Reno estimate for 2br apt in North Jersey 30k?

Question

Hi all, I am analyzing a deal for a 2BR 1Ba apt in North NJ and plan to renovate kitchen, bathroom and some flooring, maybe open a small wall connecting kitchen to living space, plan to save cabinets in the kitchen with new appliances and reglazing tiles/tub in bathroom, would $30k be realistic estimate or is that way under budget?

Please let me know what you guys think, would appreciate any input thank you!

Jonathan Greene · Answer

What town? How much you spend on a reno, in terms of the finishes, depends on whether it's a long-term rental, short-term rental, or a live-in. For a 2 BR, 1 BA condo, 30k would be a terrible spend and for what you want, you won't spend 30k. You will spend more than $7,500 in this area though. Moving walls in a condo can be a no-no and would need HOA approval so don't start coming up with a plan that can't even be done.

Joe Martella · Answer

If you are handy or even if you aren’t, there are somethings that you can do yourself to cut costs or save money to upgrade in other areas.

As a new investor it is hard to find  the people who do good work for reasonable prices or as we like to call it “investor friendly.”   If you look for estimates I am sure they are all over the place.

I use handyman services that are either referred from my local REIA or FB groups.  I currently have 2 that I work with.  One comes with drama and the other with not so much drama.

I have seen people complain about re-glazing tile that the finish doesn’t last as long.  Look around.  With the right people you may be surprised that putting up new tile may not be as costly as you thought

Kevin Hill · Answer

That’s probably way over estimate if you are keeping the kitchen cabinets and just reglazing all the bathroom tile.

George C. · Answer

yes for sure! trying to figure out what everything costs, thank you for your input, do you have any recs for contractors?

Boris Portnov · Answer

@George Chang I would pay $7,500 for the work you described. Learning how to renovate on an investor budge as opposed to a homeowner budget is far different. Good Luck

Reno estimate for 2br apt in North Jersey 30k?

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