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Got Some Questions

 
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Old 10-13-2013, 12:59 PM   #1
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Got Some Questions


Hello everyone, I have been doing carpentry side work now for quite some time with a friend of mine. Anyway I am looking at purchasing my first home. I really like the style/floor plan as it is a colonial 3 floors with a 2 car garage. Anyway they list the home at 2262 square feet. Although I dont think this includes the basement as this is a pretty decent sized house. Anyway the home was built in 1975 and has had one owner, the home has not been updated since 1975. Nasty shag carpet throughout insanely old wallpaper on all the walls. I peeled back some of the wallpaper and found black mold. various water leaks through out the home in 3 different locations. My friend was saying to save time and money we need to just drywall overtop of the existing drywall/wall paper. which seems like a bad idea to me. I know trying to salvage that old wallpaper/drywall is a loosing battle but i was thinking the best thing to do is rip out all drywall down to the framing and start over. Also curious how much you guys think it would cost to renovate the inside of this home? new carpet, drywall, finish, paint, kitchen cabinets, appliances (not one appliance in the home). Really rough idea 2262 square feet my buddy was saying for 40k we could renovate the entire home.
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Old 10-13-2013, 01:26 PM   #2
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Re: Got Some Questions


Don't listen to your buddy.

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Old 10-13-2013, 01:30 PM   #3
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Re: Got Some Questions


40k will get you a nice kitchen and some new carpet. .
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Old 10-13-2013, 01:35 PM   #4
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Re: Got Some Questions


What Kent said. Not even a chance. My father and I have just finished doing a 2,900 sq ft. house. Finishing off a basement that had been finished poorly
which involved gutting it and starting from scratch. The upstairs had hardwoods throughout except the the kitchen and baths. All those rooms got tiled.
Had to put in an HVAC system. But all that was right at 30k just in materials. So yeah... Don't listen to your friend.
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Old 10-13-2013, 02:12 PM   #5
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Re: Got Some Questions


Thanks alot guys. I have just been working with him on various projects but have not been involved with any of the finances on these projects we do. He said of course all our labor will be free. so essentially this would be materials only but even the material seems like it would be more than 30-40k.
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Old 10-13-2013, 03:34 PM   #6
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Re: Got Some Questions


We just finished an interior remodel of a 2700 sq ft condo. It ended up about 70k, and they didn't get a new kitchen.
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Old 10-13-2013, 07:37 PM   #7
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Re: Got Some Questions


I would have put it at $90K if it was done by a GC, but that does have limitations. People spend that just on kitchens, $40K on baths,...

If you're just needing materials prices, you'll need to do a materials list and price it out. Don't forget the $3-5K for dumpster fees (could be more).

Under no circumstances should the walls just be clad with more drywall, that mess needs to be cleaned up.
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Old 10-13-2013, 08:18 PM   #8
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Re: Got Some Questions


Thanks alot for all the advice. I thought that sounded awful low but i thought well maybe he knows something since its all material no labor costs. I also did not like the idea of dry walling over old drywall that could have black mold (I saw black mold behind the wallpaper in one room) n such behind it. The last thing I wanna do is buy this home and rely on the 30-40k for renovation and run out of money with a 50% complete home. That would not be good. Thanks for the reality check guys. I am also using this price of renovation to negotiate the price of home. (which trust me I wanna shoot high)
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Old 10-13-2013, 09:41 PM   #9
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Re: Got Some Questions


Mold is an interesting negotiating point. Personally, I'd just say there has been moisture issues.
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Old 10-17-2013, 06:33 PM   #10
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Re: Got Some Questions


How much are you going to pay your buddy?
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Old 10-17-2013, 06:48 PM   #11
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Re: Got Some Questions


Quote:
Originally Posted by hdavis View Post
I would have put it at $90K if it was done by a GC, but that does have limitations. People spend that just on kitchens, $40K on baths,...

If you're just needing materials prices, you'll need to do a materials list and price it out. Don't forget the $3-5K for dumpster fees (could be more).

Under no circumstances should the walls just be clad with more drywall, that mess needs to be cleaned up.
I have even remodeled one kitchen, just the kitchen mind you, for almost $500,000, yes, that was nearly a half a mil for a kitchen. But my goodness was it nice and the HO's were extremely pleased.

Last edited by Jeff G; 10-17-2013 at 06:51 PM.
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Old 10-17-2013, 06:49 PM   #12
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Mold is an interesting negotiating point. Personally, I'd just say there has been moisture issues.
Exactly! Pretty much a given if there is black mold abounding.
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Old 10-17-2013, 07:02 PM   #13
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Re: Got Some Questions


QWK.....

Be carefull friend.... I do a lot of flip (as principal ) and you really need to know exactly what you have.

I'm the first to believe in learning/do-it yourself, even with limited experience as your "some carpentry work". But you probably have a significant investment riding on your initial investment and your reno investment.

I understand you are not flippin for profit, but it is probably more important that it will be your home....

Impossible to estimate/guess the actual condition of the proposed home, nor your desired level of reno...... but 40K materials sounds extreemly optimistic. (Believe it or not, square feet, as that is basically all you told us, is only a small part of the dollar equation)

Get another friend/nice pro/or some more expertise to look it over.... it could save you a nightmare.

I've watched (alot of would be flippers, and first time buyers), get bit pretty hard by thinking they found a good deal.... and for the flippers loosing money, and first time buyers just getting a money pit and misery.

Good luck
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Old 10-17-2013, 07:11 PM   #14
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QWK.....
Get another friend/nice pro/or some more expertise to look it over.... it could save you a nightmare.
Take that advice.
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Old 10-18-2013, 07:16 PM   #15
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Re: Got Some Questions


It depends on how you go about doing it really. Is the exterior fine then? Or is that where the water comes from? Are you going to work weekends and use your extra time, ie do you have a schedule? I would renovate a place that size for like 110k for the interior, thats "budget" not much electrical or plumbing. Like nothing but cheap stuff, but some people are cool with that but 50 of thats labor. My place is 1760 sqft and I have put about 30k into it probably and the exterior was nice when I got it. I have about 3 years into working on it when I have days off though. That includes all hardwoods and slate, alder cabinets from DuraSupreme, stainless appliances, and tiled showers. I did some retexturing and moved some walls as well. It's not quite done I have one more bath left out of 3, but like i said its all on extra time and I get all kind of good stuff on craiglist and items that were ordered to the lumber yard no one picked up. But those things take time. So I bought my place for 160 and now its appraised at 240. Worth it? Not really, except I like living here.

I would literally never buy a house and fix it up to flip unless I paid like 20 grand for it.

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