Thinking of buying a “fixer-upper” and turning it into the home of your dreams? Or maybe you’re looking for a way to boost value before putting your property on the market? Either way, you’ll need to know how much those renovations will cost before deciding whether or not it makes sense to roll up your sleeves. Here’s what investing anywhere from $200 to $1,500 per square foot will get you in NYC, according to the team over at sweeten.com, a renovation “matchmaking service” that pairs would-be renovators with appropriate interior designers, architects and contractors.
$200 Per Square Foot: Budget Conscious
A budget of $200 per square foot allows for use of standard materials, pre-assembled cabinetry, basic hardware and trim details, and clean installation.
$200-$400 Per Square Foot: Good Quality
Bumping the budget up to between $200 and $400 per square foot allows for inclusion of select higher-end materials, some custom millwork and joints; hardware and trim details; and standard labor.
$400-$500 Per Square Foot: Very Good Quality
Higher-end materials come into play with a budget of $400 to $500 per square foot. This price point should also get you custom millwork, cabinetry and joints, as well as premium hardware and trim details. The project is labor intensive.
$500-$1,500 Per Square Foot: Very High Quality
Spending between $500 and $1,500 per square foot allows for some elective use of “exotic” fixtures and finishes and fully custom-made millwork. This project is highly customized and very labor intensive, using no mainstream products.
$1,500+ Per Square Foot: Highest Quality
The highest quality renovations will run $1,500 per square foot or more. These projects use only “exotic” materials and fully custom-made millwork. Every surface should be new and finished. This project is the most labor-intensive and entails skilled craftsmen. No mainstream products should be used.