Newbie House Hacking - how to plan and budget?

[Piper Mullins]

Hi everyone,

I'm just starting out in real estate (though I've been self-educating on BP for a year!), and thought you might offer some advice. If I'm in the wrong forum, please redirect me.

I recently purchased a 1920s rowhouse, ~1600 sq ft, in the DC area as a "live-in fixer upper", and I intend to renovate it, rent out the basement, and hopefully sell it in a few years. The previous owners did a lot of the work themselves (we think they were in construction judging by the use of leftover materials)....and it's not exactly stellar work. 

I'm trying to find the best plan of attack for the projects with an eye towards budget and resale value. My partner and I plan to do some of the work ourselves (painting, laying kitchen tile, etc), but will need experts for many projects. Do I: 

1) list the renovation projects separately, and find contractors to bid on them one at a time (with a vision I've created from researching other rehabbed houses in the area)?; 

2) hire a general contractor to do all the work at once?; or 

3) hire an architect to generate an overall vision, and then pick specific projects to work on one at a time?

In addition, I want to rehab with an eye towards a budget. Which of these projects is likely to yield the most resale value return, with an eye to keeping costs down: the minor kitchen remodel, laundry room addition, half bath addition, orpossibly adding another full bath on the top floor?

I appreciate any and all insights you have to any of these questions!

[Adam Roberts]

I believe #3 may be the most expensive (architect), however they may or may not have more of an "eye" for a rehab that will generate a better return (resale value).  I personally like the sounds of #1, because that's how I manage projects.  If you don't have time to manage sub-contractors, #2 will help, but quite frankly you can't do the entire rehab at once if you're living in the home.  My vote is #1, do one/two rooms at a time, save some money by managing the subs.  And if it doesn't work well for the first few projects, switch to #2 or #3.