Trying to determine if renovation is worth it

[Anonymous]

How large is it? I am the person doing it and I think even my numbers are low and its for $1000 square feet. I am not keeping track of what we are spending. Like others said, things crop up. We had to do a lot of clean up electrical and redo some plumbing while it was all open. We had to replace our ducts to meet code for permits (I'm not including that in the basement costs) and much more. $20,000 is very hard in less you DIY with very cheap materials.

[Anonymous]

Anonymous wrote:How large is it? I am the person doing it and I think even my numbers are low and its for $1000 square feet. I am not keeping track of what we are spending. Like others said, things crop up. We had to do a lot of clean up electrical and redo some plumbing while it was all open. We had to replace our ducts to meet code for permits (I'm not including that in the basement costs) and much more. $20,000 is very hard in less you DIY with very cheap materials.

Were you asking me (the OP)? House is 1300, basement is I think 500. We have a total renovation budget for the house of 60K. The new bath wouldn't be in the basement, FYI.

[Anonymous]

Anonymous wrote:

Anonymous wrote:How large is it? I am the person doing it and I think even my numbers are low and its for $1000 square feet. I am not keeping track of what we are spending. Like others said, things crop up. We had to do a lot of clean up electrical and redo some plumbing while it was all open. We had to replace our ducts to meet code for permits (I'm not including that in the basement costs) and much more. $20,000 is very hard in less you DIY with very cheap materials.

Were you asking me (the OP)? House is 1300, basement is I think 500. We have a total renovation budget for the house of 60K. The new bath wouldn't be in the basement, FYI.

A 1940's Silver Spring house with an unfinished basement. After 70+ years, I would think there is a reason why any previous owner has not finished that basement. Any signs of water?

[Anonymous]

Anonymous wrote:

Anonymous wrote:How large is it? I am the person doing it and I think even my numbers are low and its for $1000 square feet. I am not keeping track of what we are spending. Like others said, things crop up. We had to do a lot of clean up electrical and redo some plumbing while it was all open. We had to replace our ducts to meet code for permits (I'm not including that in the basement costs) and much more. $20,000 is very hard in less you DIY with very cheap materials.

Were you asking me (the OP)? House is 1300, basement is I think 500. We have a total renovation budget for the house of 60K. The new bath wouldn't be in the basement, FYI.

I think your budget is unrealistic unless you DIY. If the basement is not completely open, you are guaranteed to find some unpleasant surprises, meaning your costs will increase.

I can't see adding a bathroom for less than $15K, and that's if you maybe tile yourself, or act as GC. If you can get the house for less than $400k, then maybe, but the house may be overpriced if fully renovated houses go for $500K in the same neighborhood. Can you wait for a renovated house? It would be a lot easier than plunging into renovation, which always has hidden costs, takes a lot of time and endless headaches. Why do that to yourself? My guesstimate: $30K for basement, $10K for closets, $20K for bath, maybe another $10K for stuff you don't think about, like an old hot water heater, faulty wiring, basement waterproofing, who knows? There's always something.

[Anonymous]

$10K sounds very, very high for closets.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How large is it? I am the person doing it and I think even my numbers are low and its for $1000 square feet. I am not keeping track of what we are spending. Like others said, things crop up. We had to do a lot of clean up electrical and redo some plumbing while it was all open. We had to replace our ducts to meet code for permits (I'm not including that in the basement costs) and much more. $20,000 is very hard in less you DIY with very cheap materials.

Were you asking me (the OP)? House is 1300, basement is I think 500. We have a total renovation budget for the house of 60K. The new bath wouldn't be in the basement, FYI.

A 1940's Silver Spring house with an unfinished basement. After 70+ years, I would think there is a reason why any previous owner has not finished that basement. Any signs of water?

No, and we're pretty attuned to that because our old house had mold.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How large is it? I am the person doing it and I think even my numbers are low and its for $1000 square feet. I am not keeping track of what we are spending. Like others said, things crop up. We had to do a lot of clean up electrical and redo some plumbing while it was all open. We had to replace our ducts to meet code for permits (I'm not including that in the basement costs) and much more. $20,000 is very hard in less you DIY with very cheap materials.

Were you asking me (the OP)? House is 1300, basement is I think 500. We have a total renovation budget for the house of 60K. The new bath wouldn't be in the basement, FYI.

I think your budget is unrealistic unless you DIY. If the basement is not completely open, you are guaranteed to find some unpleasant surprises, meaning your costs will increase.

I can't see adding a bathroom for less than $15K, and that's if you maybe tile yourself, or act as GC. If you can get the house for less than $400k, then maybe, but the house may be overpriced if fully renovated houses go for $500K in the same neighborhood. Can you wait for a renovated house? It would be a lot easier than plunging into renovation, which always has hidden costs, takes a lot of time and endless headaches. Why do that to yourself? My guesstimate: $30K for basement, $10K for closets, $20K for bath, maybe another $10K for stuff you don't think about, like an old hot water heater, faulty wiring, basement waterproofing, who knows? There's always something.

We will probably try to wait for a renovated home. Hopefully we can still find something in our price range if the work is done (we can go up to $500K, but that's it). DH is less thrilled about doing the renovations than I am, precisely for the reasons you name.

[Anonymous]

Doing renos typically not worth it for such a small house, unless it's a real bargain. By that I mean that there is only so much you can do in a small space and typically you can't go high end with finishes. You are also much more likely to find an updated house in line with what you would have done but without the headache and hidden costs that come with a renovation.