The Budget Part 1

As an effort to be more transparent about our utter financial stupidity in regards to our remodel, we’ve decided to post our budget of doom now that all the receipts have been tallied.

And yes, you read that right. TWO HUNDRED FIFTY SEVEN THOUSAND DOLLARS. If we knew we would essentially be writing a check for that the day we purchased the house, we would’ve ran screaming from the title closing office! And this doesn’t include the original mortgage!

Where did all our money go? Well for starters, I figured I’d give a rundown of what we did.

Our project included the following:

Foundation

• Repair and resurfacing
• Gutter system and sump pump around basement foundation
• New foundation under pantry (was originally a back-porch)

Systems Replacement

• New sewer from street*
• Upgraded electrical service from street
• New electrical throughout (incl. decommission old knob and tube)
• Upgraded water service from street
• New Plumbing throughout (3 baths, laundry, kitchen, and wet bar)
• Removal of old central chimney from roof to foundation
• Asbestos abatement on old furnace vents*
• New high-efficiency furnace and central air (incl. new ventilation system throughout)
• New high-speed internet, phone and cable wiring in all rooms (incl. bathrooms)

Full Basement Remodel

• Basement demo down to studs (incl. disposal fees)
• Large Bedroom (to egress requirements)
• Super-sized walk-in closet (our computer server room)
• Large Media/Family Room with wet bar hook-up
• Full Bath with New Jetted Tub, glass bowl sink and laundry hook-ups
• New washer and dryer
• Installation and purchase of slate and iridescent tiles for floor and tub surround in bath
• Utility Room/Workshop
• Storage closet (under stairs)
• New wood basement windows with historical muntins
• Recessed lighting and salvaged fixtures
• Insulation, Drywall and paint
• Door, hardware and trim refinishing/restoration (detailed below)
• Fan/Vent installation (bathroom and server room)

Kitchen

• Asbestos abatement of kitchen tile*
• Kitchen demo down to studs
• New Douglas Fir cabinets
• Installation and purchase of savaged backsplash field tile/Reproduction Art Nouveau backsplash tile
• New mid-grade stainless steel appliances
• New farmhouse-style sink
• New kashmir white granite counters (we picked a type that is reminiscent of marble but much cheaper)
• Fir floor refinishing and patching
• Conversion of old back porch to full pantry/nook area
• Installation of salvaged pantry fir flooring
• Pantry shelving system
• Installed and purchased new and salvaged light fixtures
• Insulation, Drywall and paint
• Fan/Vent installation
• Window, door, hardware and trim restoration (detailed below)

Dormer Addition

• Structural beams in kitchen and basement to support dormer weight to code
• Basement and Attic Staircase Demo (incl. large portion of roof removal)
• Full dormer addition to allow legal staircase access and add full master bath to attic
• New staircases from basement to kitchen and kitchen to attic
• Open pantry access
• New wood-clad windows with custom muntins to match original attic casement windows
• Salvaged stained glass window and french door added to attic landing
• Insulation, Drywall and paint
• Window, door, hardware and trim restoration (detailed below)

Attic/Master Remodel

• Demo down to studs (including chimney mentioned above)
• New full bath with clawfoot tub and double sinks
• Installed and purchased salvaged original lighting and added recessed lights
• Installation and purchase of carrara marble basketweave bath floor tile
• Refinished and patched original fir floor from chimney removal
• Added HVAC vent service to attic
• Installed plywood flooring to crawlspaces to create storage areas
• Insulation, Drywall and paint
• Window, door, hardware and trim restoration (detailed below)

Main Floor

• Removal of painted wallpaper (turned out to be unnecessary as we demo’d plaster later)
• Demo of Living Room, Dining Room, Hallway, 2 bedrooms and bath down to studs (not including built-ins which were left intact)*
• Installed and purchased salvaged period lighting for all rooms
• Insulation, Drywall and paint for all rooms/hall
• Refinishing of original oak and fir floors throughout
• Fireplace brick stripping and restoration
• Installation and purchase of fir wainscot for dining room surround
• Installation and purchase of picture rail and door crown to replace areas where it had been removed in the 1940s
• Window, door, hardware and trim refinishing/restoration (detailed below)

Main Floor Bath

• Main bath demo down to studs
• New Main bath with shower and pedestal sink
• Salvaged period and added reproduction lighting
• Installation and purchase of custom subway and hex tile for bath floor, shower and surround
• Insulation, Drywall and paint
• Fan/vent installation
• Window, door, hardware and trim restoration (detailed below)

Wood Refinishing

• Salvaged doors and extra trim for use in new attic and basement remodel where possible, and purchasing new hemlock and douglas fir elsewhere
• Stripped and refinished of original built-ins
• Stripped and refinished all original trim throughout house
• Stripped, repaired, reglazed and refinished all original windows in main floor and attic
• Stripped and refinished all original doors and purchased salvaged doors where needed

Exterior

• New roof and sheeting (it was a full tear off down to studs)
• Stripped and refinished porch plank flooring
• Stripped and repainted porch beams, ceiling and trim
• Stripped and repainted window trim
• Minor landscaping and pruning (still plenty more to do)
• Painted garage and new dormer to match house
• Stripped and repainted front stoop

*Unexpected need and not in original plan

In the next post, $257,000: Cost Breakdown (Budget Part 2), I’ll go into specifics on how much we spent on each category, complete with fun pie charts. Oh my!

3 Responses to “$257,000: Project Rundown”

1. Leslie @ NE Portland Bungalow says:

   May 28, 2011 at 6:46 am

   I just read your last two posts. If you were questioning any reason to or value in continuing your blog, I think your breakdown of cost will be a great tool for others who are considering restoring an old home.

   I find myself feeling this way sometimes. We bought high, of course, in 2008. We can still afford it and fortunately, but we’ll probably never get our money back. We’ve been lucky to do things in a pretty cost effective manner but already know we’ll be renting this houseout after we outgrow it. With that in mind, how much love do we put into it? Do we really want to move plumbing in the bathroom? Do we want to finish the basement and rent to three individuals rather than a couple who might rent a 2 bedroom 1 bath house?

   Putting in the time and sweat saves money but strengthens my attachment to this house. I’m in love with our kitchen renovation, and we tried/learned something we’ll use in the next house (we’re building the next home) but I still wonder how much it will bother me when we have to rent it out and I know it’s not cared for in the same way. I fell in love with the blogville vision of old house restoration and it’s definitely steered my opinions to some degree. But do renters really care if I strip all the wallpaper and strip/repaint all the woodwork? Will we be able to get our money back if we sell in 10 years? 20 years? Ugh…

   Spending can be such a private matter, and I think it’s really generous of you to share with all of us! Thank you!
2. Kevin says:

   May 28, 2011 at 6:56 am

   Sometimes gaining wisdom can be very painful, and unfortunately, wisdom can’t be taught in school. You made it through, and did what appears to be a fantastic job…congratulations!!
3. Joaquin Erazo Jr. says:

   January 13, 2012 at 10:19 pm

   Most homeowners wouldn’t want to spend nearly $300 K on renovations, but your blog underscores some important points, especially for those folks who are thinking of buying foreclosures or fixer-uppers. Bargain homes come with a price tag, but those who are uninformed don’t know the full cost. They need to prepared detailed estimates like you did. Though you spent the majority of the money inside, you did not forget the exterior home remodel which gives the home added curb appeal.