Interior reno $ of 1500sf house in Forest hills
Started by danconstan
almost 13 years ago
Posts: 17
Member since: Jan 2013
Discussion about
I'm looking to purchase a small two sotry, 3-bd, 1.5/2 bath wood-frame home in Forest hills this summer to settle down in for the next 8-10 years and start a family. These houses are generally about 1300-1600 sf (most with finishe basment) and built in the 1920s/1930s. Houses in "relatively" move-in condition (updated, but NOT to my taste) are in the $650-750K range. Houses that need a complete... [more]
I'm looking to purchase a small two sotry, 3-bd, 1.5/2 bath wood-frame home in Forest hills this summer to settle down in for the next 8-10 years and start a family. These houses are generally about 1300-1600 sf (most with finishe basment) and built in the 1920s/1930s. Houses in "relatively" move-in condition (updated, but NOT to my taste) are in the $650-750K range. Houses that need a complete interior renovation are in the 550-650K range, but I could do it exactly the way I want to! At around a $550 sale price, I would have a 130K renovation budget at the time of purchase. Does anyone have an idea if this amount would be sufficient for a complete interior renovation for this type/size/age home and how long it would take? I'm looking for a modern, clean-cut look, and I am fine with medium quality materials. I would likely keep the kitchen/bathroom layouts the same to keep costs low. A big unkown with these old homes is the electrical/plumbing. If all the electrical/plumbing needs updating, how much would it add? Another potentially expensive unkown is the the windows. How much would adding all new windows cost? I would be able to save about 15K every 6 months to continue renovation so my inital budget would not have to cover everything. For example, I could install new windows six months down the road. Does a reno make any sense or is it not an option? [less]
Assuming a 1,500 sq ft house, and your budget of $130,000, that comes to $87/sq ft. I think that's almost impossible. In the end, it comes down to the design and finishes, but I think you should contact a few GC's and get estimates based on what you consider "medium quality materials".
I'll disagree with vslse65. It's not Manhattan; the contractor isn't dealing with highly restrictive work hours, elevators, co-op boards, big insurance requirements, or difficult parking. Labor is generally what chews up money in a renovation, not the materials.
I agree that it's not Manhattan and labor is a big component. I brought up the "medium quality materials" only to make a point that people have different ideas of what they consider low, mid, high.
In the end, I think $87/sq ft is a low #, even in Queens. Just my opinion of course.
I will agree with both sides: it's not Manhattan, but even so, $130K seems VERY little to do an entire house. It could be done, but with the cheapest of renos, IMO. This is also assuming that large items (roof, foundation, structural, boiler if there is one, main plumbing and electrical, etc.) do not need to be replaced/repaired.
Thanks for the responses! I was worried it was on the very low end and that seems to be the consensus. By "medium quality materials" I guess I mean tasteful looking design/materials that are "relatively" cheap in price. We don't need expensive granite countertops or expensive marble in the bathrooms if there are cheaper options that are aesthetically pleasing. For example, if we were buying materials at HD/Lowe's or some retailer with comparable quality/prices, we would probably select materials in the middle of the price range.
With $130K total house-wide, I'd image looking at the low-end of Home Depot's selection. Things along the line of:
http://www.homedepot.com/p/24-in-W-Vanity-in-White-with-AB-Engineered-Composite-Vanity-Top-in-White-GB24P2-WH/203486567#.UYBwlqzDCUk
Right: not much to look at. And that's the second cheapest.
And then there's always the all-Ikea solutions.
But remember, it's labor that's really going to cost you.
Such authoritative responses to an inquiry regarding a house that hasn't even been found.
What, trUth, is your basis for advice on the topic of a substantial renovation of an entire house?
For that matter, what do you have to contribute on the topic, with or without any basis for your contribution?
So far, nothing. Just like you.
Truth the Troll back again. Pitiful
Ah, well, there goes this discussion.
[danconstan, apologies on behalf of the community, you've met our resident Discussion Killer. "Truth" is here to ruin another perfectly good thread. 99% of the people have him on ignore -- so we'll try to keep this on track.]
But you're welcome, let us know how it turns out! :)
Many of the people on this board don't know much about queens. The house next door to us was sold a year ago and the new owners gutted it. It is 1300 sf, zoned and used now as a 2-family, although when they bought the house it had 3 kitchens and 3 bathrooms. The kitchens and bathrooms were not relocated, although one kitchen was turned into a bedroom. The cost was $90k and it took 6 weeks (your mileage may vary, the previous owners took good care of the mechanicals of their house). The new owners, contractor and all the workers were Chinese. My guess is that kept the labor cost pretty low. (For those who may take offense, this is a fact of life in Queens.)
You haven't mentioned whether you are an apartment dweller or have experience owning a private home. Having bought and sold quite a few houses in Queens, I can tell you this: unless you eventually want to sell your house at a low price to someone who will gut it, you should put in good-quality cabinets, stone countertops and stone or porcelain tile in the bathrooms with good fixtures. Many people are looking for wood floors in good condition. In my opinion, it doesn't cost much more money in the grand scheme of things and will make your house more valuable. Also, don't forget to have the chimney checked (a new liner is expensive) and be careful not only about plumbing but also potential basement flooding and the sewer lines out to the street.
Finally, there are DEP noise regulations for 1-and2-family houses that limit the hours of construction. They are 7 AM to 6 PM on weekdays, 10 AM to 4 PM on weekends (but if the house is located within 200 feet of a house of worship, you cannot do construction on the weekends at all.) Many folks here do request enforcement and get it.
Oh yes Truth, let's hear everything you have to say about renovations. Considering the fact that when you had your apartment listed for sale there was not ONE picture of the kitchen or bathroom, (and we all know that means those rooms were old and dilapidated), it doesn't seem as if you really would have any personal knowledge of renovating anything.
But, keep on trolling, you jealous, insecure old biddy
Actually, the only one here who rants like an "alkie" (which seems to be your fallback insult for some reason) is YOU.
Thanks General! I have rented apartments my entire life and currently reside in a 1bd on the UWS. I am looking to finally buy this summer - Moved back to NYC last year, and I am already sick of the rent. I was initially considering a 2br condo in Brooklyn within a relative easy commute to midtown, but then realized I could get a house in Forest Hills (south of Forest Hills Gardens) for about the same price and the commute to work for me would be about the same. We have two dogs so a yard would be really nice!
It sounds like for $130K we would not be able to renovate the interior completely, unless we go for the cheapest materials and find the cheapest labor, which is not what we want to do since we would be looking to upgrade to a bigger place in about 10 years so the house would need to maintain its resale value. However, it sounds like we could probably get the essential stuff done to make it habitable, and then we could do other projects (bathroom/kitchen/basement) as the money is saved up. We would easily be able to throw another 30K or so into it within a year. We could also do a lot of the demolition ourselves to save money - Anyone have any idea if the savings are worth the actual hassle?
I guess I could just go to a contractor and get a very rough estimate for a property prior to purchasing it - Is this something that contractors even do considering it may end up being waste of time for them if I don't make the purchase? What I am afraid of is buying a reno project, and THEN finding out that it actually needs $250K worth of work!
I think you should hire an inspector to look at any property you have in mind but once you start taking the place apart there may still be surprises, I'm afraid.