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Um, everyone seems to be forgetting HOA permission and governmental permitting. Means you will need drawings, and to pay fees.
I am in the remodeling business and there is no way you could get a remodel equivalent to your wished-for pictures for $80,000, unless you do the work yourselves. These rooms have smooth plastered walls, high ceilings, custom glass enclosures, high end sinks, and no doubt custom cabinets.
Check out IKEA for reasonable cabinetry ( with awesome Blum hardware). The style you want is a frameless box, and not usually available at the home centers. There are Euro manufacturers of this type of cabinetry, selling for large dollars.
Don't install recessed lighting, instead use modern lamps, it will save you large $$s and is more energy efficient. What I am trying to say is that you can get the slick modern look without big bucks. Also a bit of subtle color variations (done with paint and your labor) on the walls will make the place look much better.
With middle of the road materials, $80,000 is probably in the ball park.
15,000 for floors, 10,000 each for the bathrooms, 25,000 for the kitchen, 5,000 for the fireplaces, 5,000 for paint, and 10,000 for odds and ends. Add in a 20% contingency as your wishes change/the GC runs into 'issues" and you should have a 100,000 budget.
Start with a good design person (additional fee), and then have a handful of GC's come in and bid the job. Go with the person with the greatest (documented) understanding of the job whose bid is realistic.
Yup.
Pay extra up front for a good architect. Get your plans drawn up, then have a bunch of contractors bid on it. Get all bids in WRITING, and go with the lowest bid from a guy you feel comfortable with. There was a difference of over 100k between our highest and lowest bidder.
I would go one step further and get a 203k loan. That way theres an extra layer of protection in case the contractor doesnt want to do something.
First, is sinking 80k into the place going to be worth it in the long run? Do you plan on living there forever? Did you get this condo way below market value where the 80k renovations are going to put you at the rest of area or put you above the market? If you're above, its going to be a loss if you ever want to move.
Quote:
Originally Posted by WTBWestside
To answer some of the questions people posed, the condo is about $750K in an area that is continuing to increase in prices so it should be worth it.
Not the right answer! There's a big difference between being profitable-and upside down. On the percentage basis- you're spending nothing (based on the numbers you presented), but how much below market value did you purchase? Get rid of the "should be" and talk to a RE agent who knows the area VERY WELL- talk numbers/plans and see if its "profitable".
Oh, and 80k isn't even gonna be close based on the pics you posted-vs.-what you're starting with!
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