Hi, I broke my ankle in February and luckily the insurance company for where I fell accepted fault and I am expecting a decent settlement. I want to make the most of the money so we are thinking we want to remodel. I was wondering if you all could help me figure out costs.
Here are what we need to do... Home is about 2200 sq ft and we are in Arizona. We are not flipping or selling this is a remodel for us.
Reshingle the roof - just asphalt tiles
New AC unit
We think there is mold in one bathroom and under kitchen sink, so some mold removal.
We think part of the electric will need updating as well as some of the plumbing.
We are contemplating on installing a new electric box
Here is what we are wanting to do.
Add a hallway (will require moving a non load bearing wall.)
Add a powder room about 3 feet from existing bathroom with medium grade finishing
Update 2 small bathrooms with medium grade finishing
Add additional toilet in master bath and move plumbing for shower and existing toilet about 3 feet.
(Total toilets are 5, showers 2, bath tubs 2 and 1 large vanity, 2 small vanity and a simple sink.)
We want to create an opening in a non load bearing wall.
Update all flooring in entire house.
Turn a living area into two small bedrooms
Add a wall in a small kitchen and convert to a butler's pantry
Completely remodel the kitchen with medium grade finishing
Remove a 8-12 foot load bearing exterior wall
Remove a 12 foot potentially load bearing interior wall.
Close in a exterior area and make it into a air conditioned workout room
Convert a garage into a large living area
Repaint outside of the house
Change from typical arizona rock yard to grass in front and back yard. About 4,000 sq ft total with not a lot of removal except rock.
I know this is a lot! I would appreciate any info you can share.
Somewhere between $100 and $ 1,000,000 should cover the estimate .
There is no way to give you a number even close
No , not really , I am a fun loving guy . But your question can only be answered with the limited information you gave .
I am a contractor , when I am asked about how much will it cost to remodel a kitchen . I tell them it can cost from $ 5000 to $ 200,000 depending on what you choose and want done .
Contractors work off plans and specifications .
Like I said there is no way you can get a number anywhere close from your post
No one here can give you that answer. You need to call your local contractor to give you an estimate. You need to know your finishes: toilets can run you from $150-$7k. Also you need to bring in a landscaper too. BTW ever thought of investing the money to buy another property?
Real estate market is extremely hot in AZ!
Perhaps you should wait until you receive the check first. After taxes what is left may be what you can spend on.
@Lisa Ramos you have a good working list. Take that list and prioritize it. Just do a simple ranking of the most to least important items on the list. Once you get your check and know how much money you actually have to spend, call 3 contractors. Show them your list (not your check!) and ask them for a quote on the entire job. When/if it comes back over your budget, start taking things off the list, beginning with the least important, until you get back into a budget range you are comfortable with. Ask each contractor for 3 references...CALL THE REFERENCES. Pick the guy you're most comfortable with and get the work done.
There is no way anyone here can give you any numbers that will be helpful to you. There are too many possible variants to play that game.
What I will give you is a piece of advice. Before you begin any major renovation, figure out what your home's current value is. Then figure out what your neighborhood will handle, in turns of value. (i.e. If you have a home that is currently work $100k, and your neighborhood will only support values up to around $125k, but you're planning to throw $100k in renovations at your house, then understand you may never be able to recoup that value.) If you plan to live in the house for the next 25 years and not sell it, then you may be fine. However, one of the worst real estate decisions you can make involving a single family home is to over improve it.
There is a guy right now, right here on Bigger Pockets trying to figure out why his flip hasn't sold. He's going to lose money, if he reduces the price any further, but we had to break the news to him that his property is priced too high He has priced the property based upon the $ he has put into the home, not based upon what his specific market will bare. Unfortunately, I had to explain to him that he put hand-scraped hardwoods in a linoleum neighborhood.
It can be emotional, when you're talking about your own home, but I would expect you are asking the question on Bigger Pockets because you want real estate advice.
@Lisa Ramos if your numbers are accurate, then investing the money to bring the house in line with the current market makes sense. I still suggest you go the route of just getting references for 3 solid contractors and getting quotes from them. Everything from the level of finishes you select to the pitch of your roof can drastically impact costs. Also, I don't know about AZ, but here in Texas, when you do some things will impact the costs. For instance, getting your roof replaced here in North Texas can be much cheaper in the winter, because the roofers are not as busy. Roofers, particularly larger contractors, will often reduce prices in the winter to keep their crews working. The same thing holds true for A/C work. Again, I'm not familiar with the AZ market, but there are usually things you can do to bring the cost down. Also, another piece of advice for dealing with the contractors is to always use milestone payments. That means the contractor gets his next payment, when he completes a specific milestone. The final payment should be contingent upon final inspection (code compliance) and a final walk-thru.