If you purchased a fixer upper - how did you see its potential?

[Anonymous]

Anonymous wrote:OP, watch out! I think you have been watching too much TV. If you can't see it, it will be a problem for you. Also, renovation costs much, much more than it seems at first. Property Brothers is a TV Show. Triple the prices on the show and you get an idea what that would cost here.

HGTV and other home remediation shows save money because the show staff provide the labor free of charge. In most construction jobs, the labor is the most expensive part of the tab. So, unless you know someone who will give you cut rate prices or do it for free and is professional and knows what all of the local jurisdictions' codes are, you should count on at least double the cost of materials. Triple, as the PP said, may be too high, but it will be at least double the materials costs. The amount of labor really is based on how complex your work is. For cosmetic changes of kitchens and/or baths, double is probably about right. Replacing counters, flooring, and basic fixtures doesn't take that much labor. But if you need any structural (e.g. removing walls, especially load-bearing), electrical, plumbing work, then you can expect closer to the triple figure.

[Anonymous]

Anonymous wrote:We're considering purchasing a fixer upper and budgeting for renovations and/or additions. The problem is that when DH and I see a home, we have very limited vision for its potential and how much realizing that potential would cost. If only there was a knowledgeable person with us to look at these homes and gives us ideas and estimates of how much it would cost. How should we go about doing that? Would it be a general contractor? Architect? TIA!

We took 3 different contractors through, got estimates, and then bid. We didn't want the purchase price plus construction costs to be more than fully loaded peers' prices.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We're considering purchasing a fixer upper and budgeting for renovations and/or additions. The problem is that when DH and I see a home, we have very limited vision for its potential and how much realizing that potential would cost. If only there was a knowledgeable person with us to look at these homes and gives us ideas and estimates of how much it would cost. How should we go about doing that? Would it be a general contractor? Architect? TIA!

We took 3 different contractors through, got estimates, and then bid. We didn't want the purchase price plus construction costs to be more than fully loaded peers' prices.

Did the contractors charge by the hour? Did they give you different ideas of what to do with the space?