Home Buying in Elmhurst>Question Details

Travislife, Home Buyer in Chicago, IL

How much should I expect to pay to remodel an older house in Elmhurst?

Asked by Travislife, Chicago, IL Mon Jun 10, 2013

We are looking to possible buy a 1926 house but the floor plan does not meet our needs at all. We are considering purchasing, gutting and remodeling. How much should be expect to be in for?

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Answers

4
you'll need and architect. contact a local architect for an accurate estimate. They'll be competing for your business and will very accommodating.

i'll venture a guess of $175 per sq ft. for a total gut and makeover inside and out. but or course, it depends on your taste, i.e. granite cost a lot more than formica.

don't build a $2 million house in a $500k neighborhood.

good luck

fred
0 votes Thank Flag Link Fri Jun 14, 2013
Before you consider making a substantial investment in remodeling, I think you definitely need to approach the purchase not only from a functional position of your family's want/needs in the space, but also the financial investment side of things.

I work with many investors that renovate foreclosures & homes in need of major repairs including old homes with un-functional layouts. From our experience, doing a gut renovation gets more complicated with an older home due to often all electrical, plumbing, & utilities needing to be updated once you open up the walls.

Also, when you are opening up walls & doing major renovations, you will run into additional problems you did not expect to come up, & also need to get permits from the city (Which can sometimes take a few months to get approved after hiring an architect to draw plans).

We have found that because of many of these issues, that a major renovation can take around 6 months if you have an excellent crew working daily... or even longer if you are just doing a bit at a time or have contractor issues.

An alternative to this if you have a full time job & cannot dedicate the time it would take to complete a major project like this in a timely manner is in working with me & my investors to do a custom renovation FOR YOU. This would allow you to dictate exactly the kinds of finishes, layout, etc you want in the home without taking the additional risk & time involved in managing the construction yourself.

Let me know if I can be of assistance to you.

THANKS!

Kevin Hudoba
Real Estate Agent
Exit Realty Redefined
630-677-5559
Kevin.Hudoba1@gmail.com
0 votes Thank Flag Link Fri Jun 14, 2013
Let me take out my calculator.......let's see, moving load bearing walls, check.....new kitchen, check....new bath, check....new drywall, check...paint, trim, molding, doors, flooring, fixtures, electrical, plumbing, windows. I'm tired. Let's go outside....concrete drive?, check, roof, check, landscaping, check, deck, check, garage, check. Let's go back inside....were you thinking laminated kitchen counters? Maybe we need to get an architect and general contractor in here for some measurements.....what's the address?

That was fun....now all kidding aside, the above is a good starting point and checklist.

BEST REGARDS!

Lester S.
"Lester the Lister"
RE/MAX 1st
630.207.2532
LestertheLister@yahoo.com

oh oh! did I forget to check the attic? I hope there is no seepage in the basement!
0 votes Thank Flag Link Mon Jun 10, 2013
That is a difficult question to get an answer. If you are gutting the entire place, depending on the square footage, you can easily get to the $100, 000 level. As long as you do not get into structural issues, that can be a good starting point.
0 votes Thank Flag Link Mon Jun 10, 2013
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