Are you planning to renovate your Brownstone?
Some undeniable facts come with living in a New York City Brownstone. One, you’re living in a picturesque home that many people instantly assimilate with New York City itself. Two, your beautifully and incredibly old house will cost quite a bit to renovate. And three, planning your budget is the most crucial step. But there’s no need to worry because we’ll share tips about staying within your budget during renovations.
According to Brownstoner, here are the numbers for renovations: Here are the numbers associated with the cost of a total home renovation per square foot:
- Budget-conscious reno with low-cost finishes, little to no structural work, and limited to no configuration changes: $125-$175 PSF
- Mid-range reno with mostly basic finishes, some upgrades, some structural work, and some configuration changes: $175-$200 PSF
- Mid-range reno with excellent finishes, some splurges, a fair amount of structural work, and a lot of configuration changes: $200-$275 PSF
- High-end renovation with structural work, total configuration change, and high-end finishes: $300-$400 PSF
- Super high-end renovation with a name recognition architect, designer, and all high-end best-of-class finishes. $400 and up psf
Budget allocation
Now that you factored those numbers into your budget when you plan to renovate your Brownstone, you’ll want to know where to spend your money and make cuts. If the house’s infrastructure is not up to code, then it is evident that you should allocate a large portion of the budget to updating HVAC, plumbing, and electrical. From there, you can move on to prioritizing your bedroom layout. If you plan to rearrange bedroom structures, that will likely come second. Bathrooms, windows, and kitchens can vary on a home-to-home basis. This understanding of priorities is an excellent way to keep within your budget.
Expect the unexpected. Leave some wiggle room in your budget for possible “unplanned” expenses. What most new Brownstone owners or renovators don’t account for is asbestos. You’ll need to pass an asbestos inspection, and when it comes to these old homes, there could be asbestos in the pipes, the walls, the windows, and even the plaster!
Third, figure out how far you want to go with the facade early on. A complete facade renovation will cost around $70K for a 3 to 4-story Brownstone to well over $100K for larger or more technical jobs. The facade work also comes with many Landmarks Preservation Commission (LPC) strict guidelines on what you can and can’t do to the facade. So make a plan for your building’s facade early on, and try your hardest to stick to it because the price can add up quickly.
Lastly, understand that many of these projects will require an architect, engineers, and of course, permits and city filings. So be sure to allocate $35,000-$60,000 (maybe more depending on the scope of the renovation) in your budget for this.
You don’t want to run out of finances mid-renovation. And especially you don’t want to cut costs on essential aspects of the remodel. Once your plan your budget correctly, you can manage to stay within it during your renovation. Good luck!
