Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I'm sorry for starting a new thread but I wanted to expand the scope to beyond the kitchen itself and it seemed better to start a new threat for that.
The house is the same house from the kitchen thread. It's a modestly sized 1500 sqft (above ground) brick house with a slate roof in a fantastic location. House is definitely smaller than I'd like but the location is great and it's close to the amenities I want and it's also a lovely neighborhood. Location is the Baltimore suburbs.
However, this is what the house needs:
1. Replacing oil furnace with natural gas boiler (house has steam heat radiators, which should stay in situ).
2. New water heater
3. New central air to replace existing one (approx 25 years old)
4. New washer/dryer
5. New windows (pretty much all the windows looked like they needed work. There are 12 windows in total that need replacing. Because of the neighborhood it really should be Pella/Andersen window quality.
6. Probably some electricity / plumbing needs but it's difficult to gauge the true extent. But let's assume electricity hasn't been looked at since the 1980s and would want to upgrade all sockets to three prongs.
4. New kitchen (see other thread). Current kitchen is literally disintegrating with cabinets falling apart. Need all new appliances (stove, fridge, dishwasher). Let's assume we need to set aside 30k for the kitchen.
I do know the current homeowner has already had improvements to the slate roof and am told it's "good."
So... realistically, what should I budget? Let's assume midrange for everything. There is still some cosmetic needs - finishing wood floors and painting interior walls but the above list are the most important items that would need to be done within the next year/18 months.
There’s no way to put a number on your list- period!
What I can say with certainty is this-
The comps for the area is your “market price”- what you negotiate for a “contract price” is your starting point. The difference between the contract price and market price is your BUDGET. If you can’t do the “list” for that amount- the house is not a profitable investment. And nobody in their right mind wants to lose money!
1. Replacing oil furnace with natural gas boiler (house has steam heat radiators, which should stay in situ). $5-6K
2. New water heater $1K
3. New central air to replace existing one (approx 25 years old) $5-6K
4. New washer/dryer $1K
5. New windows (pretty much all the windows looked like they needed work. There are 12 windows in total that need replacing. Because of the neighborhood it really should be Pella/Andersen window quality. $500-700 per window.
6. Probably some electricity / plumbing needs but it's difficult to gauge the true extent. But let's assume electricity hasn't been looked at since the 1980s and would want to upgrade all sockets to three prongs. ??
4. New kitchen (see other thread). Current kitchen is literally disintegrating with cabinets falling apart. Need all new appliances (stove, fridge, dishwasher). Let's assume we need to set aside 30k for the kitchen. $30-40K
I'm sorry for starting a new thread but I wanted to expand the scope to beyond the kitchen itself and it seemed better to start a new threat for that.
The house is the same house from the kitchen thread. It's a modestly sized 1500 sqft (above ground) brick house with a slate roof in a fantastic location. House is definitely smaller than I'd like but the location is great and it's close to the amenities I want and it's also a lovely neighborhood. Location is the Baltimore suburbs.
However, this is what the house needs:
1. Replacing oil furnace with natural gas boiler (house has steam heat radiators, which should stay in situ).
2. New water heater
3. New central air to replace existing one (approx 25 years old)
4. New washer/dryer
5. New windows (pretty much all the windows looked like they needed work. There are 12 windows in total that need replacing. Because of the neighborhood it really should be Pella/Andersen window quality.
6. Probably some electricity / plumbing needs but it's difficult to gauge the true extent. But let's assume electricity hasn't been looked at since the 1980s and would want to upgrade all sockets to three prongs.
4. New kitchen (see other thread). Current kitchen is literally disintegrating with cabinets falling apart. Need all new appliances (stove, fridge, dishwasher). Let's assume we need to set aside 30k for the kitchen.
I do know the current homeowner has already had improvements to the slate roof and am told it's "good."
So... realistically, what should I budget? Let's assume midrange for everything. There is still some cosmetic needs - finishing wood floors and painting interior walls but the above list are the most important items that would need to be done within the next year/18 months.
One...two...three go depress me!
Hi, fellow mini-money pit owner! Being that I live in a lower cost housing market than yours, I can't dictate just how much things are going to cost you, but I can give you a bit of advice from my own ongoing experiences. Mine is my third house. It's to be my forever home, so mine might be a longer range game plan than yours might be if you're not looking to stay in your house for the long term.
Firstly, knock the things that are currently functional off your list, triage them in order of importance, then begin saving for their eventual demise/replacement. It's a guess here, but I am assuming that the A.C., W/D, and windows are at least functional for the time being. Put those at the bottom of your list. Plastic and/or removable putty the leaky windows to get you through if need be until your budget permits their replacement.
