Full house remodel estimate

[Anonymous]

Spotted an estate sale in one of my favorite neighborhoods. 1920s colonial, two floors plus full attack. 2500 sqft. Serious estate sale condition. This is the wish list:

New furnace
Central air
Full kitchen gut, including partially opening into adjoining dining room
Three fully gutted and rebuilt bathrooms
Complete electrical rewiring
Refinishing all wood floors

What are we looking at? There are other items but this is the starting point and should cover most of the pressing needs. I'm sure I need to add plumbing to the list outside the kitchen/bath remodel but I assume those will cover at least 80% of plumbing needs and will throw another 10k on top for additional plumbing.

Let's assume nicely above average but not top flight finishes or fixtures ($2500 gas range is fine, not a $5k one, for example).

Will 250k be enough?

[Anonymous]

A flipper MIGHT pull that off if you did it cheaply. But a general homeowner I would think doing all that work should budget $350k in the DC area. A lot depends how much you budget for the 3 bathrooms.

New furnace $8k
Central air $20k
Full kitchen gut, including partially opening into adjoining dining room $100k
Three fully gutted and rebuilt bathrooms $30-80k per bathroom.
Complete electrical rewiring $40? Assume you need a heavy up?
Refinishing all wood floors $25k assuming no repairs needed.

[Anonymous]

You have to install central air???

[Anonymous]

I would have said 450k.

[Anonymous]

you would need to time travel to pre-Covid to even dream if doing it for 250k. It would have been hard even then.

[Anonymous]

If you’re in the DC area, no way. You’re looking at $400k minimum

[Anonymous]

We got an estimate for a rowhouse reno of the same square footage that was $600k+, although it included a basement reno too. (I was expecting around $300-400k)

I’d budget at least $450k, and more if you want to add the attic.

[Anonymous]

Is there existing ductwork for the AC or does that have to be put in?

[Anonymous]

Anonymous wrote:If you’re in the DC area, no way. You’re looking at $400k minimum

+1
Easily.

[Anonymous]

If the house is as old as you describe, it might need new windows and maybe even a roof.
Or a new garage door
Paint work?

[Anonymous]

500k (450 with 10% 'oh sh*t' money

[Anonymous]

$450k

[Anonymous]

450k+

For context we’re currently bidding out bathrooms & light layout changes and getting $250k for two bathrooms (no kitchen, systems, windows or roof).

[Anonymous]

Builders and contractors have an insane notion for how much their time is worth right now. They cite material costs but when you do your own research you realize they’re marking up 20% at least and then adding administrative fees at a rate of 2500-5000 per week. They justify the markup because of the potential for fluctuations. They still feel burned by 2020-2022 material price increases and are trying to recover their losses now. But when you call them on it they act like lumber could spike 3x this year. It’s all a smokescreen to pad their margins.

The market is supporting it for now (likely because they need to work less at those rates to make ends meet. But if the economy turns and people start pulling back their spending prices will have to come down as there will be a huge oversupply of contractors with much lower demand.

[Anonymous]

Where are you? We just spent $450 K on a house in NVa (inside the beltway) to do almost everything -- roof, windows, HVAC, all new kitchen, three bathrooms, almost all new floors, painting inside and out, yardwork, driveway, etc. House is 2000 sq ft. But we had a really good contractor who does not upcharge expenses.