I am trying to get a sense of the cost of rehabbing homes/construction in Philadelphia for a light rehab, mid rehab, to full gut renovation/shell on a price per square foot basis. Any input is appreciated.
Also, looking for great contractor recommendations in the area.
Great question. I have experience in full gut and new construction only so here are my thoughts:
1. Your finishes (due to ARV) will influence directly your cost, so the full gut price in upcoming areas will be lower if compared to a similar place located in a more "established" neighborhood.
2. Due to so many variances I don't calculate rehabs based on sqft. My average rehab cost for a 2/2/1 with finished basement, around 1,200 sqft is close to $100k (finishes are in the middle) when ARV is in btw $375k and $425k.
3. Price per sqft on new construction varies from $105 to $135. I leverage time/supplies when building multiple at the same time.
I hope it helps.
$110 to $135
@Andresa Lobrace Thanks for your comments, that's very helpful. New construction cost/psqft is a bargain compared to NYC!
I am seeing prices for light rehab (some Sheet rock, paint, grout, caulk, moldings) for about $3,000 for a one bedroom unit- I mean there are so many ways you can define what is light rehab vs medium etc- but I got a few quotes for painting/some sheet rocking, new moldings, etc and that seemed to be the range (like 2500-3500$ for a one bedroom) including materials
plus an additional 300$ to clean out debris, and window repairs I'm still waiting on separate estimates for but can share information on what I get back :)
@ Janine Thanks for sharing your experience on the lighter side of things, it’s all very helpful and appreciated. Do please keep me updated!
@Jason Homa there's a previous post about this a few years ago, but I don't think prices have changed a lot.
Below are my numbers (I speak from experience), based on REHABs only (I'm talking partial to full guts, everything new). The numbers below are NOT representative of new construction
$35/sq ft doing the work myself
$50/sq ft doing half the work, subbing out the rest
$75/sq ft hiring everything out (acting as the GC)
@Mike B. Thanks for sharing your personal experience, it is really helpful. Sounds like if I hired a GC it would be about another 25%, or close to $100. I'm definitely not looking to do new construction/ground up.
I appreciate your work in progress at your West Passyunk flip, looking forward to seeing it complete!