(Closed) How much can you reno with a budget like this??

posted 4 years ago in Home
Post # 3
Member
2623 posts
Sugar bee
  • Wedding: November 1999

Are you assuming that you will get a mortgage for 100K over the house price or do you have the cash for both a downpayment (or house in full) and renovations?

Before getting to far into the details I would confirm that you will have that 100K to do renos. 

However, I am not in Canada so I dont know prices of items, but I would imagine 100K will get you pretty far, especially since its about 50% the value of the house.  It will depend in large part as well on if there are any other issues such as structural/electrical/plumbing issues that can get costly, but are not seen.

Post # 5
Member
10456 posts
Sugar Beekeeper
  • Wedding: February 2014

My aunt and uncle bought an old townhouse (~1800 square feet) and gutted it down to the studs, ripping out walls in some places. They spent $80k and it was pretty high end. You should be able to do that with $100k. 

Post # 6
Member
1018 posts
Bumble bee
  • Wedding: July 2012

I agree with PP,

Make sure you have the cash to front the renovations or are able to get a renovation loan on top of your mortgage. Those TV shows are misleading because they don’t necessarily explain where the money needs to come from in order to renovate. Although you are approved for X amount, if you don’t use it in its entirety, you typically don’t get that excess money to spend on reno (at least not here in Michigan)

If you’ve got a lot saved up, go for it!

100k renovation to a house under 1000 sqft will go a long way. Depending on the finishes you guys are going with, you should easily be able to update the house. Just save the most money for kitchen & bathrooms because thats where you make your money back at resale. Odds are the bedrooms won’t need much more than flooring & paint!

Good Luck!

Post # 8
Member
10369 posts
Sugar Beekeeper
  • Wedding: September 2010

It depends on what needs to be done structurally. A new roof is $15-20k, rewiring is $10k if you need to re-drywall. Finishing a basement? $30k, easily. New kitchen? $15k if you don’t have to replumb and choose more basic finishes.

Post # 9
Member
10369 posts
Sugar Beekeeper
  • Wedding: September 2010

@honie309:  Have you had the inspection done yet? Just wondering if the inspector had any suggestions for structural updates.

Post # 11
Member
1460 posts
Bumble bee
  • Wedding: October 2012

It’s according to what you’ll be doing to the house, the finishes you choose, and the labor prices in the area.  We’re renovating a house right now and for a kitchen getting a new fence, hardwoods refinished, insulation, and new carpet.  That’s about an extra $15K.  This doesn’t include all the paint and painting labor which we’re doing ourselves or the appliances for the kitchen which we got at Sears a couple months ago.  That’s probably another $7K. 

It sounds like your $100K budget is very doable for such a small place.  🙂

Post # 12
Member
10369 posts
Sugar Beekeeper
  • Wedding: September 2010

@honie309:  I know my friends that bought a 900 sq ft attached 2-bedroom home in Toronto sunk around 80K into roof, basement, electrical, and plumbing before they even got around to the fun cosmetic stuff. It might be helpful to have a contractor go through the inpection with you, so they can help you price out roughly what needs to be done!

Post # 14
Member
2290 posts
Buzzing bee
  • Wedding: Central Park

What kind of renovations are you looking at? Were you thinking of adding onto it to make it bigger? I have no idea hat that would cost, sorry. I think you’d just need to ask a contractor in your area.

Post # 16
Member
2290 posts
Buzzing bee
  • Wedding: Central Park

@honie309:  New kitchens range between 5K and 10 K depending on size and materials and appliances, bathroom renovations are in the 3-8k range. You can re-do a closet with $1-2K if you want custom shelving. New roofs are usually 8-12K. If it has plumbing or electrical issues it can be quite costly, in the 10-50K range depending on the issue. A 100K renovation budget is probably more than enough for a small place. If you go knocking down walls and putting in custom stuff of course it’s going to go up. If the place is in disrepair and above market value I’d try bargaining with them.

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