Full gut renovation or buy new

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$200k is not a lot. I am doing a gut reno of a primary bath right now, and it's about $75k. No walls are being moved. I don't think you will be able to redo your first floor and redo all of the bathrooms for under double that. It will be more expensive, but your location is good. I'd probably do the reno because of the grandparents.

Crazy to think it takes more than a whole years salary for a software engineer/nurse to pay off a bathroom remodel.

That's a very high end bathroom remodel or has something problematic. We just got quoted in the DMV for a full gut remodel at 24k and we are moving one wall.

24k is labor only. I'm not the 75k pp but just did gut reno of a masterbath. Adding all materials and labor, it's coming close to 60k now. We are also in Nova.

Nope, it's 24k all in.

[Anonymous]

OP, be aware that whatever 'estimates' you received by asking a contractor to look around your house and throw out some ballpark numbers are worthless. We did a gut reno and an addition on a small house, so I know how this goes.

Until you have construction documents and materials specs, no one can give you anything like a reasonably accurate estimate. Our bids ranged from 2 to 4 times the "ballpark" numbers we heard from contractors, and that was *after* we'd spent thousands on an architect and structural engineer and before we spent other thousands on moving in/out, renting a place to live during the construction, and replacing furniture and fixtures to suit the new space.

I can't price your project, but you better prepared that (1) it's going to cost a LOT more than you think it will or should; and (2) you won't know what it costs until you've already sunk a lot of money into the planning. Fwiw even though the process is hellish and felt like we were lighting money on fire, we're thrilled that we now have a nice, liveable space that will be paid off in a couple of years. That kind of security is priceless. In your case, I'd definitely stay but go in eyes wide open.