Budgeting Tips – How Do You Calculate the Cost of Apartment Renovation?

Calculating apartment renovation budget in NYC

Our general contractors will share the estimate project price depending on the planning status. They follow the cost-per-square-foot technique to arrive at accurate figures. The early phase starts with conceptualizing designs, where the scope of work, materials, and finishes still need to be finalized. The next phase focuses on design development and documentation, where itemized estimates are approached as everyone knows about the type of mechanical, electrical, and plumbing work it involves. Flooring, tiles, plumbing fixtures, and hardware will also be decided.

A co-op or condo renovation budget prediction

Going by the current trends, small to medium-sized apartments with some complexity may fall anywhere in the range of $300 to $400 per sq. ft. However, a large project, including gut renovation, can demand a higher budget allocation due to the project cost ranging from $400 to $600 per sq. ft. So, if you want to do interiors of a 1,000 sq ft small apartment, you can estimate your renovation cost to be around $300 to 4400 per sq. ft. For a 2,500-square-foot apartment needing gut renovation, the price can be as high as $1M-$1.5M. These figures are relevant for condos and co-ops involving layout changes and not for new flooring, painting, and other cosmetic upgrades.

If you want to understand how these scenarios work precisely, our Zicklin Contracting team is always there for you. We are a local apartment renovation company in NY with nearly four decades of experience in the field.

A condo or co-op renovation construction cost

Every apartment is different, and so are the personal preferences. However, you can take cues from a pricing model to understand your project cost. Typically, labor cost is calculated as $50 to $60 per hour. In terms of month, it can be about $10K. Suppose you want to renovate a co-op or condo with 2/2 bedrooms and bathrooms, requiring medium complex work. You don’t want to spend on costly fixtures and finishes. In that case, you can consider the following breakdown to calculate your budget:

• $40K for additional materials,
• $30k each for kitchen cabinetry, electrical roughing, and plumbing roughing,
• $20K for demolition and removals,
• $15K for engineered stone countertops,
• $20K for appliances,
• $10K each for plumbing fixtures, flooring, and tile,
• $5K each for bathroom vanities, hallway protection, and light fixtures.

These estimates give you an idea of a typical renovation budget requirement. You can contact our Zicklin renovation and remodeling team for a more precise and tailor-made approach.

FAQs

• Can a landlord renovate an occupied apartment in NYC?

Yes. However, you must have a good reason behind such a decision, inform your tenants in advance, and make other arrangements.

• What is the best time for apartment renovation?

Early summer is a favorable time. However, due to high demand, contractors remain busy in Brooklyn and Manhattan around this time. Hence, it’s better to start planning about six months in advance to get the right team on board.

• Do you need a permit for bathroom renovation in NYC?

Getting a permit is crucial to avoid legal hassles and fines. Plus, it allows you to renovate your structure according to safety standards.

• Which room demands a higher renovation budget in an apartment?

Due to the complexity level and specific electrical and plumbing requirements, kitchens often become an expensive renovation project.

Feel free to get in touch with us. Our experts will guide you through the entire process and will answer all your queries to clear your doubts. Give us a call at +1-347-495-4959 or 718-550-2779. We are available from Monday to Friday between 8am to 5pm.