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How much would it cost to potentially gut and remodel a home?

I am thinking of buying a shell property in an up-and-coming neighborhood in Philadelphia. I would like to get a contractor to gut the whole thing and make it to my specs. Essentially, I want a garage on the first level; new kitchen, half bath, and LR/DR on second level; and 1-2 bedrooms and full bath on 3rd level. I don't really know much about the home buying process, nor do I have any experience or expertise in gutting a home. However, it seems like a viable option to at least think about...any ideas on costs, timeframe, what I will need to do/have done would be helpful.

Asked By: u2thunder - 1/27/2010
Best Answer - Chosen by Asker
Reality check time: I have bought and renovated 3 old homes doing about 75% of the work myself and 25% with contractors, though nowhere near to the extent you are talking about and have also been a construction manager for almost 30 years. Yet I would hesitate to undertake what you are talking about. First, there... More
Answered By: c_kayak_fun - 1/28/2010
Additional Answers (5)
100,000-120,000
Answered By: 6.5 Billion Of Me - 1/27/2010
 
I agree with the above estimates. But man I feel for you if you do buy this. If this is your first home -DO NOT BUY A REHAB. You are not prepared mentally for this task. I am 32 and two years ago I HAD to buy my first house. I checked out a craftsman fixer in a great neighborhood. It would have taken at least... More
Answered By: Brooke S - 1/27/2010
 
man its gonna be expensive if you need a contractor.im thankful i have developed an arsenal of skills in my lifetime.pending materials,i could do it for a 1/4 of what you can.but actually if you can afford it, go for it, you will get exactly what the contractor thinks you wanted.be very careful about the bid,do not pay... More
Answered By: idontgivafork - 1/28/2010
 
I agree with those that said $100,000 +, but the only way to get a good idea is to have local contractors tell you what they would charge. If you really like the house and the location, you could phase the job out so you don't have to come up with all the money at once... More
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Answered By: Charles - 1/28/2010
 
I would recommend finding a contractor so that you know what will be involved before starting this huge project. You can receive free estimates from licensed and insured contractors who are in good standings with the Better Business Bureau by visiting estimate-s.com
Source(s):
Answered By: Lori - 1/28/2010
 
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