Hi guys,
Trying to add a second bedroom by enclosing a porch at my rental in Jupiter, FL just outside Palm Beach. I have spoken to the building dept and picked up form 3A which is a list of requirements to get a permit. First thing first tho... I want to make sure I have the budget to do it so what is the best way to estimate costs for the reno ahead of time, accouting for drawings, permit fees, electrical, hvac inspection, construction, etc... Thanks!
Justin,
It all depends upon your knowledge base. If you have experience in construction and are confident that you can oversee the addition, I would get three competitive bids for every task. However, short of that experience, the best option would be to find a general contractor who already has all of those resources. Again, I would get three competitive bids. As someone who works in residential construction, a source of good contractors is using the local home builders association such as Gold Coast Builders Association in Palm Beach - http://www.goldcoastbuildersassociation.com/ Usually they will be glad to provide you names of qualified contractors / remodelers who can provide you with a quote.
Justin,
It all depends upon your knowledge base. If you have experience in construction and are confident that you can oversee the addition, I would get three competitive bids for every task. However, short of that experience, the best option would be to find a general contractor who already has all of those resources. Again, I would get three competitive bids. As someone who works in residential construction, a source of good contractors is using the local home builders association such as Gold Coast Builders Association in Palm Beach - http://www.goldcoastbuildersassociation.com/ Usually they will be glad to provide you names of qualified contractors / remodelers who can provide you with a quote.
Hi @Justin C.
Sometimes it makes sense to enclose a porch, sometimes not...
As you mentioned, "I want to make sure I have the budget to do it".
How much does it cost? Get estimates; they are usually free.
As @Jerry Powers mentioned... get estimates and referrals in your area.
Using a General Contractor (GC) for the entire job should be able to give you a cost for the entire project pretty quick. Rule of thumb is to get 3 estimates, everything in writing. If a contractor is willing to give you a breakdown (line by line items of materials and labor) you'll have a great checklist for this and future projects.
If you're up to it and want to hire each sub-contractor individually, get estimates from each of the skilled trades and ask for permit fees from your building department... lot's more work and Time. A check list for each project needed is helpful to avoid oversight and cost over runs.
Might want to check how much your Property Taxes and Insurance will increase by adding another bedroom, they may be small but do add to the annual cost basis for your rental.
...
I have a rental with a screened porch and rented it that way for 10-years, because it was occupied by the same tenant for all that time.
I always wanted to enclose that porch, but - it would've cost at least $10,000 to hire it out, (with my labor included to save some costs).
If I got another $100. per month rent / $1,200 per year, it would take 8.3-years to recoup my investment (break even) with zero return on investment.
Your numbers will be different for a 2nd bedroom of course.
Had I hired out that project while occupied, it wouldn't have been too disruptive for the tenant, but the rent would Not have gone up very much; the porch is 16 feet by 8 feet adding space to the living room.
Adding a bedroom would command more rent. That's the first dollar amount I would like to look at. If you can increase your rent by a few hundred dollars per month, it would start to look interesting, with a fast pay back of costs, and a quicker path to (profit) return on investment.
Building materials are extremely inexpensive (in my opinion) compared to the cost of skilled trades labor costs. For instance, it just cost my neighbor $750 to replace a fan motor that costs $124. I think he got ripped off, but he needed it!
Thanks guys, I appreciate the detailed responses!
Currently the place is a duplex, both 1/1's and my wife and I are living in one side which is the one I'm considering enclosing the patio on. Both have garages, 16 x 8 back porches just like yours Joe, and fenced backyards. As we are looking for prop #2 right now, I'll probably try to do the enclosure right before we move into our next property so I can immediately start paying off the cost of the addition with the increased rent. I can currently get around $900 in rent (that's what the other side rents for) and with the addition of the bedroom, easily $1200-1300, not to mention the added value to the property. That puts me at a little under 3 years to recoup the cost of a $10k addition at $1200 rent.
I'm thinking that going from a 1/1 to a 2/1 is much more valuable than going from a 2/1 to a 3/1, which is probably a more common occurrence.
What do you guys think?
First do you have blueprints and are the excepted and ready to go? Without those there is no need in trying to get permits. I could be wrong i dont know your laws in FL. A general contractor can help get all the stuff needed just know it will be expensive. Also interview a lot of g/c not just a couple the more the better. So i would sugest starting with finding a good G/C and go from there.