Chicago Rehab Quote - This seems high. Thoughts?

Question

I wanted to get opinions on a contractor quote for rehabbing a garden unit apartment.  700 sq ft, would need a full gut, including excavating the concrete slab floor to level and increase ceiling height.

For a basic reno, what would a ballpark estimate be to take the place down to the studs, dig out the floor, and rehab with standard finishes, which would also include granite, simple SS appliances, new wiring, and can lights.  Most likely thermal radiant heat in the floors to avoid running duct work.

I anticipated somewhere in the $30-40k range but got a quote of nearly double. It's a small apartment with no radon issues or any major water penetration, etc. Brick and stone facade which could be sand blasted and left exposed as well.

Thanks for your opinions!  I know it's difficult to "ballpark it" without seeing a property.  I'm just trying to decide if I'm crazy in my estimate, or if the quote I received is reasonable.

(BTW, I estimated off of $30-40 sq ft for the rehab plus an additional ~$10k for the floor excavation.)

Joshua Burke · Answer

Hi again Travis,

I've also heard 25-30k for a dig down. Running duct work for 700SF may actually be cheaper than radiant - also look at baseboard heating. Did you get a quote for sump pump included? Avoid basement flooding at all costs.

I totally agree that you need to get 2-3 more quotes. Also, is this garden unit zoned correctly - is it legal? Insurance and back end financing may be tough if not.

Good luck and keep us posted.

JB

Alexander Lommel · Answer

I'd get another quote or 2.  Also whenever I give a quote  and the clients want to know why it's higher than they expected, I figure  it's my job to walk them through it and possibly come up with solutions to help them remain on budget. There's times when their budget is just unreasonable with what the scope of work requires, but as a contractor giving quotes it's my job to help them through that process.  Start with asking him to walk you through it, if he's unwilling, he's the wrong contractor.

Best of luck.

John Weidner · Answer

$15-20K at least for the dig down and waterproofing maybe more

Brie Schmidt · Answer

We almost bought a property years ago that needed to be dug down.  I think that alone was about $30k

@Kevin Kachin - Didn't you do a dig down?  Any insight here?