Home Buying in Milton>Question Details

sumcintyre, Home Buyer in Milton, MA

how much does it cost to gut rehab a 5000 Sq. Foot home?

Asked by sumcintyre, Milton, MA Sat May 25, 2013

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The only way to answer that is to have several contractors out to look at the project and give you bids.
1 vote Thank Flag Link Mon May 27, 2013
We do 12-14 rehabs every year, the average cost is $150 per square foot so you are looking at approximately $750,000. This includes all new mechanical systems, new wiring and new plumbing.
0 votes Thank Flag Link Thu May 29, 2014
Over my 27 years in real estate I have rehabbed 24 properties, most were really bad condition; did one antique restoration of a 4000 sf home; the price per square foot depends on several factors:
Will you use a general contractor? - Add about 15%
Will you use an architect?
Will you be making dramatic structural changes?
What degree of quality of materials will you use? (This is a biggy);
How fast will the project move? (This affects carrying costs which can be substantial).
A general range: $75/sf for very basic renovations with no general contractor and no architect ranging easily up to $180s.f if you start getting fancy with quality. I primarily only do mortgages now but happy to answer you questions. John 617-340-9647
0 votes Thank Flag Link Tue May 28, 2013
Hi John, I'm in the process of purchasing a property in Boston. Hugh lot, but it is in horrible condition. The layout is odd, the floors need to be replaced, the walls repaired, and frankly, it might need to be completely gutted and redesigned.
The place is 1650 square feet, and it is currently a two family (1 bedroom and a 2 ) with a hugh garage, which is one of the main reason ( my husband collect muscle cars). Not looking to live there, just for investment and the garage space. What would be a conservative estimate for a complete gut and rehab?
Flag Thu Oct 9, 2014
Great question.I am a licensed general contractor in addition to being a licensed real estate agent. If you are looking at a 5,000 sf home you would probably want nice finish details. I would lean towards the $300k range. I am a fan of the "Property Brothers" show and I love the idea of buying a house and finishing it the way that you want. You should bring a contractor to look at the house with you. It's important to make sure that the house is structurally sound (has good bones). If not, you need to include fixing those issues in your budget.
0 votes Thank Flag Link Mon May 27, 2013
Mark, I live in Cambridge and need some help on a gut rehab. Are you available? or is there a contractor you can recommend? Am gut rehabbing basically a 3200 sq. house with some structural changes and my current contractor just priced it out in detail at about 2.5 times more than the original estimate and we aren't using any high end finishes, materials etc. Kiril@bigskinny.net
Flag Mon Sep 9, 2013
It will cost $28,562.37 cents. If you don't use the real brass fixtures.
0 votes Thank Flag Link Sat May 25, 2013
Mikel is in the ballpark. It will depend on your definition of "rehab". Is the property a full gut (to the studs) or more cosmetic (paint, floors, kitchen and baths)? Does the electrical, plumbing and heating/AC need to be updated or completely redone?

If you're not well versed in construction, absolutely bring your contractor with you. If you're purchasing a 5000 sq' rehab, you will definitely want to go with high-end finishes. If you plan on going the Home Depot/Lowes route, do not take the project on.

I would lean more toward the $300 per sq' to cover incidentals. Golden rule in construction: set your budget and then double it because that's where you'll be at the end of the day.

Best of luck
0 votes Thank Flag Link Sat May 25, 2013
thanks, these answers are helpful.. This is a house I am considering purchasing depending on what rehab price would be. Do contractors go with you to look at homes on the market to help give buyers an idea about cost? I don't want to bite off more than I can handle.
0 votes Thank Flag Link Sat May 25, 2013
your question is very broad and will totally depend on materials you use to the finish product but for a 5000 square foot house he would assume to use pretty high end finishings there is no way to tell for sure without your plans but a ballpark would be between $200k and $300k
0 votes Thank Flag Link Sat May 25, 2013
That depends on the age of the house and the the quality of the rehab you're doing. I even hesitate to throw out a number. Where I am, a gut rehab of a 1,500 sq. ft. property could run $50,000-$70,000 or more. In Washington, D.C., I know rehabbers who gut rehab rowhouses with the cost ranging from maybe $100,000-$150,000.

Your cost per square foot would be less because the more expensive items are kitchens and baths. Kitchens, especially. And you've only got one of those (usually) per house. So while you might spend $30,000 for a gut rehab of a kitchen in a 1,500 sq. ft. house, you might only spend $50,000 on a slightly larger kitchen in a 5,000 sq. ft. house.

Be sure to interview several (the recommended number is three or more) contractors. You'll find prices vary greatly. With a rehab I'm just finishing up, I received quotes of $45,000, $65,000, and $155,000 on the same house.

Hope that helps.
0 votes Thank Flag Link Sat May 25, 2013
Hi Don, do you have any GC recommendations in DC? We're looking to gut rehab a row house in Petworth.
Flag Wed Jul 9, 2014
Don Tepper, Real Estate Pro in Burke, VA
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