Hi all -
Looking for some insight on the estimated costs of gutting a traditional Chicago two-flat. It's about 2600 feet, each 3 bedroom/1 bath units. Will need new HVAC, new electric, new plumbing, new walls/configuration, and possibly dig out to create duplex down (two-level unit) or 3rd legal unit. Just trying to get a rough idea on costs, either cost per SF or estimated unit reno. We'd live in one unit and rent out the remaining unit(s).
@Brian Kasper - depending on finishes estimate $50k-$70k per floor for interior work. Basement dig is $30k just to dig if you don't need to underpin the footings, $50k if you do.
@Brie Schmidt is spot on. Keep in mind that those numbers wouldn't typically include any exterior work (roof, tuct pointing, siding, garage, landscaping, sidewalks, etc...)
A close friend of mine primary resident burned down last week. Its a two flat by Addison and Pulaski. Building will need gut rehab and new roof. Is a gut rehab due to fire cost the same as a standard gut rehab?
Friend is currently dealing with statefarm insurance in regards to rehab. Does that make a difference?
@Mike Olszewski You might want to start a new thread for this question, but I'll go at it in this forum.
I flip fire-damaged properties and own a fire damage restoration company. The short answer is: no, fire damage rebuild is not the same as a standard gut rehab.
For example, often fire damage is water damage--they put the red stuff out with wet stuff. Furthermore, there is the potential of extensive smoke damage in the same airspace. Then there is odor mitigation. If not done well can cause ongoing problems.
I'm sorry your friend is having to go through this--it can be a very tough time. For what i's worth, I've had very good experiences with State Farm. Good luck!
@Mike Olszewski makes no difference
But most contractors that deal with insurance work inflate numbers because they can.
For Insurance, you should get quotes for a Renovation builders risk for the project and also Liability insurance.
For the Renovation Builders Risk, the agent will need to know the current value and the value (cost) of the renovations.