Your best place to start is with your Realtor! If youâ€™ve not hired one yet for the purchase process, I recommend interviewing a few and selecting someone who is experienced in the property types that you are interested in.
Iâ€™ve personally been buying fixers-renovators for close to 20 years. Renovation costs can swing drastically all depending on the finishes and how much prep work is needed. Itâ€™s not uncommon to open a wall or demo a bathroom to find a bigger project then one anticipated because of undetected issues such as dry rot, termites, etc.
There is only so much that a pest inspector/home inspector can detect during home buying inspections. These undetected surprises along with change orders during a project can really throw off a budget.
If youâ€™re handy, there are a lot of cosmetic projects that one can do, such as painting, refinishing wood floors, changing fixtures where you can really save money. Sweat equity was a big part of my early renovation projects.
It goes without saying to not attempt work that youâ€™re not experienced in such as plumbing, electrical, foundation. You also need to be aware of what types of work require permits.
An agent can provide a tremendous amount of feedback/suggestions as to appropriate improvements to a property, how not to over improve for the neighborhood, choice of finishes, how to improve a floor plan and how not to make the space too personalized a la â€œTacky Houseâ€ which can impact resale value (this of course depends on how long one is planning to live in the property; is it a stepping stone to the next place or a long term 5+ year settle in plan).
I have great contractors that Iâ€™ve been working with for years for all the mentioned projects that you are inquiring about.
Iâ€™ve personally renovated rooms, most recently bathrooms, on the cheap for a rental property:
As well as redone bathrooms down to the studs for a full facelift. Cost for each approach ranged from $3000 to $14,000.
I have a few recommended resources on Yelp:
Cheryl Bower, Realtor , GRI, ABR
Zephyr Real Estate
$200 to $300 per square foot depending on finishes. Could be less if it is just cosmetic.
Contractor bids will be all over the place, and a lot of your costs will depend on materials. Costs can be lowered by managing your own project, but you need to know what you're doing. We have done a lot of our own development projects and have a list of reliable, reasonably priced contractors who do good work, as well as a lot of great sources for materials that can save you a ton of money. I'm out of town til tuesday, but if you send me an email I'll follow up with you when I get back.
Lance King/Owner-Managing Broker
Most contractors will come out for free and give you an estimate. Just check the yellow pages or I can refer you to some excellent contractors. We can take a wild guestimate but I don't think that will work well for you. You don't have to own the home for the contractors to come and give you an estimate by the way. :)
$7k for exterior paint
$5k interior paint
$1k each for appliances
$8k for a/c
Let me know if you need referrals to contractors.
Once you get started, oh it's hard to stop. Cabinets, but not counters and backsplash? What about the bathrooms? How are the windows? Interior doors? Plumbing? Paint is nice, but do we need to do any wall repair, replace any trim?
Hope that helps,