I am new here. Been browsing for a while but finally decided to contribute. My partner and I are considering buying a property with a very old house on it. Think like 1930-1940's. It's a two bedroom cottage that's in need of either a full gutting renovation (has pine boards on walls so when I say full gut I mean back to timber studs), or a knock down and rebuild. I must say its in excellent condition for its age with no visible signs of termites or rot. But...you never know what is beneath!
We are wondering what people have spent on this type of renovation? I am very handy myself and can certainly assist with almost anything once shown once how to do it, but we really want a ballpark figure for tradies coming in and doing this as thats going to be worst case scenario.
At present we can afford approximately 100k for this job, and want to know if people think this can be done. We have a breakdown as follows for the works, but are happy to be corrected!:
Demolition: $Free (I'll do the demolition)
Carpentry to straighten walls, etc: $5,000
Refinish original floorboards: $3000
Kitchen: (Ikea) $7500
Load bearing works to make more open plan: $12,500
Central heating: $5000
Cooling: Already has new split system
$75K (with $25k left over for misc costs and upsets, small upgrades, etc)
I am sure I am forgetting things but I cannot see how this gut will exceed $100k. I am happy to be corrected but I think I have been generous with the pricing given that I am lucky enough to have mates in each trade (however I WILL be paying them obviously!)
Really keen to hear people feedback on this as we know to do a KDR it's going to cost us the best part of $300k, so looking to obviously renovate which will hopefully save us a bucket of money