Reply to Renovation cost- too high or about right

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[quote=Anonymous][quote=Anonymous]Hi- we just got a bid from a design build firm for a renovation of our home and are in absolute shock. Here’s what we are doing:
-gutting the house down to the studs on the first and second floor
-replumbing, upgrading electrical, installing hvac,
- adding a powder room on the first floor, a second bath on the second floor
-gutting kitchen
-adding laundry room to the first floor
- replacing floors that cannot be salvaged refinishing the wooden floors so they match
We are not: finishing our basement or changing the existing footprint of the house, or touching the exterior.

We were not prepared for the number they suggested-$599k. The structural elements before any fixtures or cabinets alone was $475k. The SOW did not include a price breakdown of any of these items, just a grand total at the end. Is that normal? [/quote]

Why did you buy a house that was in such bad shape?  Did you get a major discount for the poor condition?  Unless you bought it for way under market due to conditions, it’s hard to see how that reno makes financial sense.[/quote]

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