Wed, 01/06/2010 - 10:34am
Renovated TH vs. Unrenovated
Hi,
For an average sized TH say 20x40 on a 20x100 lot- What should be the general price differential between a fully gut renovated 1 family with its not renovated 3 family sibling? Let's say same street a few doors down, same aspect etc. If the same buyers were to put in an offer for both, what's the average differential for renovation expenditure and time? Thanks.
Estimated costs for renovation start at $200 per sq. ft. (talk to architect for specifics). Assuning all things are equal, if the renovated house is priced around $1200 per sq. ft. the unrenovated version down the block should be in the $900s.
Thank you very much. But if 200 is the starting price, then wouldn't 1200/900 make the renovated house much more attractive? Considering 200psf is the minimum cost and it's ready to go?
I understand that gut renovations run 12-18 months usually. Surely cost of carry while also paying for existing housing for that time and some type of additional consideration for undertaking the work and the usual overrages associated with most construction should also be included also, no? With that respect is it ok to consider 250 or even 300psf more appropriate?