All Forum Posts by: Peter Street

Hi Tarique,

Totally agree on not looking for the "lowest cost" ... we're looking to do the job right. 

Given the scope of the project, I've primarily talked to design/build firms so far, and they are all pretty cagey about breaking out costs with any level of specificity.  As a point of comparison, I spoke with an architect as well, and his all-in estimate of design plus construction was not too far off of the design/build quotes.

The kitchen would be brand new (it doesn't currently exist).  The bathroom will stay in place, but needs gutting and a new shower.  The electrical work includes a heavy-up and adding a sub-panel for the basement.

Thank you for your breakout of costs.  I'm gonna run your figures against the specs of my house and see where I land.

Really appreciate the reply!

I recently bought a semi-detached house in Crestwood and have been exploring converting the basement into a rental apartment.  The space has a lot of potential -- it is ~900 SF and partially below-grade so there is good natural light.  A very conservative estimate of rental income is $1,500/month.  

Before buying the house, I knew I needed to replace the  HVAC and boiler and improve the drainage in the basement, so these items will be part of the project.

The scope of the work  includes:

- Underpinning one wall of roughly ~45 LF (because our footers are uneven).  Currently, there is 6'9" of clearance (below the 7' required for renting); underpinning this one wall gets us to 7'2.5".  I would love to get to 8' (or higher), but it just seems cost prohibitive.

- Installing perimeter drainage system, sump pump, insulating walls.

- Pouring a new slab.

- Cutting a new egress door.

- Finishing with Ikea-grade kitchen and bathroom.

- Replacing HVAC and boiler.

This will be my first construction/renovation project and I've been somewhat shocked by the proposed budgets I've seen.  The best proposal I've received so far is $260k all-in.
 

I'd love to hear any thoughts from folks with experience. Do you think this project is worth it? Is there a better way to approach it?