I have a 6 unit multi-family in Newark NJ and now looking at long term goals. Some of the units are in real need of updates. So figure as a tenant leaves will then update apartments Trying to assess costs of renovations.
1. new kitchen
2. new bathroom
3. new flooring- thinking of putting tiles with new plywood underneath
4. potentially new electric wiring
5. paint job
These are approx 500 to 600 sq foot apartments.
How much do you think improvements like this will cost me?
Not planning on doing anything with walls (at least all of them seem ok other than painting).
Are you doing any of the work yourself or contractors for everything?
How big is the bathroom and how many cabinets in the kitchen... its newark so i am guessing you arent doing high end stainless steel etc... My thoughts and i am a newbie but i would do scratch and dent appliances from depot for $1000.
The cabinets in a small kitchen i would say $1500. Paint you can get a guy to do it for $1000-$1500 (depends on how hard it is to get a contractor or laborer in the area)
I did my 500 sq ft floors with laminant for $1750 all in ...
Really depends on the specifics and finding the right guys who need to fill their time and will come in and knock it out quick...
My good friend lives on Godwin in Ridgewood...beautiful community.
I don't have costs for NJ but one line struck fear in the heart of any remodel budget, "potentially new electric wiring". Here a 6 unit building requires a professional engineer to prepare a drawing with their stamp for the addition of even one 20 amp breaker to the panel. So your first unit you might have several thousand in just securing a permit to add an outlet in the kitchen.
Your best bet is to do some legwork your self. Measure up one of the units and make a trip to Home Depot and price out every item you will need to complete the work. Watch some youtube before hand and make a comprehensive list. After you've done all that, double the price and that's where you START with your budget.
Thanks for the feedback. Will try that out. Electrical is working fine but not sure how old it is. So wanted to at least identify the potential costs.
Be VERY careful doing anything other than cosmetic. Your property might be grandfathered in it's current state but then replacing one thing requires redoing it all per code.
In our city limits you can be grandfathered in with knob and tube wiring but as soon as you touch one part of it you are then required to update it ALL.
Some of the signs I look for to tell whether or not the electric needs updating or replacing vs just knew and nice looking outlets and switches are the following:
Old knob and tube wiring
Electric outlets installed on the baseboards
no GFIs present in kitchen and/or bathrooms
wiring installed outside of the wall vs inside of the walls.
Ibrahim Hughes, STEP Buys Houses LLC | http://www.StepBuysHouses.org
You can easily answer your question by bringing in 3 contractors to get you quotes. Then you will really know and based on the prices and your budget you can reduce/add to your scope to get you to where you need to be. Quotes and knowledge are free compared to guessing if you do not know theses numbers. Also so you don't get caught going over budget.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!