Contractor estimate and accounting for cost overruns?
November 9, 2009 12:43 PM Subscribe
My friend is buying an old brownstone in Brooklyn that needs to be gut renovated. The question is how accurate the contractor estimate is and should he account for cost overruns, if so, by how much?
posted by pakoothefakoo to Home & Garden (15 answers total)
My friend is about to purchase an old brownstone in Brooklyn that needs a lot of work. It's a 5 story building, with approximately 16,000 square feet of space. The buildings needs its pipes replaced, a new heating system, electrical work, and the foundations (or more specifically the supporting columns in the cellar needs to be replaced, along with some wood replacements due to termite infestation.
Two contractors gave him an estimate in the 120-150k range for all the above. Is this reasonable? Should he expect cost overruns and if so, by how much?