How to Estimate the Budget & Timeline of Your NYC Home Renovation

You’ve undoubtedly noticed by now that most people postpone necessary home improvements because they either think the work will last too long or cost too much. Avoiding the problem is not a solution. A wise thing to do is to estimate the budget and timeline of your NYC home renovation with the help of those who conduct it from start to finish. And then get the job done.

There’s no happy client without full transparency

Every single design-and-build remodeling team dreams about having satisfied clients. They rely on returning customers and word-of-mouth recommendations, among other types of positive reviews. And the only way to earn them, aside from delivering excellent service, is to provide transparency throughout the process.

This is done through precise custom-made timelines and cost estimates. Even if a deal is not signed at the moment, a customer will greatly appreciate the effort and dedication from the team of contractors and home designers. They will return almost certainly when the circumstances are right.

Is there a way to make rough estimates?

Budgeting and timelines are vital first steps in every project, and NYC apartment remodeling is no different. While nothing can substitute for precise estimations made by the company’s team of experts, a customer can still estimate the approximate extent of remodeling works, their price, and timespan. Assessing on your own before contacting a company can help you evaluate your finances, available time and get ready for the renovation process ahead.

Things you should keep in mind

Numerous variables impact the scope, duration, and cost of a remodeling project. Bathrooms and kitchens don’t take the same amount of time to renovate – neither do apartments in new and old buildings. What affects the remodeling process the most?

• Building paperwork requirements and submission response time.
• All the permits that the project requires (plumbing, electrical, construction).
• Condo or Co-op management company approval.
• The Landmarks Commission’s approval, if applicable.
• Asbestos testing in pre-1978 buildings, its abatement, and removal.
• Product selection and related lead times

As expected, there is more to it. The amount of time spent on design honing, product picking, and orders will depend on client availability and the pace of selections. Continuous and open communication with the team is more than welcome in every phase of the remodeling process, but most importantly, at the beginning.

Take into account that you need to prepare your home for remodeling, too. It mainly involves taking care of your belongings. The easiest and safest way is to move them away temporarily until the renovation work is complete. Whether you plan on moving the furniture to your garage or your storage unit, hire moving services and let experts handle it to ensure nothing is damaged and no one is injured in the process. If you don’t store your belongings before the works begin, it will unnecessarily postpone the renovation phase and extend the remodeling time.

Budget considerations

To estimate the budget and timeline of your NYC home renovation, you are advised to consider your home’s value. As a rule of thumb, investing more than 10% of the home value in a single room is not cost-effective. This is because you won’t get a good ROI afterward. Consider the possibility of selling your home after renovation and that the least you should aim for is to get the investment back.

The renovation budget doesn’t depend solely on the extent and type of work but the age of the building, as well. Fixing old electrical installations and decayed plumbing and asbestos abatement and removal adds to the total cost of renovation and its duration. On average, expect to spend between $250 and $450 USD per square foot on a remodeling project but it depends on many factors plus which room is being renovated.  Also, consider smaller successive renovations if your budget is limited. A full-scale home renovation may be an attractive option, but it implies a significant initial investment.

What does an average NYC renovation timeline look like?

Whether you’re renovating your kitchen or bathroom, this is what a remodeling timeline looks like without waiting for the permits.

1. It takes between three and four weeks to do the shopping, pricing and ordering. At the same time, the preparation of building paperwork and submission is done by your NYC contractor.
2. About four weeks are needed to receive the management company’s approval. A purchase order lead time (POLT) nestles within that time frame. It is the estimated time required to receive products after placing an order.
3. Products have arrived onsite. A week is needed to inspect products and initiate the renovation carefully.
4. A bathroom renovation phase takes six weeks. Kitchen renovation takes a little longer, eight weeks. In case both renovations are conducted simultaneously, expect approximately 11 weeks for the renovation phase.

Preparation for the remodeling phase takes nine weeks without waiting for the permits. In total, from signing to completion, without permits, a bathroom renovation takes 15 weeks, kitchen remodeling takes 17 weeks, and if they’re renovated at the same time, 20 weeks.

What comes next is what you should expect if the permits are included.

• About three to four weeks are needed to select and order products. The more decisive and available the client, the faster and more streamlined the selection process is. However, it can take up to eight weeks if you’re performing full apartment or one-floor house renovations.
• An architect or DPM needs another four weeks to prepare drawings. A total reconfiguration of the house interior extends this time for an additional two weeks.
• Obtaining construction permits requires four weeks on average, also depending on the scope of remodeling.
• The one week needed for signing the DOB application is included in the previous phase, but their review takes four to five weeks.
• The remodeling initiation phase takes a week or two.
• The renovation phase can take from 16 to 20+ weeks, depending on the square footage, the number of rooms, type of work, and age of the home.

To sum up, the preparation phase takes roughly 16 weeks, the renovation phase another 16 to 20, and more. In total, clients should count on 32 to 36 weeks (and more) for a full apartment in a Co-op or Condo or single level of a house or basement renovation. Additionally, if the Landmarks Commission’s approval is needed, another two to three weeks are required.

Trust the experience when you look for estimates

You don’t need online tools to estimate the budget and timeline of your NYC home renovation. Simply ask your local home renovation specialists to give you a tailored appraisal. It is in everybody’s best interest.