Milton, MA · Member since 2016 · 88 posts · 27 votes
Could anyone help estimate a ball-park number to turn part of an unfinished basement into a 700 square foot apartment (either a large 1-BR or small 2-BR, one bathroom)? Just for construction, excluding architect, legal, permit, zoning, financing, etc. The basement is dry with a high ceiling, so assume that we won't need to lower the floor to achieve more height. And the foundation extends fairly high above ground, so should not be too difficult to create the required windows. This is in Boston (Dorchester) which is a high cost area. Is 40K inadequate? We'd like to figure out the payback before we start off down the long road to City approval.
Recouping also dependent on market rents in your area for basement units.
I would not say that 40K is woefully inadequate but you could easily be looking at $60K, it depends on a lot of factors. On the other hand $40K could easily do the job if you did the work yourself.
Contracted labour, depending on your market, usually doubles the budget.
Real Estate Agent · Westboro, MA · Member since 2016 · 1k+ posts · 471 votes
9y
Hi Maureen, this is a great question! I am also in ma so I would like to know thethe answer as well! What are the current prices per unit in Dorchester Ma? This will help you in determining the price. Also check out Craiglsist for listings they may provide some info for you
Too many factors to determine, are you doing the work yourself, or using contractors, if you are using contractors do they specialise in basement conversions, what class of finish are you considering, what is the extent of work required to put in the plumbing.
From nothing to finished is going to be more than $40,000 but there are too many unknown variables.
Milton, MA · Member since 2016 · 88 posts · 27 votes
9y
Thanks for the input. @greg s. - work would be done by contractors. Using a company that specializes in basements might be a good idea, as long as it doesn't end up looking like a basement. Anyhow, good to know that 40k is woefully inadequate even if it's not what I want to hear. And bids, yes, but first plans are needed so they know what they're bidding on, but hard to spend a lot on plans without knowing if it will be approved or if the cost would make it not worthwhile (which I'm sure is not the case, just a question of how many years to recoup).
Recouping also dependent on market rents in your area for basement units.
I would not say that 40K is woefully inadequate but you could easily be looking at $60K, it depends on a lot of factors. On the other hand $40K could easily do the job if you did the work yourself.
Contracted labour, depending on your market, usually doubles the budget.
Investor · Franklin, MA · Member since 2015 · 47 posts · 22 votes
9y
I just did a basement finish for a friend on a condo in Quincy. This was just finishing = putting up walls , flooring and ceiling to make basement a living area less than 500sq. ft. After permits ,elect,heating, costs and labor was appx 25k. I would think a nice materials job for a living quarters would come in around $50k figure 5-8k less for a real budget materials build. add 10k for higher end work ,materials. Anyway if you can get it permitted , done and can afford to do it I would believe it a good investment. New work will bring in a higher rent also.
Milton, MA · Member since 2016 · 88 posts · 27 votes
9y
@Christopher Stobbart -- thanks, that's good info. I would want the unit to be slightly higher end to attract the target market (one or two young professionals). Seems like a budget of about $70K would be realistic including everything (architect, legal, construction, contingency). The property is a long term hold so the rents would pay back the cost in about 6 or 7 years, and then upon sale (or condo conversion) the money would be recouped again, and more.
Real Estate Agent · Boston, MA · Member since 2016 · 65 posts · 32 votes
9y
I have had many conversations with owners and developers regarding getting that basement apartment approved. From what I hear, it's very tough and I seldom see it done. Have you spoken with anyone over at 1010 Mass Ave or know anyone who got one approved? If it was easy to do, everyone would be adding that 4th unit into the basement of their triple-deckers. I know I would!
Milton, MA · Member since 2016 · 88 posts · 27 votes
9y
@David Cahill -- point well taken! I have not spoken to the City, they'd be my last resort. I know that some flippers/condo converters don't pursue it because of the time to get it approved, since they're paying high cost of funds on the entire property and need to get in and out. I have the names of several experienced lawyers and architects, and will get more info from them and developers before expending too many $$ in the process. As a minimum I think it would be possible to add a living/recreation room and bathroom as an expansion of the first floor unit.
Architect · Papillion, NE · Member since 2015 · 1k+ posts · 840 votes
9y
One big ticket item is hvac, will it have its own heating and cooling? If so, this is about $6k to $8k or so. You will need egress windows for the bedrooms and I hear they run $3k to $5k each. I would call the city building dept and have a conversation on what you want to do before starting. They will be able to help you and determine if this is a "no go". After that, talk to an architect as they can help point out problems and help establish a budget for the project.
Milton, MA · Member since 2016 · 88 posts · 27 votes
9y
Thanks @Jim Adrian. Yes, it will have its own systems, tenants pay utilities. I have seen the egress windows that you refer to, that's a reason why I'm thinking of a 1-BR rather than a 2-BR.
Hi Chris, do you personally finish basements or can you recommend people who do in the Boston area? I have a 1000 square foot unfinished basement I would like to finish.
Investor · Franklin, MA · Member since 2015 · 47 posts · 22 votes
9y
I am partners with a contractor who is semi retired. We do work but are choosy and tend to stay local and with simple short term projects. Depending on the scope of the project I may be interested .
@Luis Capriles Luis do you finish basements? I am also in Lynn; would like help with my basement I will be renting it to my brother and wife until they buy their own place, after that i plan on just using it as addition to the first floor.
Flipper/Rehabber · Easton, MA · Member since 2014 · 84 posts · 22 votes
8y
@Maureen F. , how did you make out? Were you able to get the green light to make a rental unit out of your basement? Ive found a 2 Family house with a finished basement apartment (where the owner currently lives) and the weird thing is that the Town public record shows it as a 3 family. Just curious if this has been done before.........by the book.
Milton, MA · Member since 2016 · 88 posts · 27 votes
8y
Sorry @jiva segaran ... But we have decided not to pursue the project at this time. It sounds like the property you're looking at may already be a done deal?
Realtor · Portland, ME · Member since 2015 · 655 posts · 552 votes
8y
@Jiva Segaran Go to the local Building Department for the property you are looking at, pull the file for that address and look for any permits that may have been pulled for the construction. Look for the original permit to build to see what it was constructed as originally and try to track down where it may have changed.