well... Fair weather for the workers and you'll be willing to get out of the house.
nintzk,
I have been a general contractor for 15 years. The only reason labor costs would be lower would be if I fired the guys who have been with me for years and hired workers who would be less money but perhaps less skilled. My costs have only gone up. It is not that much different then any other business .
I do not believe it is reasonable to assume a project would be 90k less now. There are some contractors who might be slow due to the economic times , you should get a couple of bids. The last thing you want is to hire a desperate contractor. I am also on the upper east side. If you want me to take a look and give you an estimate I would be happy to
You can reach me at primerenovations@mac.com
you can view my work at www.primerenovationsnyc.com
It probably would've cost 150k back in 2008.
Like Primer05 said, cost only goes. Labor, insurance, rent, even supplies in the midst of lack of constructions!
oops, cost only goes up.
Interesting...clearly there is no way for me to know if the guy is telling the truth or just making a sales pitch.
At the same time, if real estate has gone down, which it clearly has, and a lot of laborers are unemployed, which is also the case, it wouldn't surprise me if renovation cost also goes down. But I would agree that this would be the case only if you used laborers desperate for work.
One could also make the argument that when real estate goes down, people are more inclined to stay put where they are. That translates into home improvements on the rise. This, coupled with increased overhead (insurance, etc.), doesn't leave much room for your theory.
The best time to do renovations is when your home needs renovations. Or slightly before.....
Price goes down when the contractor is willing to sacrifice his profit to get work due to economy or maybe his marketing strategies. Can't tell you when is the best time, but there are some worst time for certain work, such as exterior work during the winter. Prepare the contract/construction document and invite several contracts to bid is probably the best way to get a better price.
I've seen two types of renovations: work that is done to keep up with the latest fad in interiors (new condo open kitchens, for example) and those that are tastefuly and clasically done. If you find that you're beautifying your home, and not in a way that screams "I want to look like my new neighbor", then anytime is a good time.
New York is a haven for many structurally-sound, older constructions (sounds as if you own one), and I wince when I see one that's been overhauled to look great for the moment.
Good bones within a home will resonate with anyone who has a good eye. Good luck
Karhu,
There are times that some contractors get slow and they might reduce the price some but not even close to 30%. I have heard of stories of contractors bidding very low but they are generally the ones who do not finish the project
As a brownstone homeowner myself who has renovated many of my properties in NYC I can tell you that the prices of labor, material, permits and so on have just gone up. This is NY! Nothing will ever drop in price. My only concern is picking the right contractor. I have someone I have been working with for the past couple of years, Handymen of NYC, if you are interested in proceeding with your work I suggest you get in touch with Ezra 212-794-0720. They%u2019re reasonably priced & do great work. %u2013 Dan
Hi there,
You can try our contractor @ philipshomeimprovement@gmail.com. The quality of his work was great. I think he is doing a complete renovation in the 80's if you want to contact him to take a look. His pricing and timing worked well for us. Best of luck.
These guys do tons of construction / general contracting work in Manhattan, mostly Brownstone gut renovations - http://www.allrenovationllc.com
They walked me through some amazing projects in Manhattan during the review process when I was interviewing contractors. They were above all the most professional - I received a detailed itemized estimate per floor (my brownstone was a 3 story) which helped me budget accurately and hold off on some items which I could do down the road.
Best of Luck,
Adam