The boiler: I rolled with mine for the first year before replacing it to the tune of 6K (included installation). My old one was original to the house and boilers last a long time, so consider it to be a necessary investment.
The water heater: Mine's gas and was replaced the first year that I lived here (2014). It cost $500, installed. (40 gallon, gas-fired) See if a local, reputable plumbing outfit is offering any deals. That's how I scored mine for that price. Decent brand, too.
Electrical and plumbing is a wild card. I had all of my house's switches and outlets replaced the first year that I lived here, but given that all of the old outlets were grounded, I'm guessing that they'd been replaced at least once since the house had been built. Only replaced them because the former owner had painted over each and every one (with multiple coats of paint, no less). Cost me $150 to have it done, but I had connections with an electrician, so it's doubtful that you'd pay that little. Bank on at least a grand to have this done.
My house still has copper plumbing; I've had any replacements/repairs done in the same material. Plenty of plumbers still sweat pipe around here, so it wasn't overly expensive. Think that the last repair that I had done cost me around $140. (Four foot stretch of pipe in the garage ceiling replaced due to a few pinhole leaks.) Simple plumbing/electrical repairs I've done myself (toilets, drains, faucets, light installations, etc.) No need to bother a plumber, electrician or handyman for such easy tasks.
Painting can also be done yourself. Not only will you save money, but you'll likely get a lot of satisfaction out of doing so. Better to do it before having the floors refinished anyway, so why not do it yourself?
The OP does not own this house- it is a house on the market that the OP is considering purchasing.
Correct.
It really is difficult for me to gauge what the costs of the necessary improvements are. I can look up costs of appliances but as the kitchen thread showed me, there's a lot more to costs than I am likely considering.
The house is asking $X amount and in peak condition, based on comps, it shouldn't sell for more than X+Y. The question is how much Y needs to be to make it work as I'm not interested in staying in the house for the long run. A few years, maybe five. So I'm very careful about trapping myself into a situation that can cost money in the long run, more than I can recover.
It may be an opportunity to put in a genuinely lowball offer and see if the owner bites. House is already priced below what owner paid 14 years ago because of the required work and kitchen. And house has been sitting for about a month in a very hot market.
Because the kitchen absolutely needs replacing one way or another, it makes sense to try to do as much work up front, including all the systems replacement and electricity and plumbing, as that's the most efficient approach and hopefully avoids redundancy.
Are these needs or wants? As another poster noted, it is probably best to triage these and address over time, and there is no good way of providing estimates without knowing some very specific details, which would require a physical walkthrough by a variety of different professionals.
That being said, I am throwing some thoughts down below.
Quote:
Originally Posted by DXBtoFL
Hi, it's me from the kitchen renovation thread.
I'm sorry for starting a new thread but I wanted to expand the scope to beyond the kitchen itself and it seemed better to start a new threat for that.
The house is the same house from the kitchen thread. It's a modestly sized 1500 sqft (above ground) brick house with a slate roof in a fantastic location. House is definitely smaller than I'd like but the location is great and it's close to the amenities I want and it's also a lovely neighborhood. Location is the Baltimore suburbs.
However, this is what the house needs:
1. Replacing oil furnace with natural gas boiler (house has steam heat radiators, which should stay in situ).
How many BTU? Do you have natural gas to your house? Do you have a physical space that the new boiler will fit? Will you be removing the oil tank? Is the furnace not functioning, in which case this is a need, or is it currently functional, in which case it is a want? Does your local utility
Quote:
2. New water heater
Sounds like a want, not a need. I could be wrong.
Quote:
3. New central air to replace existing one (approx 25 years old)
And a new air handler because refrigerants have changed. Cost depends on capacity, energy efficiency, etc.
Quote:
4. New washer/dryer
You can price this out at Home Depot or Costco. Depends on make/model.
Quote:
5. New windows (pretty much all the windows looked like they needed work. There are 12 windows in total that need replacing. Because of the neighborhood it really should be Pella/Andersen window quality.
Highly variable, depends on size, etc.
Quote:
6. Probably some electricity / plumbing needs but it's difficult to gauge the true extent. But let's assume electricity hasn't been looked at since the 1980s and would want to upgrade all sockets to three prongs.
If you do not have grounds in your outlets, they are older than 1980s. Coat depends on layout of your house, and if there is existing ground wire running to each outlet.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Being that I live in a lower cost housing market than yours, I can't dictate just how much things are going to cost you, but I can give you a bit of advice from my own ongoing experiences. Mine is my third house. It's to be my forever home, so mine might be a longer range game plan than yours might be if you're not looking to stay in your house for the long term. 
