Gut Renovation. Good or Bad Ideal?

Question

For anyone that is seasoned in this area, can you please offer up some advice.

What would be the estimated cost on a property that requires a complete gut renovation? (minimum-maximum)

Property: Single Family Home, 3 Bedrooms, 2 Bathrooms

Also any advice on when to take the job and when not to take on the job would be helpful.

Thanks.

Account Closed · Answer

@Jamel Driver

Jamel, as both @Jim Tannehill and @Jared Smith pointed out, it is difficult to put a number on it....especially on old houses where a lot of things hidden things come to light ones you open up the walls.....not to mention if you throw foundation and structural repairs into the mix.

That said, I am working on a total gut rehab right now, down to the studs....pretty much everything else attached to the house goes in the dumpster except maybe the front door......, new electrical wiring through-out and upgrading to 200 amp, new plumbing supply and drain through out (except maybe for the cast iron stack), new high efficiency furnace and air conditioning unit, new ducts, new insulation, new drywall, new roof(s), new siding, new windows, new floors, new doors, new fixtures, new kitchen, new bathrooms....basically everything is new plus changing the floor-plan some.

I am not ready to share any more details at this time. Once I am done, I may share some of the details. I did start a thread though on the cycle of my first dumpster, how I packed it and just how much of my first round of demo I was able to fit into it. I am now on dumpster #4.

You can check out that thread here: https://www.biggerpockets.com/forums/522/topics/33...

For some perspective, the cost of new construction including the lot is about $120.00/SF for a production home in my area last time I checked. I may be off on that number +/- depending on the quality of the home and finishes.

A gut rehab will cost less /SF because the lot is already there with utilities and framing has already been done but still there are too many factors to pin it down.

Jim Tannehill · Answer

I don't think you can put a minimum-maximum number on this since it will fluctuate for everybody. It also depends on what your definition of "Complete Gut" and the square footage. In my area a typical flip budget is 35k and that covers full bathroom upgrades, full kitchen upgrades, all new light fixtures, flooring, minimal drywall work, etc. Budget will obviously go up with windows, roof, replacing HVAC, and other major items like that. If you had a specific property or a scope of work, that would help me better understand what all needs to be done.

Jamel Driver · Answer

Thank you to all that replied. When I know exactly what ill be focusing on I'll share an update. Thanks.

Gut Renovation. Good or Bad Ideal?

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