Im looking at buying a 3 bedroom 1 bathroom 1090 sq foot home built in 1920. It needs alot of work but the price is right. It would probably need to be a gut job down to the studs. So insulation, drywall, lighting, plumbing kitchen, bathroom, exterior, possibly roof, windows etc. i have an operating budget of $130,000. Would that cover all that work?
Yes, I believe that a budget of 130K should be more then enough to cover the costs to remodel the home... Obviously Keeping in mind that the finishes aren't overly extravagant.
My recommendation would be to work on the building exterior and close-in before tackling anything on the interior. This way you are able to go through majority of the stages that usually encounter "unforeseeable's" and make the finishing stages go that much smoother.
I hope that helps...
$130,000 is reasonable budget to completely renovate a 1090 SQ'home with mid-range finishes. I would plan out your finishes in advance to fit your budget. I strongly recommend triple pane windows since they only cost approximately 10% more than double pane being that you live in Winnipeg. I recommend you calling a trusted Pro general contractor in your area to get a more precise quote for your renovation. Keep in mind it's best you know what your finishes are before you contact a contractor. What type of furnace, electrical panel kitchen cabinets countertops flooring siding xcetera. PS if things don't pick up here in Calgary maybe I'll drive up and do it lol
OK, first of all, I am seeing really bad recommendations here. NEVER do the outside first, you always start with the core functions and achieve code compliance from the INSIDE OUT. if you do not, you may end up tearing off the newly installed exterior.
We are currently doing a complete gut and rebuild of a century farm house in Picton, Ontario. Down to the lath and studs, 100% replacement of wiring and plumbing.
Expect, if on septic, to install a new tank and field, around $30,000. Completely replacing plumbing (because old plumbing will NOT code if it is even remotely original - they used different plumbing pipes, and non-code compliant drainage (example - stack pipes were 3" and MUST be 4" now) as well as a new field, if necessary (and in our experience with century home ALWAYS is)
Re-plumbing whole house will be about $24,000, and electrical about $13,000 all in. HVAC will likely need replacement at about $15,000-$20,000 (with A/C and code ductwork, if applicable).
Demo and removal will be about $10k for labor (expect at least 2 weeks for crew of 3 plus bin rental and tippage costs at about another $3k.
Exterior will be about $25k for material, and demo exterior about 3 days for crew of 3. Expect a labor day for 3 to cost about $150/hour for 3, and $115/hour for 2. This assumes a REAL contractor, insured, with real equipment, not handymen that will end up costing 2x as much in the end.
Drywall will be about $23k, assuming no need for firring out (if there is lath on walls or ceiling).
Then windows will be about $18k
At that point, you do not have new bath or kitchen fixtures or cabinets, those will be based on your preferences.
In any case, your budget will likely be light, as I have outlined. The farm h
At this point, you are already through your proposed budget. The Picton farmhouse (See it on Instagram has a budget of about $230k, but there are costs for septic, and moving kitchen to another room, addition of extra baths, etc., that you may not incur.
Pierwater Custom Cnstruction Ltd.
I also think your budget is low. Get a few quotes to see where your budget sits. Before you do anything you should have the property tested for asbestos. A house built in this era would have had a number of renos and would quite possibly have asbestos containing materials. This could blow your budget before you even start! if the drywall/mud is positive it could cost you 20 / 30k to have it removed professionally.
Even though that $ 130000 seems like a good number most kitchen and bathrooms take most of the reno budget - usually -$40-50 K . If you are dealing with an older home the costs of upgrading the heating, electrical, plumbing, and most likely the underground services can really add a lot of the costs to the basic budget. You should also consider that most of the jurisdiction will ask that you bring everything to current code and permits with engineered drawings will be required. Add upgrade to windows and doors, what you are buying is a framed shell and the land. We are located in Edmonton, and our normal costs to reno a 1000 sqft home here would be $ 150k to $ 180k.
Shop around - you might have to do some of the work yourself to stay in that budget.
As others have said it is possible to complete your reno within the budget of $130,000. That said it is equally as possible that without proper planning and the right contractor and/or trades that you could run out of money.
When planning a full home reno we find it best to start by budgeting the big expenses first and working from there. As far as interior finishes go, things like flooring, cabinets and countertops can be some of the bigger expenses. Trades wise we would say electrical and plumbing are the most expensive and the drywall after that. Painting can also be expensive but as trades go may be something you could save money on by learning to do yourself. Granted painting a whole house is a large undertaking.
As others have mentioned it is also worth checking into the building code in your area as you may have to update systems that you were not necessarily planning on such as septic. Additionally we know of municipalities that depending on what percentage of the home you renovate will make you pay taxes as though it is a new build.
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