I hope to buy a bungalow that is approx 42 years old and very dated.
We want to perhaps add a loft and update the home with wood floors and to add architectural interest to the home. We would want to make it open concept and to add a loft and modernize what is there to a like new state.
What should I budget? We currently have approx $175,000. Is it enough?
We could finance a bit. Also, what is the next steps? Architecture? Builder?
This is my first project of this size, so I am very green.
Also, how long would it take for reno's?
We are selling a home to make the move and I need to figure out when to put it on the market and what to expect for a time line. I think it is approx 1400 sq ft and has approx 800 sq ft in the basement.
As I read your information it appears that your budget should be sufficient. We completed a second storey addition of approximately 840 or so square feet in the $220,000 range. Which included some minor renovations on the first (main) floor. Your info mentions a loft so I am not sure if you are thinking of a full second floor or just a partial second floor/loft with updating the main level.
I would suggest a design build renovator/contractor at this point.
A design build renovator would have up to date costs of material and use or have available trades at their disposal or that they have used in the past. They can handle the project from start to finish starting with initial costing of the project to the design of the project and right through to the construction and completion. They also can suggest ways to keep costs in line and suggest alternative materials to stay within your budget. Your choice of finishing materials must stay in line with your budget which is very important.
I would suggest that you allow a time line of about 3 to 5 months (12 to 18 weeks) depending on the work that you undertake. This time line is only for the construction phase and does not include the time it would take to design, prepare the plans, apply and wait for the permit approval. This time line could also be in the range of 2 to 4 months depending upon your decisions on the final interior and exterior design and material choices.
My suggestion is to start talking to a renovator/contractor early in the stage as you need to deal with budgets. I would not want to see you have the architectural plans completed (and paid for) and then to find out that the project is not within your budget.
Your next step should be to get a preliminary budget estimate on the renovations before you commit on buying the new house or selling your present house. From your description you are describing your dream house. I dint think that you would want it to turn into a night mare.
Our motto is "from concept to completion"
Paul Justice ....613-821-2147....Cell 613-850-8851.
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