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Assuming by gut job you mean an HGTV style gut job replacing EVERYTHING but the studs, subfloors, and externals, you would probably be better off tearing down and building new. Then when you sell you won't have such a mishmash of older exterior and new interior.
Keep in mind those stainless appliances won't be worth anything to a buyer 5-10 years from now.
In Massachusetts, about 40 minutes South of Boston. Somewhere between suburban and rural.
It is bank owned out of foreclosure. Place looks like it is in pretty bad shape. I would have to plan for the worst. But I love the location, right on a full rec pond.
I wouldn't be looking to use super luxury appliances, finishes, etc. The area and market wouldn't justify it given I would plan to sell it in 5 to 10 years and move up to larger house. So investment considerations, too. Thinking more like a mid-way stainless steel appliance from a Lowes or Home Depot. Nice but towards the lower end cost wood flooring from a place like lumber liquidators throughout. Place has 4 bedrooms. I would probably remove one to make huge master. Only has one bathroom. I would add a second. Again, nothing ultra fancy - but walk in shower and separate tub in master. I could design second to be in close proximity to 1st, probably above/below on separate floors.
I would be working with a friend that is architect, so cost savings there. I have no building know-how, so I would think I would want to use a contractor and rely on the advice of my friend that is architect and experienced in building projects.
I spent $210K done over four winters where I wasn't in the house. I was expecting that $125K when I bought it. It would have been cheaper to tear it down. There were $85K worth of unplanned surprises. I did the whole thing out of cash flow. I got kind of tired of writing checks. It was better than Home Depot grade in the kitchen & bath but not Subzero/Viking. Old school oak hardwood flooring and wool carpet in the bedrooms. Skim coat on walls & ceilings. A forced hot water heated floor zone in the bathroom.
My best friend did all my work and didn't charge me for general contracting. This was 60 miles south of Boston where labor costs are lower. 20 miles closer to Boston and with a general contractor, there's no way I could have done it. I would have had no choice but to rip it down and start over.
The problem with that kind of remodeling is you'll never get the money back if you have to sell. I imagine I'd get back 30 cents on the dollar. It doesn't matter to me because I plan to own the house forever and it's all about location.
First off, I would NEVER remove a bedroom to extend the master bedroom. If this is what most consider an entry level home, bedrooms are gold. A family with small children will take an extra bedroom over a bigger master bedroom every time. Now I agree that a second bathroom would be nice, but it only needs to be a half bath, not a full bathroom. Those can be placed just about anywhere, I have seen closets converted to a half bath, I have also seen them under the staircase.
Costs are going to depend on what is used. Metal roof, or the cheapest asphalt? Cement board siding, or vinyl? Wood flooring and tile, or laminate and carpet? Wal-mart paint, or top of the line? The labor will be similar no matter what you use.
what size is the lot? It sounds like a great location, why not plan to add on in 5-10 years with the equity you've presumably built up that would help pay for a larger house rather than selling and moving?
First off, I would NEVER remove a bedroom to extend the master bedroom. If this is what most consider an entry level home, bedrooms are gold.
Meh. I did. I got rid of a tiny 3rd bedroom to make the kitchen big enough to hold a real table. I used the rest as an office alcove. I removed two load bearing walls to open up the space. Not that I'm ever going to sell it but in my zip code, this isn't a starter home. The market would be a professional couple with no children or empty nesters.
A shot of the table in the kitchen. It can be pulled away from the wall and expanded to seat 8.
And the 6'x10' office alcove off the master bedroom. It's all about creating the illusion of space in a small house.
You're budgeting about $80/sq ft. Around here, it would cost $140-180/sq ft, depending on the amenities, and things are a lot cheaper here than in MA.
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