Renovation Estimates and process

Hi, we were evaluating a gut reno on a co-op that we were interested in and got a couple of architects in to give us estimates. A very basic reno is about $120 psf will give you good kitchen, baths, lighting, and central AC, without much mill work. Most of the gut renos in Manhattan cost about $150 psf which would give you a nice kitchen, bath, etc. This will run upwards depending on the amount of mill work and finishes you choose.

On top of the psf cost, you need to add 20% on the construction cost to include Mechanical Engineer, Expeditor, Architect, Department of Building Fees, Coop's renovation fees, Coop's Architect's fees (Coop's Architect needs to review your drawings and approve, each time they review, you foot the bill), also anticipate one year's worth of Mortgage payments on a the apartment (if you are taking out a mortgage), and a year's worth of rent on your interim residence (if you plan to rent).

Of course the amount of mortgage payments varies on the length of your project.

Hope this helps!

hurting, don't stress. You have done the right thing in hiring an architect and now, yes you need contractors to bid on the plans. If you have agreed on a set price for the architects drawings, let him/her draw away! If you are being charged more so for more detail, this is a red flag but they are right; you can always dial back. Here is my article on what to do now; http://ownyourhome.streeteasy.com/choosing-the-right-contractor-in-new-york-city/

hurting,

Did the designer ask you what your total budget is? I am not sure how he can design anything without that. He also should know how much it cots just from experience. If you want any advice about any part of the renovation feel free to call me

6464363942

Jeff
www.primerenovationsnyc.com

Please don't hurt anymore, hurting.
Primer will give you good advice.

Hurting...are you taking down walls? Combining apartments? Moving plumbing fixtures?
I'm sure that the plans you have won't be a complete loss. But, it sounds like you need help.
If you are feeling out of your league, perhaps you need project management help - someone unaffiliated with the architect to find and hire appropriate contractors, materials and subcontractors?
Have you signed anything with the architect?
I'm also available to dispense some free advice. Feel free to contact me.

Diane Engel
i can do that for you!
212-362-8692
www.icandothatforyou.com

Hurting,

One other thing, even if the plans are not in the budget it should be very easy for the architect to change them. I dont think it will end up being a waste of money