Renovation budget for a 2,100 sq ft small multifamily in New York—thoughts?

[buildTheMoss]

I can either keep the $177,500 budget focused on the visible renovation or cut that scope now to create a larger reserve. Neither feels comfortable without knowing what is behind the walls of this older 2,100 sq ft small multifamily in New York.

The intended work covers kitchens, bathrooms, floors, paint, electrical review and some energy improvements; there is no planned addition. During contractor walkthroughs, what evidence would help distinguish a manageable allowance from a likely structural, moisture, plumbing or wiring problem? I am particularly interested in exclusions, access assumptions, targeted openings and the order of work. Finishes can be changed later, but missed water damage or structural work could dictate the whole project and permit sequence.

 

[teaAndCairn]

At this stage I would reserve roughly 20% outside the contractor’s base price rather than burying it in allowances. Ask each bidder for a written exclusions list and assumptions about wiring replacement, plumbing behind walls, wall repair and permit-related work. Targeted openings near wet areas and any visible staining could be more informative than another general walkthrough.

 

[nia_sage]

Is the building vacant, and are the kitchens and bathrooms vertically aligned? Those answers could change both access and sequencing. I’d also ask whether the $177,500 includes design, permit costs, temporary protection and final patching after electrical or plumbing work. A healthy contingency will disappear quickly if several of those items are simply outside the current number.

 

[SamFord]

I’m not convinced choosing a contingency percentage is the first move. Twenty percent of a loosely defined scope is still a loosely defined budget. Separate known work, allowances and genuine unknowns, then have contractors price the same scope.

For the structure, document cracks, sagging and prior alterations and ask who evaluates them before demolition. For plumbing, identify where stacks and shutoffs can actually be reached. For electrical, clarify whether “checks” means inspection only or includes corrective work.

 

[anika_vale]

Build a draft sequence before signing: targeted investigation, scope/design decisions, permit submission where needed, material ordering, demolition, rough plumbing and electrical, required inspections, close-up, then finishes. Ask bidders what can proceed while permits or materials are pending and which selections have long lead times.

Also agree on a change-order process: photos, reason, labor/material breakdown and approval before extra work proceeds. That will not prevent surprises, but it should stop hidden conditions from becoming undocumented budget drift.