Budget to finish a condo loft

[carturo15]

Does anyone have an idea of how much could cost to finish a 1100 sq ft loft that was left unifinished by the builder, the unit has 2 bathrooms, all the plumbing and electrical are done so basically what needs to be done is Kitchen, appliances, bathrooms, floors, rooms partitions and doors, light fixtures. How much could it cost at standard downtown builder finishes? I know it depends on the quality of materials that will be used, but looking for something standard how much would you think?

 

[neuhaus]

This is a very rough estimate, based on my own experience in residential renovations:
bathrooms: $10,000 each. (includes plumbing fixtures, tile, and cabinetry for a typical 5'x9' bathroom)
kitchen: $30-40,000 (includes appliances, plumbing fixtures and cabinetry for a typical 10'x12' kitchen)
hardwood flooring: $8,000
walls/paritions/doors: $8,000 (includes electrical and trim)
lighting: $5,000
Also don't forget the time and expense of building permits and approval from your Condo Association.

You're very lucky to get a core & shell unit from a builder. They are a real rarity and most builders/developers prefer to sell finished units to reap the most profits and to avoid logistics of having the odd unit being finished by a third party.
I was told that you are only saving 15-20% off the purchase price for an unfinished unit, and about 25-30% of the purchase price of a finished unit is spent towards the interior finishes.
Which building did you buy into, if you don't mind sharing?

 

[simuls]

The above prices can be cut by 60-80% if you do the work yourself.

 

[condostar]

let me guess you have a unit at westside lofts?

 

[cdr108]

i think i read somewhere that $50 PSF for finishes (material + labour) will get you a very nice product

 

[Ric]

$40-60K max.

 

[AKS]

i think i read somewhere that $50 PSF for finishes (material + labour) will get you a very nice product

I don't know how you get that number? The most basic cabinet kitchen, sink with granite counter at a residential house costs around 10k. Excluding appliances and flooring. (Assuming 10x10 kitchen)

 

[cdr108]

I don't know how you get that number? The most basic cabinet kitchen, sink with granite counter at a residential house costs around 10k. Excluding appliances and flooring. (Assuming 10x10 kitchen)

his unit is 1100 SF x $50 PSF = $55,000 budget to finish the unit.

that's comparable to the $40-60K recommended by realtor Ric.

 

[GraceCondos]

If you need someone to help you do the work, I can send you the contact info for a guy that's helped clients of mine in the past. Send me an email through the site.

 

[urbandreamer]

This is a very rough estimate, based on my own experience in residential renovations:
bathrooms: $10,000 each. (includes plumbing fixtures, tile, and cabinetry for a typical 5'x9' bathroom)
kitchen: $30-40,000 (includes appliances, plumbing fixtures and cabinetry for a typical 10'x12' kitchen)
hardwood flooring: $8,000
walls/paritions/doors: $8,000 (includes electrical and trim)
lighting: $5,000
Also don't forget the time and expense of building permits and approval from your Condo Association.

You're very lucky to get a core & shell unit from a builder. They are a real rarity and most builders/developers prefer to sell finished units to reap the most profits and to avoid logistics of having the odd unit being finished by a third party.
I was told that you are only saving 15-20% off the purchase price for an unfinished unit, and about 25-30% of the purchase price of a finished unit is spent towards the interior finishes.
Which building did you buy into, if you don't mind sharing?

wow, you've obviously been used to being jipped.

My estimate: bath: $2500 each, and that's using good quality tile etc.

kitchen: $10k all incl

electrical/lighting: $4000

walls: $2500

flooring: $1000

 

[cdr108]

wow, you've obviously been used to being jipped.

My estimate: bath: $2500 each, and that's using good quality tile etc.

kitchen: $10k all incl

electrical/lighting: $4000

walls: $2500

flooring: $1000

damn, i would love your contacts/sources

 

[neuhaus]

wow, you've obviously been used to being jipped.

Actually my figures include labour and I don't skimp on cheap materials and finishes, so this represents an upper end renovation. One thing I failed to mention is that this was based on my reno of my last home, so I did take a lot of care in this project. I don't believe in lipstick renos, and I am very detail oriented and appreciate good quality.
I'm sure you could spend a lot less and use IKEA cabinets, Home Depot lighting fixtures, do your own labour, etc. and still have a decent reno.

$10,000 for an entire kitchen is very low (assuming a 10'x12' kitchen). Quality mid-grade stainless steel appliances alone costs at least $3,000; stone countertops $100/sf (which includes cut outs, edge detailing, etc.); wood cabinets $200-250/lin.ft.; ceramic tile flooring $5/sf ($10/sf for stone); proper lighting is important in kitchens so I like to use a combination of recessed cans, pendants and undercounter lighting; and don't forget all the little things that really quickly add up (such as cabinet handles, trim work, etc.).

One great way of keeping your costs down is to look for certain materials and fixtures on Craig's List, Kijiji, Overstock, and eBay. I bought some nice new faucets and sinks for a fraction of the price from a plumbing liquidator on eBay, it was from a quality manufacturer (not some no name fixtures from China) and includes all the original packaging and manuals. I must admit that 90% of the stuff on these websites are crap, but there are some great deals to be discovered so take your time.

Is there a particular condo development you like the level of finishes?
This would be a good foundation on estimating your reno costs.

 

[TrickyRicky]

urbandreamer, those numbers are the numbers people quote to their friends at a dinner party ...except they leave out tax...and that their father-in-law did half of the work...and that they spent 3-months worth of weekends working on it themselves...and they paid for all the auxillary materials on their line of credit...and the contractor messed up...and everything is from Home Depot.

 

[urbandreamer]

No.

My numbers are assuming you use your own brains/skill/creativity and not what the neighbours say to renovate your home. There is life beyond HD, Ikea, and high end home renovation sources. Design/build/DIY is my philosophy.

My numbers also work assuming you use discounted (from bankrupt American builders, ebay etc) products, a little creativity, help from friends and family/diy whenever possible, and play extreme hardball with plumbers, electricians etc.

If you're timid, have a ton of money to waste or can't use a hammer properly, then perhaps spending the big bucks is the only way to go.

 

[TrickyRicky]

I'm just having some fun with it urbandreamer. But take into consideration the context in which the question was asked. People way underestimate the amount of time and money it takes to undertake a renovation project. If you are going to be hands off you have to pay for the difference in money or time. The expectations set by previous comments were reasonable.